Form 1007 Sources for General Public Info

[MoistMitten]

Here is what the MLS returns for my area as an example. Its a bit outside bigger markets so there are none in the area that were listed on the MLS. Bestplaces shows the same range, Zillow shows the same range. Comps with the same Bed/Bath show a smaller range, but no data on MLS unless I can go further out?

 

[Fernando]

You need to narrow down your neighborhood. In same school district if important to families. How's your condition compared to competition?
See what nearby rentals are asking.

 

[MoistMitten]

Look at your competition in the market and how long the listed rentals been on the market. Put yourself as a prospective objective tenant.
Each rental is unique and each renter has own desire what they want.

Issue is there is only STR competition in this area which we can not use from my understanding with the lenders I am in talks with.

 

[Fernando]

Issue is there is only STR competition in this area which we can not use from my understanding with the lenders I am in talks with.

Let me get this straight. This is for Short Term Rental?
Landlords want long term tenants. STR have different rents and is like running a business.

 

[MoistMitten]

Let me get this straight. This is for Short Term Rental?
Landlords want long term tenants. STR have different rents and is like running a business.

It will be an STR, but we have to use LTR rents for qualification purposes. There are not many rentals in the area and none listed in years for the Zip in question. So if thats the case do I just used the current listed LTR locations and adjust the rent rate based on the differences? Seems like theres not enough info for this black magic.

 

[Fernando]

It will be an STR, but we have to use LTR rents for qualification purposes. There are not many rentals in the area and none listed in years for the Zip in question. So if thats the case do I just used the current listed LTR locations and adjust the rent rate based on the differences? Seems like theres not enough info for this black magic.

You can use LTR as a basis. I don't know about STR. As a landlord, I'm not looking for tenants renting short period. I don't want to find new tenants in short period of time.
I was tempted to rent to a "good" tenant who only needed 6 months until their home was remodeled. Sorry but I would need more rent to cover finding another tenant later. It's not that easy to find good tenants. Market could change next 6 months.

 

[MoistMitten]

You can use LTR as a basis. I don't know about STR. As a landlord, I'm not looking for tenants renting short period. I don't want to find new tenants in short period of time.
I was tempted to rent to a "good" tenant who only needed 6 months until their home was remodeled. Sorry but I would need more rent to cover finding another tenant later. It's not that easy to find good tenants. Market could change next 6 months.

The market can change every month. That said STR on a lake house is substantially more than a LTR especially with a boat included. Im not concerned about the actual income only what they will let me use for qualifying. Something around 2500-3000 for LTR would work just fine.... I just dont have the info. There are like 3 current listings within 5 miles but thats it. If I have to average them out and thats the best info I have then it is what it is.

 

[Fernando]

The market can change every month. That said STR on a lake house is substantially more than a LTR especially with a boat included. Im not concerned about the actual income only what they will let me use for qualifying. Something around 2500-3000 for LTR would work just fine.... I just dont have the info. There are like 3 current listings within 5 miles but thats it. If I have to average them out and thats the best info I have then it is what it is.

I'm not familiar with STR. Wife did say why don't I rent my vacant unit in AirBnB (is that what it's called?).
I said I don't have time renting days or weeks every time to find new occupants. I'm not in hotel business. I may get higher rents but lose rents when vacant.

 

[MoistMitten]

I'm not familiar with STR. Wife did say why don't I rent my vacant unit in AirBnB (is that what it's called?).
I said I don't have time renting days or weeks every time to find new occupants. I'm not in hotel business. I may get higher rents but lose rents when vacant.

Well normally STRs make 2x a LTR from what I normally see so its always a choice. Automating things makes it take about as much effort as LTR but I get it. You dont lose rents when vacant btw you account for them with your pricing. I know a guy that added a house from ABNB to VRBO and he had 3 months of bookings same day. Its a new world with the internet.

 

[Fernando]

Well normally STRs make 2x a LTR from what I normally see so its always a choice. Automating things makes it take about as much effort as LTR but I get it. You dont lose rents when vacant btw you account for them with your pricing. I know a guy that added a house from ABNB to VRBO and he had 3 months of bookings same day. Its a new world with the internet.

Homes in Lake Tahoe would get high demand and rent varies based on seasonality and weather. LTR don't vary as much as STR.