All Forum Posts by: Patricia Lashley

Wow! I get totally what you were saying. And what I learned is that people do not actually take the time to read the details.

@Brent Huling 

I bought a single family home that has a terrace apartment with access either through the main house or a separate porticoed entrance at one side of the house. Prior to purchasing I was told by multiple officials in Dekalb county office that there are no STR regs for Dekalb county. There are hundreds of STRs presently listed on OTA sites and all show occupancy (sales) taxes being collected from renters for GA state and for Dekalb county. Problem is, now that I own the house and in the process of remodeling bathrooms, putting in cabinets and appliances, painting the entire house etc., I was told via email from the Planning Department that because there are no regulations for STRs, STRs are NOT ALLOWED. I am so confused and a little scared because that same email sent me a Use Table. Says my house is zoned R75 and the boxes for multi family use, short term rentals are both blank - nothing in them, which according to the email I received, indicates that these activities cannot be done there. Which messes up my plan, my back up plan and has me paralyzed trying to figure out what to do with this house. If I sell, I have to pay 3% prepayment. I need help! :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $310,000
Cash invested: $66,000

Single family home with Terrace apartment. Trying to make necessary rehab/improvement changes in order to rent.

How did you finance this deal?

DSCR loan

How did you add value to the deal?

Presently remodeling 2 of 4 bathrooms

What was the outcome?

Still working on it

Lessons learned? Challenges?

Financing the remodel and replacement of HVAC, appliances, cabinets.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Definitely would NOT recommend the realtor - I felt she was working AGAINST me. I would absolutely recommend my lender. Her name is Kendra.

My husband and I own one short-term rental in the Disney (Orlando) area and it is doing well. Osceola county is uniquely set up for short-term rentals and there are literally hundreds of resorts, with more than 500 homes each, in many of these resorts. They stretch across Osceola into Polk county and Lake county. These resorts have amenities guests love, pools, spas, clubhouses, water slides, mini movie theaters, tiki bars, tennis, beach volleyball, basketball, games arcades, playgrounds and some even have restaurants. Rentals are year-round and just consider the millions of people who visit Orlando every year to go to Disney, spring training, conventions, Universal, sporting events... I would definitely recommend this area.