All Forum Posts by: Kathryn Baker

Hi!!

My husband and I are looking to buy a rental property in NC to Airbnb out while we are not there. We would like to be in a town that has the vacation attraction (either mountains or the beach).

Since we live in NY, we don't have a great handle on the local market and Airbnb laws. Does anyone have any, 1) recommendations for towns that would fit the above description, 2) recommendations for great real estate agents/property managers who are knowledgeable when it comes to current Airbnb laws and restrictions?

Thanks :)

Kathryn

I agree with @JD Martin - While you are really exited and motived right now, it makes sense to think smartly. What will help you be better off in the long run and obtain your goals faster? What would you tell a friend if they were in your situation? It sounds like you are already leaning towards paying off your debt which is great. And during that time, gain as much knowledge as possible. This will help keep you motivated. Then, when your debt is gone you might be able to make a more informed decision with all the knowledge you gained and get a better property!

Best of luck!!

I agree John! My husband and I have talked about this as well! We are unsure if we need to do the back and forth thing as well when we are looking to refinance. Our plan (at the moment) is to get the loan through our name and then transfer to the LLC after we refinance. Unless there is anything that makes sense to go straight to the LLC and keep it there we will plan to do that.

Wow!! That is amazing! And so useful! Thanks for this awesome contribution! And welcome to the site!

I agree with @Brad Shepherd - Does it make sense for you to build a fourplex instead of buying an existing one? What is your timeline? It will be a while before you are able to move if you are planning to build from the ground up. Not a bad idea, just wondering if there is financial pros behind building your own.

My husband I are planning to do the same thing (not build though). We currently live in a single family home and are going to take out the equity for a down payment on a multifamily and rent out our current single family.

I have been focused on financing, but have recently switched over to property management and deal analysis.

Good luck to you!!

@Brie Schmidt Great advice for first time landlords!

One of my favorite Gary V podcasts!

 Thanks for the tip Susan! I have been looking for groups to attend!

 Thanks so much Andrew!

 Thanks Dave! I appreciate you reaching out to me!!