All Forum Posts by: Felicia Lucco

I am looking at established vacation properties at a destination location. Am I able to ask the seller (or find out publicly) what the property brought in? I understand this depends greatly on management, but for the sake of getting a DSCR loan... how do I get that info on a new property?

Thanks for clarifying, Alex. So there is a bit of a higher rate, but certainly not close to a hard money loan. I didn't think so, but I am in a heated debate with a friend because I prefer to speak with a lender who is familiar with STRs and not just any lender. Said friend is adamant that we don't need a 'specialty' loan and that we would pay so much more. 

Yes, we can do this with a regular, conventional loan if I partner; however, if I want to qualify for a loan on my own, I would like to consider the DSCR loan. The ultimate plan is to do both. :)

Are DSCR Loans for vacation properties akin to hard money loans for flipping in terms of fees, higher rates, and higher risk?

Ouch. Thank you for that info. I'll have to look into the terms of a DSCR loan.  

Burning question... Is the rental income considered when qualifying for a vacation property loan?

I am looking to invest in one or more STRs. I have considerable savings, but my self-employment income is less than desirable. I have other means (a partner, good credit), but would really like to get at least one on my own.

I have a consult with a lender next month, in addition to STR boot camp, but I'm impatient.

I was perusing Vacasa for STR properties for sale. Is it expected that they would also manage if I purchase from them? Could it be worth the cost if their professional management and marketing got me a higher occupancy and best rates? Or is this not always the case? Would a local property mgr. be better (for properties out of state)? Thanks for your input.

Michael, thanks for sharing that link. I'll be starting the process soon in the Northeast. Still reading through Avery's book. 

Jason, 

Thanks for your input. I understand the time and labor that goes into promotion and I completely agree that using a service, at least when starting out, would be worth it. And based on this forum and Avery's advice, I'll most likely list with both of the top booking sites. I won't mind paying fees if I'm consistently booked. 

Very good point, John. Thanks for your input. 'Vetting' may have been the wrong term; I was thinking of the reviews people leave about guests. I was just curious about the protection because I see a lot of owners have mentioned DIY.  

Reading the replies to Luke's post asking folks which booking platform they prefer, I wonder about the lack of protection when guests book directly. Not only with regard to insurance, but also in vetting the guests. I am looking to purchase a STR soon, and I'll probably incorporate all 3 methods to get the most exposure.