All Forum Posts by: Andrew Bosco

Hey all, 

Wanted to share what I found that has made a difference in my MTR business. 

1. Communication: Keeping communication on the same and consistent trackable plain! 

2. Welcome baskets: I include a 50 dollar gift card to my favorite local places to eat. I also add Toilet paper, paper towel, snacks, water, etc. 

3. Tour guide book: every travel pro has mentioned this and #2. They feel like the experience is immediate with those items. 

4. Shower doors vs. curtains: I am pro shower door and so are the tenants in every case. It's expensive, but every tenant has loved that touch. 

5. High lighting: Recessed lighting helps and is cost effective. 

6. Door Locks: Makes check in and check out smooth!

7. Laundry services provided / cleaning crew provided: I have the unit cleaned once a month by a cleaning team OR I can opt to have the laundry taken care of once a month. This has been incredibly positive for me. 

These items cost time and a little money, but the referral's I have been given have paid me back 10X

 Mistakes: Mismanagement of CRM. Not including task follow-ups and staying accountable. wanting to to it all myself. 

Rectify: Team now. 1 manages initial calls + CRM management. Follow-up worker. Closer. Each team member handles the CRM. Much better process. 

What is on the deed? That will tell you #1. 

If it's not legal, then they cannot use it. Can the lender use a Fannie/Freddie loan at 5% down? They can consider ADU income.

I post on local ads, google reviews and then chat with big PM companies! 

I made a one stop shop. you'll see quite a bit here! https://docs.google.com/presentation/d/1qCD_XIgmg-2BGGzsDbWq...

Every area is different. you should see demand with the links below. Many people who get those high x numbers are by either relationships with insurance relocators or corporate connections. Some of them are even sober living. It just depends pending your area and also strategy (whole place vs. bedroom). 

1. Use these links to see what the demand looks like for both criteria and then pivot from there. Consider MTR is more hospitality than LTR.
2. Furnished Finder - General MTR Data
   1. Furnished Finder Traveler Search - manual way to see the competition
   2. Furnished Finder Budget Tool - Good overview of market. Similar to A, but with stipend input
3. Rabbu (good for STR)
4. AirDNA - another good STR outlook
5. Rentometer - area rent LTR
6. Zillow (area specific)- Housing Data Demand - LTR/General Demand
7. Price labs - set filters to 30 day stays / include utilities. Good idea of MTR comps
8. Hello Landing - used by digital nomads
9. Local news on economic growth. Contact Hospitals/Government Bases/Companies directly

Section 8/HUD (LTR)

1. Use these links to see what the demand looks like for both criteria and then pivot from there. Consider MTR is more hospitality than LTR. 
2. Furnished Finder - General MTR Data
   1. Furnished Finder Traveler Search - manual way to see the competition
   2. Furnished Finder Budget Tool - Good overview of market. Similar to A, but with stipend input
3. Rabbu (good for STR)
4. AirDNA - another good STR outlook
5. Rentometer - area rent LTR
6. Zillow (area specific)- Housing Data Demand - LTR/General Demand
7. Price labs - set filters to 30 day stays / include utilities. Good idea of MTR comps
8. Hello Landing - used by digital nomads
9. Local news on economic growth. Contact Hospitals/Government Bases/Companies directly

Section 8/HUD (LTR)

I just became a preferred partner with ALE. That said, I feel like it would make sense for ALE to have state-state partners who are well connected with PMs and task force their requests to the state/regional specialists. The way ALE runs their business model is you have to reach out to them (usually) to see if your place is a good fit or upload in their database. Then, they contact you. I feel like it should be the reverse and ALE should post where their needs/claim details (besides personal info) to be shared. That way, regional folks can chase down or broker a potential deal to get a spot filled. 

What do you think? 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $625,000
Cash invested: $20,000

#2 Househack! Property was on the market for 100 days. 2, 2 car garages and it was a FSBO listed as a single family. Purchased with a 10K seller credit at closing. Turned out - it was an illegal 2 family with an ADU (so 3 units!). AFTER rezoning - the property has since been changed to a two family with an ADU. A solid potential 5 year house hack. Escrowed mortgage is around $5400 a month. Tenants pay a total of $4,200 a month. My wife and I live cheaply every month and in a stellar school zone!

What made you interested in investing in this type of deal?

Location, Location, Location

How did you find this deal and how did you negotiate it?

MLS and 10K seller credit at closing. Inspection etc.

How did you finance this deal?

5% Freddie Mac

How did you add value to the deal?

Updating the kitchen/2 bathrooms in my unit. Appraised at sale at 680K!

What was the outcome?

High after sale appraisal. long term buy and hold house hack.

Lessons learned? Challenges?

Contractor work always costs more than you think.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Candor Realty!

Fees are a tricky thing. I try to just stick with cleaning fee, non-refundable pet deposit (or I just bring up the price on the rent without mentioning this as to not add more fees than necessary) and a security deposit. If you add to many fees, then you turn into AirBNB and price gauge on fees :)