All Forum Posts by: Andres Triveno

I would recommend you watch his content on YouTube, there's a gator playlist and he'll explain everything. I'm not sure if I'm allowed to disclose the price, but I will say it's an investment to your future and provides so much value way beyond the amount you pay. It's education, resources, ability to talk to Pace and his team in zooms, as well as put you in a community of like minded people, also the amount of opportunity within the community is endless. 

Squadding up is a term that means partner, and yes gator method is a partnership. 

Howl

If it ain't broke don't fix it.

You have a mortgage and insurance. If you want another layer of protection get an umbrella policy.

You don't want to trigger the due on sale clause for a likely low interest mortgage.

Also if you aren't operating your LLC 100% you likely only have a false sense of security.

@Gerald Pitts  Let me be very clear, I would only advise purchasing out short term rentals in this area if you are within 20 minutes of these properties for management and turnover routines, you won't make any money if you have to distribute these duties.  My point was that there would be quite a nice niche for someone who enjoys the lake areas and wants to be part of the community, long distance landlording wouldn't be profitable.   We bought the lake property in 2018 with original intent to convert the property to 4 season cabin which would be value add and sell it in a couple of years.  What we found is that we stopped using the cabin frequently and started advertising on Airbnb and found a ton of interest of tourist from Iowa, South Dakota, Minnesota and Wisconsin.   It took me about a year to figure out exactly what the right prices are for each season or holiday of the year.  For example ice fisherman and hunters love the area from October until March, bullhead days in Waterville, MN, you could upcharge per nights to around $250 to $300.    Christmas was very popular, brining in $125 a night.  Spring and Summer brings in the boaters and fisherman, I started getting repeat business from the same customers and they were reserving 6 months in advance.  In 2019, we brought in $15,000, which could have been much higher, this was the year I was learning the systems, once you gain popularity and are 5 star hosts on Airbnb, like we were 8 times over, people flocked in.  In 2020 right before Covid, we rented to 4 metal workers doing a big job in Waseca for $6,000.  We finally sold in May of 2020, because I was tired of driving an hour to do change overs and we no longer wanted a cabin anymore, because we missed camping with a travel trailer.  It's really to bad, because we were running an awesome business and the customers were repeats.   There is definetely a market for someone down there if you live in the area and like to get your hands dirty, if you are a long distance landlord, this probably isn't your lifestyle.

Hi Tom,

I haven't run into any push back for air bnbs on the North Shore as of yet. I do know the short terms we have there and our colleagues have there are renting really well. If located in the right neighborhood, you can have pretty consistent occupancy.