New real estate investor from Duluth, Minnesota

[Heather Wendel]

I have been listening to the Bigger Pockets podcast for about 6 months and I just recently decided to checkout the website. My husband and I are looking to buy our first investment property in the next couple of months. Although we are currently living in Duluth, Minnesota, we are actually looking at properties in the small town of Houghton and Hancock, Michigan. My husband still co-owns a small business in the area and we get back there pretty regularly.

Our current plan is to buy a house for short-term rentals (e.g., airbnb). I would love to hear from others who have tried this - both the good and the bad. Part of the appeal is to have a house we can stay at when we are in the area (usually about once a month).

Our goal is to buy at least one single family home per year for the next several years, so I'm guessing we will end up doing a combination of long-term and short-term rentals. 

Thanks for any feedback or thoughts!

[Ariel Smith]

@Heather Wendel that's great and sounds like a good spot! I too manage my property remotely and can say that having a reliable handyman and cleaning company on call are key. 

I take all of the reservations myself through Airbnb and VRBO and then simply schedule the cleaners as needed. They are very reliable and I have walked the property with them to show them exactly how I want it to look for guests. 

A tip I learned from a colleague is to actually ask what the cleaning company would like to be paid for the job and then offer them a small percentage more per clean and tell them this is contingent on them doing an excellent job and reporting any issues to you. I also let them know I am looking to build out a long term relationship that will help their business grow and that the more great reviews I get, the faster I will acquire new properties and thus bring them even more business. This motivates them to clean your house to your standards and act as a watch dog for anything missing or damaged. 

The best part is that I pass the cleaning fee directly to the guest through Airbnb so it's a win-win!