All Forum Posts by: Brooke Spaulding

 The property I was under contract for fell thru, the owner decided to keep it. The off grid treehouse we built, much more glamping than camping, has done so well on Airbnb I removed from Hipcamp. We built that on land we already had and used cash to build ourselves. 

I meant in above that I’d stayed in VT Huts before, not sure how it works for land owners. More of keep options open especially in more rural areas like Vermont, people are open to different types of accommodation especially if you are open and upfront about what to expect. Good luck!

A little late on this thread but they started accepting / allowing bookings that couldn't happen with my turnover time. I complained and they said it was a glitch and it happens with software. This is a huge deal as it happened between two different turnovers before I took my listings off. They couldn't do anythign to correct it or guarantee it wouldn't happen again. This hadn't happened when I was just listed on Airbnb direct. I cancelled and have been very hestitant to pick a platform like that again because of this.

Hi - about a year and a half ago I got a cash out refi on an investment property, went well with a local bank. I just reached out now and options are very limited on an investment for either cash out or HELOC. I have found a cash out option with 75% loan to value with about 5.25% interest. What have others been doing? I'm leaning towards a HELOC now but haven't found a bank offering them on investment properties. Mainly looking for best way to access the equity we've built into that property to keep moving forward. Thanks!

Hello,

My husband and I have been working on a business plan and are working with an SBA business advisor to get prepare it for a loan application. I know they look at your full financial situation but but do they base any part of the loan or decision on our current income? We both have full time W-2 jobs which in the plan we have shown as at least one of us leaving and paying ourselves through the loan. I can see the writing on the wall that I think I'm about to be laid off. Do you think that would affect anything? I'd love to have some time to work on it and our existing business but if a full salary is better I can start really moving forward applying to jobs in advance. Thanks!

Hello,

My husband and I have been working on a business plan and are working with an SBA business advisor to get prepare it for a loan application. I know they look at your full financial situation but but do they base any part of the loan or decision on our current income? We both have full time W-2 jobs which in the plan we have shown as at least one of us leaving and paying ourselves through the loan. I can see the writing on the wall that I think I'm about to be laid off. Do you think that would affect anything? I'd love to have some time to work on it and our existing business but if a full salary is better I can start really moving forward applying to jobs in advance. Thanks!

We ran into this. Our income had to show on two years tax returns before it would count and it's drastically reduced based on Fannie Mae calculations. We are opting for our third property to be a land loan - cheaper option to buy right now but still move forward. Haven't found a work around or any bank that will count more of the income. 

Hi - I'd also suggest looking at Hipcamp. That would probably be a good market for something like this. Sometimes people list on Airbnb but I think you're getting people who are expecting a typical vacation rental. In Vermont we have some associations like Vermont Huts that we rented ourselves over the winter - bring all your own everything and clean after yourself (no water or electricity). I don't know if you'd find those people on Airbnb or VRBO from my experience - depends on area. It's a big upgrade from say camping in a lean to on hiking trails.

Side question for me personally - do you have a mortgage on this property? I'm currently under contract for a piece of land with an off-grid cabin - doing as a land loan. Wondering if without typical utilities I could fix up and get an investment loan (adding a well, grey water system, composting toilet, solar for electricity, wood stove). Curious if anyone has done that since land loans aren't great terms. Thanks!

We have a vacation rental in Vermont and are growing to have more this year. We purchased thinking if we had to switch to year lease tenants it would still be profitable (as well as planned exit strategies if needed). During that in-between time we had one longer guest then had it empty about a month, did repairs, added value and then came back much stronger. People were offering to stay longer term but we held out and it was worth it. Our value has gone up significantly and now am working on a cash out refinance to use the equity into our next property. We are driving distance to major cities and have a nice escape. As mentioned by others I don't think markets near cities without other draws, specifically outdoor activities, are doing nearly as well. Also we only have single family homes, we renovate, design and modernize so it is still a vacation, private with kitchen so you can stay in and cook, yard for activities away from people, etc.

I haven't been able to get a HELOC on my investment property in VT. Called quite a few banks, now planning on doing a cash out refinance. Value has gone up so much during Covid don't want to miss out to use the equity to build next house. Most banks only want to do HELOCs on primary or second homes from what I've found.

Thanks @George Despotopoulos, looks like the cash out will be my best option. Appreciate the response!