All Forum Posts by: Katherine Serrell

Hi Bryon! Just messaged you. I am an investor and lender in NC. Id love to help in anyway I can.

Just messaged you. I am a lender and investor in NC. Id love to help in anyway I can.

@Brett Tolpa Thanks, Brett! Just PM'd you. Honestly it is hard to find information specific to househacking with Airbnb. My best advice, and what helped me the most, was to go and stay at a few Airbnb's that are doing what you'd like to do. For example, if you were trying to househack 2 spare rooms in your house, go find an Airbnb in your area that has a lot of good reviews and is comparable to what you would be able to do also. Notice what the host does for check-in, touches of hospitality (we do a personalized welcome sign with the guest name), if they use any kind of smart home systems, what amenities they provide (in-room Keurig, washer/dryer access, etc.), and how they treat shared spaces. It will be the best and cheapest way for you to get an idea of what direction to head. When setting up your listing, I would look at what other Airbnb's have as their "house rules", descriptions, etc and base your listing off of that. Last tip - pay to get professional photos done from someone who has photographed Airbnb's before (they will know to take pics of the "cute corner with the books", and décor, etc versus a real estate photographer who just gets shots of the rooms and leaves). 

I dont use a STR management company because they charge a lot and do a bad job. Everything is really automated now for me (smart home locks, self-check in, automessages). In theory, I never need to message, text, greet, or lay eyes on a guest. I am on site, or close by, almost everyday since I live in one house and have my home office in the other so I sometimes interact with guests but its not necessary.

@Chris Martin ADU's don't have to be detached. If I were to purchase in Garner I would likely finish a garage, attic, add on to the existing dwelling, etc. Garner would be my last choice since I would prefer to have a detached ADU but if the right one popped up I would try to go that route. Definitely not "confident" nor do I pretend to be, even if any of the municipalities state ADU's permittable, since they ultimately have room to be subjective and I don't want to go in circles for months or years with them. I know Durham's planning department is 6-12 months out with permits right now so Raleigh is my first choice but comes with its own set of challenges and the lots tend to be smaller.

Thanks so much! @Dmitriy Fomichenko

@Joseph Wells Thanks! Yes I did. This was my second loan I used them for. Both deals were prior to me coming on board with them though. 

Hi Annchen! Just PM'd you. I am an investor in Raleigh and have both short-term rentals and long-term rentals that I aquired all via househacking. 

I can definitely offer some insight as far as exit strategy because I have done this 3 times over the last 3 years with my units. To repeat the process, you have to be really careful with the lending and some nuanced tax issues that also impact the lending component. Id love to talk through some options with you and what worked for me.

Hi @Michael Douglas! Just PM'd you. Welcome to NC! 

I have two Airbnb househacks in Raleigh (performing WAY better than I anticipated) that I purchased within the last year or so as well as a long-term rental. 

Id love to connect and help in anyway I can. 

A little learning everyday goes a LONG way. When I was first starting off, I would at least try to read just 15 minutes in the morning and listen to 15 minutes worth of podcasts and that adds up. Probably the best advice I could give would be to ask questions incessantly. 

Something I got comfortable with really quick was asking people about their financial situation like where they got their money from to start off with, how much they are making now, how they funded various things, where they went wrong, what they wouldve done differently. People are really open to sharing. For me personally, I really wanted to know how people started off financially and where they got the money to do their first couple of deals. For example, I didnt want to take a lot of "starting out" advice from someone that a family member had gifted them like 150k since that would set an unrealistic expectation for me starting at $0.

My favorite book, and the one that set the tone for my journey, is The Millionaire Fastlane by M.J. DeMarco. 

Hi Cody! Just PM'd you. Congrats on starting your RE journey! I have short-term rentals, long-term rentals, and one out-of-state BRRR I completed that is a long-term rental.

Could I have some more background/context? What city are you looking in and do you already have a primary residence that you own? 

Thoughts on your first deal being long-distance and landlording...its not impossible but I personally wouldnt go down that route unless you have to (i.e. you live in NYC or LA). There was SO much that I didnt know that I didnt know until I had a deal or two complete. For me, having my first couple of deals close by was invaluable. 

In my opinion, it also comes down to your personality. I know some people who simply wont invest out of state because it makes them extremely anxious, they are very risk-adverse, worry about the small details, etc and they know that they tend to overreact sometimes so being out of state just wasn't worth the stress to THEM. However, I know people who are super risk tolerant, a bit more carefree, builds relationships easy, and have connections/mentors that they are close to that they could fall back on. If you havent already, I would read the book Long Distance Real Estate Investing by David Greene. 10/10 helped me avoid dozens of costly mistakes with my first out of state BRRR.