All Forum Posts by: Account Closed

Hello, 

I've tried searching for answer to this question and the answer seems to be lost in all the information available about charging guests for damage. My question is, how do you handle this situation: A guest checked out this morning and you are cleaning the unit and find damage that needs to be repaired before another guest can stay. Another guest is expected to arrive that afternoon. 

Obviously, the first solution is not to rent without a buffer between guests. However, if short term rentals aim to maximize bookings, then booking back to back during peek times makes some sense. Second, I would assume keeping a good handyman on the team is key. However, what happens if your second guests are traveling towards you, ready for vacation, and you can't offer them a place to stay? Are you required to pay for alternate housing?

Looking forward to your solutions. 

Thanks!

Amanda

Just an FYI for everyone using lumber liquidators. They have a class action lawsuit for elevated formaldehyde levels. There was a 60 minutes special or something and a list online of affect lines.

I am in Mission valley. Welcome!

Is there another way to get the down payment? Exit strategy? I would make a fantastic excel sheet outlining very conservative numbers and projections and start there. There are good ones in the download section of BP. Sounds like she needs more clarity, security, and knowledge. Also some people are more risk adverse than others by nature.

I've been shopping for places that have tenants and from what I have experienced sellers usually require an accepted offer before they show the property. This way at least they are in talks with a buyer befor worrying the tenants. Then it's up to the seller to figure out the leases. Buyers can assume the lease or request tenants gone by close. We offered on one property and the seller had issues with tenants not wanting to leave and requesting $10,000 to end their lease 3 months early. But other tenants might want out anyway. 

Call and leave a message if he doesn't answer. Plan out exactly what your message will say and read it if you have to so you're not saying um,er,or something silly. Plan out what you will say if he answers and have questions if he says yes, what do you want to know? It might help to try a few people you aren't as worried about first to build up form and be less nervous.

Originally posted by @Casey Murray:

@Weiwei Gao I'd highly recommend attending a couple REIA groups in San Diego. BP is an excellent source to soak up RE knowledge but getting in front of people, talking real estate and learning your market is vital. Best of luck!

 Casey, Do you know of any specific groups? 

Here people put offers in without even seeing the property.

I would also look into converting to a duplex in order to increase monthly cash flow, and what the math behind that would look like. 

For me, I believe so. Although, I have a feeling selling a quad is much harder than selling a single family home or a duplex due to the number of people interested in buying one and the prices in our area (haven't tried, yet!). I've also noticed, in my area, that duplexes stay on the market longer and tend to sell below asking price currently. I assume probably due to investors haggling the prices down or their condition after being rentals. :) But there are some families with in laws who buy them too. 

If I were you I would pull comps on single families and then duplexes and compare the two. Which goes for more per square foot? How many are currently available for sale? What condition are they in? Factor in the cost to convert it or just fix it up and see if you will profit more from one than the other. To me, it is all math and very specific to the market you are in. 

Another cost to consider is that some people like duplexes to be on different meters for utilities. Some areas this isn't a big fix, but other areas it costs some money.