All Forum Posts by: Amy Canfield

@Jean H. exactly!  That's what attracts me most to a property manager - I don't want to deal with the middle of the night headaches.  Managing the bookings, finding cleaning people, decorating (as long as I hire someone...I have zero skills) I can handle.  Like @Andy Becker was inquiring (kind of), I wonder what would be a reasonable fee for partial property management...does that even exist?  Maybe I can make it exist...pay someone a flat fee per month to be on call.  They would get the money no matter what, I would get piece of mind.  Anyone have a relationship like this?

@Avery Carl I listened to your podcast tonight - thanks, it was really well done.  I've got a whole page of notes.  TurnoverBnB and IGMS look great.  

Ok.  So I need to suck it up and go nuts for the next few months while I get something off the ground.  I already self manage my own home as a Superhost on Airbnb, so I know what it takes. I'm just feeling overwhelmed at trying to balance a new out-of-town property on top of my full time (plus) job and family life.  But, a little craziness now will pay off in the end...and I'll have more money to show for it. (that's me trying to pump myself up...the easy (but less profitable) way was looking too appealing)  

Thanks everyone.

In your opinion, is 30% a reasonable fee to pay a property manager to do the following:

- Arrange for interior designer/furnishing property (actual expenses I have to pay)

- Promote/advertise rental and respond to all inquiries and manage bookings and provide guest reviews

- Arrange for cleaners and maintenance when needed.  Lawn care and snow removal too.

- Provide all consumables (shampoo, toilet paper, soap, etc.)

Assume I am NOT interested in doing this myself to save money.

Thanks everyone.  I'll just make the offer in cash and then refinance later - this sounds the easiest and won't look sketchy.  I'm planning to hold the property for a long time, but want to get as much cash out as I can so I can go buy more properties.  

@Dustin Mathenia; @Arlan Potter; @John Warren; @Jennifer Stradtman; @Theresa Harris;

I listened to a BP podcast a while back where they talked about making cash offers, but then getting a loan for the property before the close date.  I'd like to do this.  How do I go about it?  What specifically should be written in my offer?  Do you have to show proof you have cash when making a cash offer?  I have the money, so I'm not trying to be deceptive. 

Hello, BP! I’m a new investor from Madison, Wisconsin looking to invest in small multi-family properties in the Appleton, Wisconsin area (Fox Cities). I own one single family rental in Madison and am interested in the Appleton area because I’m originally from the area and I see the potential for cheaper properties with higher returns.

I’m currently looking for a realtor and advice on a property management company. I’d like to purchase my first multi-family property before the end of the year (I’m thinking a duplex) and hope to purchase more properties following that.

I’d love to network with other investors doing business in Appleton and/or Madison.

Thanks!

Thanks everyone.  I'll take my eye off this "shiny object" and concentrate on better opportunities.  I appreciate your responses!

I'm a newish investor looking to purchase my first vacation rental. I currently own 1 SFR and Airbnb my primary residence. How is potential rental income accounted for, if at all, in the purchase price of a property?

I’m looking at a property listed at $275,000 with a 5-year rental history of $30,000 - $35,000 per year. Problem is the seller just bought the property 2 years ago for $200,000 and has done no major improvements. The only thing they have done is purchase all new furniture (property being sold furnished - it’s high quality furniture).

They think the rental history makes the property worth more. Does it? Or should the purchase price be based entirely on comparable properties, regardless of whether they are rentals?

Thanks!