All Forum Posts by: Wade Roberts

Thanks for the input fellas!

Need some thoughts/advice on the purchase of our first STR.

We are looking at pretty much anywhere in North GA. We’d like to be close to Blue Ridge as this will be financed and used as a vacation home as well but the price point is the reason why we are looking at surrounding cities.

I have a friend I am partnering with and we feel comfortable in the 300k range which equates to a small 1000-1200 sq foot 2bed 2bath cabin. I also have another friend who would be interested in partnering which would put us close to the 450-500 range.

I’m wondering if it would be better to bring in a 3rd parter for the extra size and people a bigger cabin would accommodate although it means less of a share of the profits. Or just stick with the original partnership. TIA!

Awesome thank y’all so much for the input!

Yeah if it’s purchased as a rental then there will be no restrictions but if it’s purchased simply as a vacation home or second home then there are. Just don’t know to what extent

Does anyone have any experience in getting a loan for a vacation home and renting it out vs getting the loan on a property strictly as an investment property?

I know some bank will allow 10% down for a vacation home if you meet certain requirements but it cannot be managed by a property management company and you have to occupy it yourself for a portion of the year. 

Does this mean it cannot be listed on Airbnb? Or could it be listed and you just do repairs, maintenance, etc. yourself??

Thank you!

Does anyone invest or have insight on Murphy, NC as a STR market? Looks to be pretty solid according to AirDNA. I live in North Georgia and a few people have said the town in general has declined since the casino was built but I figured that would draw more interest and the numbers still look pretty good. Thoughts?

I apologize in advance because this is going to be a little long winded. So long story short my wife and I are originally from Florida and are planning on moving back within the next few months. I'm a firefighter in metro Atlanta and have a few opportunities at departments back home. We are looking for our first deal to kick start our REI career and I originally wanted to buy a duplex in Florida and house-hack but realized we likely won't find financing because when we move down, there will be a period between fire departments and won't be able to provide a pay stub for the new department or anything. So I was thinking instead, we could buy a short term rental in North GA (we have been wanting one anyway) and finance that through an FHA loan and have it as our primary residence for the next few months until we move to Florida. I have some experience in construction and can do the work myself if needed until we are ready to move. When we move to Florida we plan on living with my wife's parents for a few months so the place in GA will still technically be our primary residence. I'm not so concerned with immediate equity at the moment, just cash flow and long term wealth. After we sell our current house in GA, we plan on paying off all debt and will have about $25,000 left over to invest. So my question is can you use your primary residence as a short term rental (for the last few months of the year when we move) and also with the market as competitive as it is, do you think it's even feasible we could get a cabin or something in North Georgia with an FHA loan or will our offer be overlooked? Thanks everyone!