All Forum Posts by: Ryan Johnston

Hi @Joel Berry II!  I'm just outside of Charlotte, in Belmont.  I'm a mortgage loan officer and also an investor myself.  Personally, I've done more Short Term Rentals, but currently exploring mid-term opportunities.  Would be happy to connect my friend!

p.s. Go Heels! #GDTBATH

@Isabella Romano  Might as well list on all platforms - Air BnB, VRBO, and Furnished Finder.  Would consider pricing it a little higher on Air BnB and Vrbo due to fees, etc.  We use a channel management software that allows us to list on all platforms including our direct booking site.  Consolidates our calendars so I don't necessarily care which platform the booking comes from.  Key is to maximize exposure to your listing. 

Hi @Steven Meyer  I was going to chime in and suggest Ashley Cameron at Costner Law as well.  She's great!  Shoot me a PM and I'd be happy to make an email connection if you'd like.  

Welcome @Adam Manookian!  I'm an investor (mostly STRs) and a mortgage lender here in the Charlotte area.  Happy to help in any way needed.  Best of luck to you!

@James Honeycutt  Hey James, I realize your original post was about a month ago, but still wanted to chime in.  Sounds like you're looking to purchase a primary home.  Correct me if I'm wrong.  By summer of 2023, you would most likely see a reduction in interest rates, however to your point, home prices will not have dropped.  We aren't looking at a real estate "crash" more or less a real estate "slowdown".  We've been going 80mph over the past couple years, and may slow down to 50mph.  Still appreciating, just not at rate we've seen.  Silly analogy but hopefully gets the point across.  Also, with it being a primary home, you would need to move in within 60 days. If not, would require a higher down payment as it would be an investment property/second home.

In general, for anyone buying a primary now, I would approach it as a 2-way transaction.  Avoid the upfront costs (rate buydown via discount points, up front mortgage insurance, etc.)  Ultimately, whenever inflation is controlled (biggest enemy to mortgage rates), you'll see a rate reduction.  Don't have a crystal ball by any means, but when that does happen, you'll have an opportunity to refinance.  Let me know if you have any questions.  Good luck!

Hey @Brent H.. I live in Charlotte myself. Lake Norman is a great STR destination, just outside of Charlotte Would have an opportunity for year round bookings considering it's so close. To echo @John Underwood, Lake Hartwell is also a great area.  Our STR properties are not currently in "Vacation" areas, but we would like something in Norman or Hartwell in the future ourselves.  Best of luck!

Great to have you @Brittany Scantland-Lall!  I'm also in Charlotte myself.  Happy to offer any support/guidance if ever needed.  Best of luck in your investment journey!

Wouldn't be able to use that income being it is under the table.  You could potentially use a Comparable Rent Schedule (Form 1007) on the subject property.  This is performed by an appraiser who will indicate fair market rent.  Can also use lease if you are purchasing investment property with a tenant.  With that said, you could only use 1007 to offset debt obligation.  25% will be deducted to account for vacancy.

Example: Proposed mortgage is $800/month. 1007 is performed, and fair market value comes back at $1000/month. You can use 75%, which is $750 to offset that mortgage payment of $800. Now instead of $800 counting against your DTI, it's only $50. Make sense?

All boils down to the individual investors goals. I myself am a STR investor, and love it. There are certainly more moving parts when it comes to STRs, but if you have the right systems in place, you can self-manage and have it run somewhat on auto-pilot. Automatic Messaging, Dynamic Pricing, and Cleaning management enable us to be hands on, but removed in a sense. Don't get me wrong, nothing out there to automate a bad guest, but we are very diligent about screening upfront, and limiting that possibility. With any investment strategy, there is no "one-size fits all". At the end of the day keep it simple and ask the question "Will this make me money and help improve my net worth?".

Blowing rock is a fantastic STR market. As @Garrett Andersson mentioned above, year round appeal.  The recession talk is a valid one, but I wouldn't get too bogged questioning what a recession is going to do to values.  They are not going to rapidly decline.  It's a long term play anyways, and Blowing Rock will continue to perform well even in a recession.  A recession would most likely indicate lower rates, so think of it as a 2-way transaction.  Consider adjustable rates mortgage now (unless using private money), knowing you will most likely have an opportunity to refinance into a fixed rate mortgage within the next 1-2 yrs.