All Forum Posts by: Joval Mathai

Hi All, I am looking to see if I rent my basement as Airbnb/ STR while I live in the property. Is it legal to do it on a Mortgaged Property with PMI on it ?

0 Votes

Quote from @Michael Baum:

Hey @Joval Mathai, that is a bit of a can of worms. Do what said and make sure you can actually do a STR in those areas. I know there is a TON of restrictions in both places so you might want to get into another area.

Secondly, I would get started on finding a builder now and get on their radar. We are getting into the prime building season and most good ones will be booked and I wouldn't be surprised if you had to wait until 2024 to get on the calendar.

Thank you @Michael for the valuable information.

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Upstate New York, New York

Quote from @Zach Edelman:

Do you have a lender in place for the ground-up construction?

Yes I do.

1 Vote

Upstate New York, New York

Quote from @Brooklyn McCarty:

#1 make sure you can STR it and if you can that you are able to get a permit for it

Much needed one, thank you Brooklyn.

1 Vote

Upstate New York, New York

Quote from @Dave Stokley:

Check out Alex Jarbo's "Build Don't Buy" class. https://www.bdbstrmasterclass....

I think he has a free training. I'm going through the full paid version right now. Seems pretty comprehensive.

Thank you Dave, I will have a look at them.

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Upstate New York, New York

In the process of buying a piece of land in Poconos, PA or Catskill NY area and build a cabin for STR.

What are the major challenges while doing this process ? Looking to connect with someone who have done in these areas?

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Upstate New York, New York

This is something I would love to do. All the very best on this.

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Quote from @Joseph Guzzardi Jr:

@Joval Mathai it's likely the terms of the offer that is the missing link here. Could be anything from inspection waiver, to inspection window to closing date and much more. Price isn't always the most important thing to a seller.

Yes I would imagine. Thank you Joseph.

0 Votes

Newark, New Jersey

All Forum Posts by: Joval Mathai

Joval Mathai has started 9 posts and replied 49 times.

Post: Can You Airbnb/ STR Your Mortgaged Property?

Post: Can You Airbnb/ STR Your Mortgaged Property?

Post: Can You Airbnb/ STR Your Mortgaged Property?

Post: Short term Rentals

Post: Short term Rentals

Post: Short term Rentals

Post: Short term Rentals

Post: Short term Rentals

Post: Land to Construction Build Out

Post: Multifamily investment in New Jersey