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All Forum Posts by: Gerald Pitts

Gerald Pitts has started 11 posts and replied 460 times.

Post: Vintage Ranch house-hack slow flip

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Love this!  Great way to learn and take some calculated risks. And you had fun with something you're passionate about.

Post: Short Term Rentals Newbie

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

I prefer vacation destinations to metro areas. More established STR Friendly laws, and more established demand. Make sure you research those in the Dallas market, or wherever you decide. You can also look into co-hosting to get your feet wet in STRs.

Post: Nashville Networking and Educational Service

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Welcome! I recommend surfing the BP forums and listening to BP podcasts. Tons of great free info. 

Post: Your Porter issue - anyone have a valid phone number for support

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
Originally posted by @Ken Boone:

@Gerald Pitts Man thats great to hear!  Hopefully they will get you fixed.  I have had zero problems with auto messaging airbnb guests but VRBO where the problem is from time to time.  They told me they fixed my issue but did not, but I recommend putting in a 5 min delay on your auto messaging to avoid the problem I was running into.  I have another buddy who has been running YP for awhile now and never saw the issue I had.  When I talked to him about I found out he had a delay on his from the start - don't know why but he did.  

Good to know! Will try delay as well. 

Post: Your Porter issue - anyone have a valid phone number for support

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Shout out to @Ken Boone for the demo suggestion.  That did get me on a video call with a person and was really helpful.  She actually suggested the demo after 2 or 3 email back and forths.   Will update as to whether any changes she made regarding my jacked up auto messaging will work.  :)

Post: How Soon After the 1st STR Would I Be Able to Finance my 2nd STR?

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
Originally posted by @Dave Price:

@Gerald Pitts

Yes, this is what I was basically asking. So the key is to start creating income on the first and second property as fast as possible to get that income on my yearly taxes. This will help in getting the lenders to consider that income to better my DTI.

Thanks!

Yes Sir! 

Post: Jumping into AirBNB in Central PA (Hershey Park area)...

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Your Porter for PMS, Pricelabs for Pricing, Hostfully for Guidebooks.  Welcome to Vacation Rentals!

Post: How Soon After the 1st STR Would I Be Able to Finance my 2nd STR?

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

It's definitely a DTI thing like @Ken Boone was saying.  I bought my first, and then bought my second a few months later after I got the hang of it.  Now, my DTI is a little tougher, but after I got my tax returns showing a year of income on them both, I'm in better shape to qualify with my lender.  

Post: The Fast Path To Financial Freedom -How We Did It In 1 YR w/ STRs

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
Totally.  That's my understanding, yes! 

Originally posted by @Dave Price:
Originally posted by @Gerald Pitts:
Hi Dave,
I'm not a lender, but my understanding is that you can only do it once per market.  That seems to be what you are referring to, where you have to do an investor loan for every property after the 2nd home loan.  You can start the process again in different markets.  


Originally posted by @Dave Price:
Originally posted by @Darren Looker:

@Michael Elefante

I love your story! Thanks for sharing.

Forgive me if I didn’t notice a post covering financing in depth.

I'd like to point out that when you buy a property in another market for use as a short term rental, you can designate it as a vacation property and only need to pay 10% down. You'll have to pay PMI but this makes it easier to get started.

Any subsequent property can also be a vacation home if it is 65 miles away. This might spread out your assets into different markets and make it harder to manage but could grow your portfolio quicker 


@Darren Looker

Is there a limit to how many of these "Vacation" properties you can buy at 10% down?  I was under the impression that you could only use this once (Second home Loan) with a conventional lender and anything after your principal residence and second home loans it will have to be an investment loan with a minimum 20% down.

I'm interested to hear more about this please

Makes sense, so if you purchased a vacation property in different markets more than 65 miles from your principal residence than you can do it numerous times at 10% as long as you're not purchasing in the same market.  Thanks for the insight!

Post: The Fast Path To Financial Freedom -How We Did It In 1 YR w/ STRs

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
Hi Dave,
I'm not a lender, but my understanding is that you can only do it once per market.  That seems to be what you are referring to, where you have to do an investor loan for every property after the 2nd home loan.  You can start the process again in different markets.  


Originally posted by @Dave Price:
Originally posted by @Darren Looker:

@Michael Elefante

I love your story! Thanks for sharing.

Forgive me if I didn’t notice a post covering financing in depth.

I'd like to point out that when you buy a property in another market for use as a short term rental, you can designate it as a vacation property and only need to pay 10% down. You'll have to pay PMI but this makes it easier to get started.

Any subsequent property can also be a vacation home if it is 65 miles away. This might spread out your assets into different markets and make it harder to manage but could grow your portfolio quicker 


@Darren Looker

Is there a limit to how many of these "Vacation" properties you can buy at 10% down?  I was under the impression that you could only use this once (Second home Loan) with a conventional lender and anything after your principal residence and second home loans it will have to be an investment loan with a minimum 20% down.

I'm interested to hear more about this please