- Sep 28, 2003
- Professional Status
- Certified Residential Appraiser
- New York
Almost as bad as relying on the income from a one-man show business to pay off a mortgage.Borrowing the equity out of the home using unpredictable short term room rental income is not like a salary. It just means there is more risk of default without a secure income to service the increase in debt.
Short of getting an audited, signed P/L from a CPA, what guarantee is the numbers submitted as gross revenue and expenses are accurate? Once you've done 20 of them, you could probably smell them out, but to hit the ground running on the valuation of diverse vacation rentals is not a good idea for lenders or appraisers, IMO.