I’m a first-time real estate investor and I recently closed on my first short term rental property in the Spokane area. It’s a 4-bedroom house near a popular lake that I’m converting into an Airbnb/VRBO. I went for the loan after traditional banks made it difficult because of the rental strategy.
The approval process was much smoother than expected and they focused heavily on the property’s projected cash flow rather than just my personal income. So far the rental is performing well and I’m already covering the mortgage plus a little extra each month.
I’m still very new to this and I’m curious how other investors who started with specialized short term rental loans are doing a few months after closing. How has your experience been overall? Any issues with customer service, rate adjustments, or anything else I should watch out for? Also, how are your actual numbers comparing to what you projected before buying?