All Forum Posts by: Marianne File

I don't do a background or credit check. Airbnb handles the payment so I don't worry about it and I've found that the typical tenant that is willing to pay 2x the LTR rate is going to keep the property in good condition. Other investors on the forums require these for MTR but I haven't had any problems.

 I charge between 25 and 50% of the rental rate as the security deposit. Less for smaller units and more for larger units with pets. 

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

Welcome @Marianne File - many lenders will offer the product that you need to make this loan happen - an FHA loan is the most commonly used for multi-unit house hacking. As far as deciding on what Lender to use to help you through this process, you should strongly consider their communication skills (i.e., ability to explain things clearly to you and their promptness in responding to your/your realtor's questions). As a newer investor, you want someone who has the wherewithal and capacity to explain the nuances of the loan process to you, so that you can use that knowledge as you continue your investing career. Get some recommendations from friends/family/colleagues and interview a few lenders. If you decide to go with one, and their performance ends up not living up to the interview, then you are within your rights to change lenders (just try and do this before you are too far a long in the loan process - especially before they have ordered an appraisal for you).

@Marianne File

Welcome to Bigger Pockets!

You’ll find plenty of friendly, knowledgeable people willing to respond to your posts.

I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

@Marianne File, welcome to the BP community!

@Marianne File

Welcome to the community and nice work setting a solid goal! Now it’s time to make that goal a reality and take some action. My piece of advice on the lender situation is one, does the lender work with investors/is an investor themselves. This is huge as they will understand what you are looking to achieve via house hacking and can identify ways to increase your loan amount based on your investing goals.

Let me know if you’d like to connect and talk more about your house hacking goals in the next week or so! I’d be happy to help.

Good luck!

Responsive and knowledgeable about different loan programs and house hacking.