All Forum Posts by: Nancy Bachety

Hi @Matt B.

It sounds like you've done research on the market you're looking at or have experience there. You can get a vacation or second home loan as long as you qualify based on your income. No need to tell them your intentions since they'll approve you based on your ability to pay. 

Before you take that on, you have already probably looked at things like occupancy rate and potential income from STR on airbnb or the like.

The same holds true whether you take out another loan or HELOC or LOC. And with that much at risk, you'll want to factor in what your annual rental would be just in case.

There are a bunch of local BP folks meeting up tomorrow night at the Bay Shore Brewery at 7 pm. @Kevin Myhre is hosting and it's a casual friendly way to meet other area investors, some in STR's. Good luck to you.

@Gerald Barron

My husband and I also like Naples Park for all the reasons you said. It has a mix of rentals and kids in Naples schools. We weren’t able to find anything there though within our needs last year. We just stayed in an Airbnb there 2 weeks ago which is ideal for that spot. Not so in the summer, I imagine. 

Do you have an annual in the Park? There are some duplexes that would work there.

@Natalie Schanne If you have a variety of lease terms, how do work out the utilities with 4 or 5 people?

@Kyle Varner that’s a very good point. I believe that case is soon to be heard, somewhere.

I applaud your courage and confidence.

Where are you living now and can you start there, with a shared private 1 BR on airbnb? I would hesitate to rent an annual to you based on what you've shared (previous credit, and score), and add running an airbnb on top of that with no experience, doesn't help.  BUT you can proceed by gaining experience, and saving money. Faster is always better for everyone.

Good luck.

@Tyler Work

Nice website. What short term rental insurance company do you use? 

I'm wondering if anyone offers guests the option to purchase their own insurance policy, like a vacation cancellation policy. I sometimes use a mgmt company who sells this to their guests who book. I don't do this when I use airbnb but for those who book independently, do you?

@Cristy George

Of course, you'd want to comply with your condo's policy for STR since that'll dictate how you proceed.

I bet several of us could write the instruction manual easily!

@Valerie Rogers

Sounds like that area is working out great for you! We’re you still under budget for condo #3? Prices look higher and available properties fewer.

Are there any painters for hire in this group? Or can anyone refer me to one to paint a vacant 1 BR apartment in Islip?

@Jim C.

Congratulations on your purchase - the location is fantastic for a SFR.

What were your original thoughts on how you would use this when deciding to buy it? Was it for you to use now or down the road? Was it a great deal? Do you want a place to go to in the winter?What has changed that you are asking at this point?

We own a LTR (condo) in Naples and STR in St. Augustine. We did seasonal rental in Naples condo the first winter but it wasn't enough to cover costs and I had zero interest in spending summers in Naples. So, we rented it annually ever since - about 4 years ago - and look at like a savings account. We wanted to buy a SFH in Naples Park but the prices are high compared to the seasonal rent and again, I don't want it empty in July and Aug.

Unless you want to use it in the offseason and during peak season, if I were you I would probably choose a LTR. Plenty of wanna-be-residents rent at first. 

EIther way, congratulations- great location!

@Myka Artis @Maxwell Lee

Great questions to ask. Answers vary by region, as you know. My out of state 3000’ ft house gets rented from 2 - 8 guests, my max. My cleaner I met on a local to the area Real estate meetup I joined for networking and was a huge score. We pay her $175 + extra sometimes. I also did what Myka did and started a local meetup to network with. This group now runs whether I’m in town or not. I also like the way he explained his formula for nightly rent. Plus, you investigate what area hosts offer and rent at.  I’m going to look into care.com since I never heard of it, but craigslist also works well. Good luck.