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I have a very non-conventional house that’s doing well on Airbnb (it’s the first result if you google ‘treehouse with ocean view’).
My wife and I have decided to move out of state, so we now need to sell the house in order to buy a home elsewhere. Problem is, MLS hasn’t been a great place to list the house (since most buyers are not Airbnb investors). We’ve gotten offers, but unfortunately, they don’t have the right financing to buy the house (a traditional home loan won’t work).
Any tips on where else we could list this house for sale? We’re in love with it and hate to see it go - hopefully we can sell it to someone who will continue to keep it on Airbnb.
As you know you can’t transfer your listing to any new owners @Sam_Odio , so you can’t market it as a going concern. However you can of course mention your success with STRs.
In your shoes, I would speak to your local residential estate agents or a commercial estate agents about how to market the property taking into account mortgage constraints. They should also be able to advise you about investor publications and websites that you might want to consider taking out paid advertising in.
I can’t wait to see the responses to this I did not know there were mortgage constraints. I have been a Florida licensed realtor for 12 years. That brings up an interesting question about what is the bank’s position if you have a mortgage and start an STR.
My wife has been taking care of our son’s wife in Orlando, who had a brain aneurysm three years ago, I rarely see her.
My son has attempted to apply for state and federal disability and they were denied for being students and not having work credits. He contacted several disability lawyers and they said they would not represent him.
My wife and I are in the same position as Sam. We have to sell this house, which we have had on AirBnB since January. https://www.airbnb.com/rooms/30706525
We have been married 54 years and both in our 70s. The initial plan was to have a private mother-in-law unit, which we had planned to move into, and our son and his wife could have the main part of the house. That is not possible because her doctors are in Orlando, 100 miles away.
We built this house 24 years ago on 30 acres planning to be buried with our dogs in the back yard, that is no longer possible. I am fixing up this house to list, and I already learned there could be a problem with the bank, yikes.
The OP mentions he has a tree house hence the mortgage constraints rather than due to location.
I am so sorry to hear about your family situation.
I don’t know about healthcare and disability benefits in the US . It seems unfair not to be able to apply for them.
I think it’s amazing your wife has put her life on hold to look after her daughter in law.
It would perhaps be worth seeing iif your daughter in laws care can be transferred to a local hospital near you so you don’t have to give up your family home. (Actually I know it can be if she was willing to consider this) .
You have joined us, we can not get disability without jumping through hoops, and at 30 there are none for my son to to jump through.
I missed the part about the tree house. But, I had a heck of a time getting insurance. I had to go with a much more expensive Lloyds commercial policy and there were only about three choices. I took the most inexpensive one.
Do not want to overplay this here, the daughter-in-law (Neyda) only lived because the neurosurgeon was at the hospital when the ambulance brought her to the ER. If he had not been there she would have died.
Our house here would be perfect, it is one-story, theirs is two. It is even handicapped-friendly.
The problem, she meets with six different doctors every six weeks–she has had five brain operations thus far. She has about 20 minutes in an emergency to get to the hospital. We have a lot of hospitals around, but none with these specialized doctors. Even if she called an emergency helicopter they could not get her to the doctor on time. Thanks for your concern.
I would find a better real estate agent. There are so many out there and there are agents with short term rental clients and experience. I found an Airbnb group in my city on Facebook, and opportunities like this come up all the time. There are people looking for them, too. The financing issue seems to be something that should be worked out ahead of time, or with the help of the right agent.
First. you have a stunning home / listing. if I decided to move back to CA, this would be on my list.
As for marketing strategies, some that come to mind …
Have you checked out marketing around UCSC (University of California Santa Cruz). I’d venture to guess there are some entrepreneurs that would want a secondary income. Or Parents of a child in college that are looking for income property for the child to manage.
Same with marking to Silicon Valley, as a weekend getaway with built in additional potential revenue.
Lastly, I’d have an annual summary of your ABNB revenue available to prospective buyers.
I think what you say is incorrect. Yes, he states that it’s a treehouse. He doesn’t state that THAT is the reason why a traditional home loan isn’t possible.
If he was selling a boat, it’s normal that he can’t get a traditional home loan, because house boats can move. In this case, the house can’t move and if you look at the pictures chances are slim that that building is structurally depended of the tiny tree next to it. In a google picture you can even see that it just sits on the ground. So I don’t see any reason why a bank would reject a loan based on it being a “tree house”. It isn’t even a tree house.
Maybe the bank thinks that what the OP is asking for it “due to it being a BnB business” is just too much. Or maybe it’s just the fact that he wants to sell it as a business that excludes a classic home loan. All assumptions, that is why I asked the OP. I didn’t ask you.
I may not always agree with you, but I certainly wouldn’t make nasty personal remarks because of it.
You maybe right that the fact it is a tree house has absolutely nothing to do with prospective buyers not being able to get a traditional home buyers loan. But having a treehouse was the only thing the OP mentioned this in his opening post that would lead to home owners not being able to get a traditional mortgage.
Oh dear what a truly difficult time for your family @kaiserdr . And I am sorry to hear that hospitals around you can’t provide your daughter in law with the specialised care she needs.
I do hope you find the outcomes you are looking for and that your daughter in law gets better.
Join the FB group “Landlords, Real Estate Investors and Property Managers Hub” and you should get some advice, if not interested parties. They discuss investment opportunities and creative financing options.
It has become increasingly difficult to get traditional home loans and homeowner insurance for “non conforming” structures in California made even more challenging when they are in brush and hillside areas.
Pure conjecture but I’d venture a guess that the “treehouse” is a “stilt home” in a brush area / fire zone.
