All Forum Posts by: Andy Rousch

I would call out the realtor that told you it is acceptable for short term rentals when its not. Realtors are supposed to work in your best interest not in their best interest. Good job checking with the HOA. Also, always check with the town/city as well. If they have air bnb rules that is good. If there are no rules it is a red flag as that means no one has tried to ban air bnb yet in that area and then the rules can change. As a defense if rules ever did get added to ban air bnb definitely do what @Rick Borgo said and run long-term rental numbers as well so you have a back up. Best of luck! 

If you don't go private (family, friends, etc.) just make sure the company has a good track record and also try and provide them with as much information as possible that they might ask from you. Use the BP calculator to have your numbers professional and ready to go. Or if you have done deals in the past have those numbers ready as well 

I just finished the short term rental long term wealth book and they had a good amount of information in there. I believe AirDNA is a great source too and of course just seeing what comps are currently renting for and historically depending on the seasons

It is hard to say because if you really do unload the property than the 5/1 would of course be the better route for a five year plan. If you think there is a good chance that you would be keeping it than def go fixed rate. It seems like you know this already, I would base it off of the likelihood that you will actually sell it in five years because of course sometimes life plans change and properties turn into longer term rentals than planned. 

check out the Pace Morby episode number 527 on the podcast. There is actually insurance to protect against the due on sale clause which I never would have guessed or known about until then. 

David Greene's book and networking helped me a ton in out of state investing. Definitely do your homework but don't over analyze. The world is a big place so its easy to get caught up looking in too many locations. Network, analyze, build a team, and take an educated leap! Any questions on some of the hurdles I've had along the way feel free to reach out.

I agree with everyone's posts above. A great start is definitely FHA 3.5% to a Home Possible (This depends on income) 5% down on a multi-family. You can also check out David Greene's book on long distance investing. A month after finishing that book I got my first long distance deal (I live in New Jersey and struggle with your same issues). I would also check with Air BNB laws if you go the multifamily route. you might be able to earn more air bnb'ing out the additional units rather than a traditional yearly lease.

Never wait for a crash, deals might get harder to get but if you keep searching you will be able to find the right property one way or another. Even if there was a crash coming, real estate will still be valued greater ten years from now after any type of crash turns around

I just came across this same issue but in New Jersey. I know the laws will be different but I will be following this post to see any tips! 

@Alicia Marks We were just going over this in my office on Friday. I offered to let someone in on a small part of one of my deals, or if he wants to at least follow the deal from start to finish so I can explain the reasoning for each step along the way. I think a big part of it is just not actually seeing it done. 

Another issue is the shiny object or "if you chase two rabbits you'll catch none saying" when people start looking at way too many options rather than just focusing on one deal. 

Either way, I would try to just educate and coach people as much as possible to get there courage up but it is very tough to get people over analysis paralysis sometimes