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Friday, 03 December 2021 08:03

5 Step Guide to Finding Great Short-Term Rental Investment Homes

Short Term Rental loanIntroduction: Why is it important to have a short term rental property?

Short term rentals are the best solution for landlord investors who are looking to cash-in on the Airbnb & vacation rental market. Renting a property for a few months or weeks allows affluent renters to live comfortably without having to worry about the big investment that comes with buying an apartment. 

Large fancy hotels have gone out of style and the service you provide gives them a home away from home. All they need is to find a place that suits their travel needs and that’s it! All you need is a place that makes them happy and meets your needs as well.

So in this article we go into what some of those needs are so you can get the best possible property for your short term rental investment loan.

What are the different types of short-term rental properties?

There are many different types of short-term rentals. Apartments, condos, and houses can be rented out for a few days or weeks as vacation rental properties. There are also hostels and bed and breakfasts that offer short-term rental opportunities for those who want to travel, but don't want to stay at a hotel.

However, the market if moving to accommodate those profiting from ventures such as Airbnb. The renters are more reliable, more affluent, and the market is just taking off.

How do I find a good short-term rental property?

  1. A good place to start might be putting in some thought into the size of the portfolio you can start with. For us, we can base the loan and amount of properties based on it’s income. So you are not limited with the amount of properties you can get a loan for with us but you should consider your budget and resources to manage the properties.

    If you are just starting out, you may need to decide if you want to rent out an entire house, just one room or even guest houses & cabins. You have a lot of options to narrow down depending on your portfolio size and the amount of time on your hands.

  2. The next step in finding a great short-term rental property is to decide on the type of property you want. Are you looking for fully furnished luxury apartments, or would you rather rent out homes that are more budget friendly?

  3. The next thing is knowing the location of where the property is located. Do you want to specialize in beach-front property or do you feel your lifestyle is more suited to desert or mountains? You may be living in one or several of them from time to time or at least visiting them to manage so you should be happy with the landscape.

  4. Know the reason people are renting from you. What local attractions are drawing in customers for you? You should know this so it's easier for picking out a home that will meet your renter’s transportation needs, entertainment, local attractions, etc.. You can pick areas that are walkable, bikeable, or near public transportation so that it's easy for you to get around when exploring around town.

  5. Consult your mortgage agent, we don’t want you in a property type with a bad income track record. At Rental Home Financing, we will hold your hand through the process to ensure we future proof your investment.

Best practices for finding quality short-term rental investment properties:

Do your homework! Research the area where you plan to buy and feel confident in your decision. You may also want to get a referral from a friend or family member who has stayed in the area before.

Consider visiting the place for a day or two before making your final decision. It will give you an opportunity to scope out the neighborhood, get a sense of what amenities are available and familiarize yourself with the local attractions. Short term renters are not renting from you because they like your home, they are renting from you because it’s the best home near where they want to be. And finally, contact us, call 888-375-7977 or apply online now today for a free consultation.

 

Rental Home Financing Investment Loans

Read 215 times Last modified on Monday, 06 December 2021 20:15

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Indianapolis, IN 46240

 

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About Rental Home Financing:

Rental Home Financing, as the best mortgage lenders we originate rental home loan products and cash out refinance investment property loans as the best investment property refinance lenders. Commercial blanket loans are available with a commercial purpose to suit your needs.

Also, as DSCR loan specialists, we are currently authorized to make such loans in most all areas of the United States. Specific circumstances will determine whether we have the ability approve/close portfolio rental home loans in your state(s). When you are ready to get a mortgage for rental property, we are ready to serve you.

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