hosting

[Kauai0]

Hello Everyone, and Happy Holidays! My fiance and I are very interested in becoming Airbnb hosts. Here is the issue: we have just moved cross country and are both self-employed and have a sizeable savings to get started on purchasing a property that will not only be our Airbnb property, but our residence as well (at least for the first year or two). Since we technically don't have jobs or show income at the moment, we are having to get creative with our financing. We figure we can put down 30 - 50% of the cost of the house, and then are trying to figure out what the best course of action is in terms of getting a loan for the rest. (self-employment and having just moved makes it difficult to get a conventional mortgage, it seems). Perhaps we can get a business or a personal loan for the rest? It seems a business loan would be ideal if in fact this can all be considered a business situation...we are wanting to run not only our airbnb out of the home, but also our other businesses. Any thoughts or advice would be more than welcome - thanks so much!

[Alice-and-Jeff0]

@Kauai0 - you need to consult a mortgage professional.  Being self-employeed will not stop you from getting a mortgage and you will have a more difficult time without a business history to get a business loan for a piece of property (not to mention the interest rate).  To prove that there is a market for an Airbnb business in your new neighborhood, you will need to do market research.  Talk to a real estate agent in that market.  Sharing economy businesses are not considered very profitable, unfortunately, unless you have a proven track record.  

[David126]

Probably the most realistic option is for one of you to ghet a regular job to support the mortgage.