EP 179: How This Lender Vets Short Term Rentals with Wendy SweetJun 25, 2021
Big money can be made in short-term rentals, but the properties don’t have to be where you typically think of as a vacation home. Sometimes small-town short-term rentals are the sweet spot you need to succeed. On today’s episode, we talk with Wendy Sweet on her short-term rental strategy and how you can find and fund a rental in today’s competitive market.
Short-term rentals like those you see on AirBnB or VRBO should be ran differently than a standard long-term rental. We discuss with Wendy how she invests and operate her rentals in small towns, how she analyzes potential deals and runs comps, the differences between a fix and flip and a long-term rental compared to a short-term rental, and the must have amenities and features you should prioritize at your property. Wendy also shares how to position yourself for success when it comes to qualifies for a short-term rental loan.
Wendy Sweet has been lending money to investors since 2001 as both a conventional lender and Hard Money lender. In 2008, she along with countless others tossed conventional lending to the trash pile. She dug in by growing her Hard Money Company offering funds to the investors who were able to navigate the changing world of real estate. She and her partner who is also her brother, Bill Fairman, have been successfully lending money primarily in North and South Carolina to investors, rehabbers and builders. They now manage a real estate fund for accredited investors in addition to brokering loans for those with money to invest.
Wendy has been a licensed real estate broker in both Carolinas since 1981 and her side gig is fix n refi short-term Rentals. She combines her selling knowledge with her long-time lending expertise to provide top-notch service to her borrowers and investor lenders. Their goal is to guide and assist like-minded people to build their wealth allowing them to impact the lives of family, friends, and community by building wealth through a proven lending model in the Carolina’s while providing strong returns for real estate investors.
On today’s episode, we discuss a ton with Wendy including:
- How to analyze a potential short-term rental
- Why a cleaner is such an important part of a short-term rental team
- Where to save and where to splurge when renovating a short-term rental
- How to ensure you will qualify for the proper lending needed for a vacation rental
- The sweet spot in short-term rental investing
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