All Forum Posts by: Andrew Wong

@Max T., who would be your target demographic?

Could you be a little specific as to what advice you're looking for? I'm guessing something more specific than "Kick them out, put in furniture, learn to provide customer service, and put it onto AirBnB"?

How much is your utility bill? I figure it should be one your higher expenses if you feel you need to limit temperature usage.

My first impression is that 20k is a lot of money to dump in without proving your business model works out. 

My anecdote with remote locks is that they ultimately weren't worth the price and was more headache than they were worth. Running out of batteries means that I have to take a trip out to the unit, and I hate taking trips out to my units. I try to be as hands off as possible.

Another thing due to me leasing the unit was that the owner wanted to renovate the doors, and they got doors where my remote deadbolt couldn't fit in. That was money, and again time to uninstall the lock, and now I need to figure out how to re-purpose it.

The main thing is what value can you provide the landlord that they can't already get? 

Giving more money and more security deposit is great. That can already be a win in many landlord's mind. 

But, you need to understand from their POV this is probably a risky proposition. Why should they rent to you to do your experiment? Will you shield them from your headaches when you start up your STR? What about when long term tenants about the landlord complains, what will you do? Can you reassure your guests will be high quality?

Number one sell in my experience is if you are able to provide hassle free rent every month on the dot, that's the best. 

@Chris Mason, good read. So pretty much some people take out the Rental part of the BRRRR and only do a BRRR.

@Chris Mason, ahh I see. I've never done a rehab + refi, only read about the process. It's really a function of the property's ARV compared to your W2?

Wow, okay I must be losing it. 

When you rehab a house, and then refi it, cant you show W2 income? Why do you need to show rental income to get a refi?

Why do you think you cant refi if you're AirBnBing it?

What is your actual business plan? Are you going to be providing the services for assisted living: nurses, caretakers, cooks, etc?

Or did you mean you'll be renovating the house so that other third party assisted living services can rent from you?