All Forum Posts by: Joshua Messinger

Hey @Benjamin Pifher! 

I don't believe this will be possible. Most commercial loans usually require a greater down payment of 20% unfortunately! Don't let that stop you though! You may be able to structure the deal in a more creative way that doesn't involve the bank. 

I hope this helps and if you have any questions don't hesitate to reach out to me! 

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Josh 

Hey @David Martin! 

Just like @Marshall Leipprandt said, why not try and do both? There are definitely more than one way to go about this but a lot of factors come into play when you are looking to buy more than one place in a year. 

My first question to you is, what does your income currently look like right now? If your Debt-to-income ratio is very solid you may be able to get away with doing conventional financing on both properties. But, if it isn't that good you may want to get your primary residence first then go the DSCR route with the STR property.

Once again, there are more ways than just these two to go at it. Be creative and get it done! If you have any questions please don't hesitate to reach out to me so I can help more! 

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Josh 

Hey @Mike Dawson! 

It may be best to look for another type of asset if you are looking to not buy in an HOA. Every single apartment or condominium is usually in an HOA as the ownership of the building is spread among many people that own the condos or apartments in the building. If the building doesn't have an HOA I would be even more worried because then there is no overall management for the property and this can lead to an act of waste or quicker deterioration of the building since no one is taking care of it.

To avoid this problem that you're dealing with what I would recommend is having your realtor or yourself adjust your criteria to properties where there is no HOA. A quick and easy way to do this on Zillow is by typing in the keywords section "No HOA". This way you will see properties that specifically have already stated "No HOA" in the description of the listing.

Besides that, another recommendation I would give is to look into an area that is more on the come up. Areas that are issuing high building permits are good places to start as you will have more clarity knowing the area will appreciate. Another thing too is that areas that are on the come up are more likely to not have a very sophisticated ordinance in place so you will have less to worry about. 

I hope this helps and if you have any more questions please let me know! 

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Josh 

Hey @Hunter Techau! 

Just like @Collin Hays said, there isn't really a rate that would apply to all markets. In PA our team has found that $100/mo is generally a good starting spot when running an analysis with PITI included.

Hope this helps! 

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Josh 

Hey @Shane Baganz! 

We've been using these code locks for quite some time now and they work great for us! The only thing that you need to make sure of is that you're WIFI is set up and working properly. If it isn't you can start having some major issues. To make sure that you catch these things I'd add a task onto your walkthrough checklist before a reservation to test a new code and to test if the WIFI is working quickly and properly. 

I hope this helps and if you ever need anything don't hesitate to reach out! 

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Josh

Hey @Gulliver R.! 

Our team currently uses Hostaway for our PMS system and has just gone through 2 major pivots from Guesty/Track over the past two months. So far it has worked really well for us! 

If you ever need any help with anything please don't hesitate to reach out to me! 

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Josh

Hey @Lowell Bailey! 

I would recommend finding an insurance carrier that offers you an STR-specific insurance plan. Just using a regular insurance plan won't get you as covered on all ends as you should be. For example: If there is a maintenance issue causing the property to go vacant for a couple of days, the STR insurance plan will cover you for the vacant days you had. Whereas if you had the normal insurance plan there is no way you would get covered for something like this.

I hope this helps and please don't hesitate to reach out if you have any more questions! 

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Josh

Let's gooo!! @Ben Bolingbroke 

Can't wait to hear about all of the success this brings you! Please don't hesitate to reach out if you ever need anything! 

Hey @Braeden Cobb! 

On Airbnb it is tricky to build out your SEO ~ saying this what I would recommend is trying to get your listing on Google as then it will be established directly into the search engine and you can build from there. 

Another recommendation I can give is posting a blog about the listing on your direct booking website if you have one. This can help you get your keywords ranked much higher in the algorithm. 

I hope this helps and if you need any more help please don't hesitate to reach out to me! 

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Josh

Hey @Sheldon Tausch! 

I would recommend finding a PM that checks off everything you are looking for and that is vertically scaled. But, on the opposite side of the spectrum, I wouldn't recommend using a PM company that has outsourced all operations to other companies. This is usually a recipe for disaster in my opinion as if everything is outsourced then you truly won't know what is actually going on at your property. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

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Josh