All Forum Posts by: Danny D.

@Michael Baum and  @John Underwood thanks so much for the feedback. The lender my partner (who's a lifelong friend) and I had initially consulted with guided us towards the second/vacation home loan I think because despite the fact that we have a significant down payment to bring to the table, our planned personal use of the home far exceeded the number of days that were permitted under their investment loan terms. Additionally the STR use of the home would be all self-managed by us through Airbnb. The standard partnership agreement you mentioned sounds like the way to go but I will certainly navigate the previous posts you mentioned. I genuinely appreciate your guidance and I think it's amazing that you guys take the time on these forums to help everyone. Although I think I must've caught @Collin H on a bad day or something. I'm sure he's a real ray of sunshine otherwise though. 

Thank you again. 

I'm am looking to purchase an STR with a partner and we intend to finance it with a vacation/second home loan as opposed to an investment home loan. We were intending to form an LLC as not only an operating agreement but also to take title of the home into and operate the STR in. However, since we will be obtaining a vacation/second home loan does anyone foresee a lender having issue with that since an LLC is a "business entity" and the loan we are obtaining is NOT an investment home loan? If so, does anyone have recommendations on alternatives such as possibly forming a living trust with my partner and closing title in that and then using some other legal document as our operating agreement. I understand this is probably a technical question ultimately perhaps for a lawyer and CPA but I would be very appreciative of any "friendly advice" on the topic.

Sorry that wasn’t meant to be a cryptic question I’m just new here. Essentially I have a budget of between $500-600k and I would like to be able to invest in a STVR in a Colorado vacation area since it is relatively close to where I live. I’m most interested in a long term hold but I would like some cash flow if for nothing else just to make sure the houses expenses are covered every month. I’m looking to enter into the investment with a partner and we’re back and forth on whether it should be a pure investment property or a second/vacation home property that we could get some use out of as well while we pay down the mortgage. I’m partial to Breckinridge and know it is a very well-established, heavily visited vacation area but because of that I know the cost to buy in is very high so I’m open to exploring other vacation areas that may be better investments such as Winter Park, Estes Park, Keystone, or any others that I may not be as familiar with. Is that specific enough not to require a secret squirrel answer? Ha! I really appreciate any feedback.  

I live in a metro area in Colorado and am very interested in investing in a STVR in Colorado. I’m open to several areas because I know some are very well established already and may not cash flow for the price it costs to buy into an area. Does anyone have any research or personal experience of a place they would recommend investigating further in Colorado vacation area?