All Forum Posts by: Angelo Pompeo

I'm in the process of purchasing an SFH for the purpose of listing it as an STR. I'm interested in managing it myself after seeing the property management fees for these types of listings. Some questions I've had.

• Do you list your property on all the big STR sites or just choose a few? If multiple, is it relatively easy to sync availability?
• Any recommendations for remote check-in tools? 
• Any good software for automating communications with guests? Canned check-in greetings, check-ups, and check-outs?
• Any recommendations for analyzing current rates? I've just been using airbnb and looking at places near a property I'm analyzing at various times of the year, or considering purchasing airdna data. It's a pretty tedious process. It feels like there has to be a smarter way. 
• Is there a good book on this? When I started flipping, I found The Flipping Blueprint invaluable. I can't find a similar brass-tacks book for short-term renting and management. Mostly just books trying to get me onboard with the idea (spoiler: I'm onboard!).
• Instead of a property management company, some people use marketing companies (for a much smaller fee) and still self-manage. Has anyone found that to be worthwhile? Or is it relatively simple to market once you do it once? 

Thanks in advance. 

-Angelo

I'm looking for lender suggestions for the Raleigh area. I've been told local lenders tend to be more adaptable than bigger ones. I was going to google it but thought, why not reach out right here where many of you have already sorted out who they prefer working with. 

Also, searching the forums for the answer brought up the issue of seasoning. Does that still apply to a property I bought with hard money? 

I'll see you all there!

A lot of people hunt for properties that are being short sale or foreclosed on. How do you typically profit on that? More, what if you knew they were delinquent before they went into foreclosure? I don't' mean "how could you ever," I mean literally, what do you offer to beat the alternative: foreclosure. 

I imagine you'd mail them directly, but I'm at a loss for what to say. "Hey I see you're delinquent, let's make .. a deal?" I don't know how to help them in a way that helps us both. Can anyone help me with maybe a podcast episode to listen to or keywords to google or just flat out explain it to me step by step? 

Especially with the moratorium on foreclosures coming to an end, it seems like this is more pertinent now than ever, and yet I don't know what my options are as an investor to being active in that environment. I could offer to buy the place? I could offer to make their payments non-delinquent, but then what? 

I know it's touch and go with COVID and holidays to boot, but are there any REI groups near Raleigh doing meetups anytime soon? I heard about one on the second Wednesday of every month, but I haven't found any post on it.

I was trying to find someone who could help guide me through the LLC process and support me if/when I need landlord/tenant agreements. Looking at the reviews, there isn't really much said about any of them.

If there's anyone in the area that has experience with some of them that could give me recommendations and feedback on their choice, I'd greatly welcome it. 

-Angelo

I've read and listened to so many BRRRR posts/podcasts, but they don't really explain the refi part before the buy. I was going through the BP Daily (I think episode 3?) and that was the first time I'd ever heard the advice: Check what you can refinance for before you go into the BRRRR to make sure you don't get stuck holding a property you can't refinance.

My confusion is twofold actually.

1. First, how do you generally do that? Do you call just any preferred lender to get an idea what the number is, and then when you're ready to refi, you go with whoever gives you the best rate? If so, wouldn't the income from the new rental also factor into what you could get approval for? So is it all just ... not verbal, but a bit unofficial? Like "assuming you find something bringing in about $1000, with your current debt, we can loan about this much."?

2. I read you can BRRRR until you can no longer get the refinance option. But this confused me because it seems like as long as the rental income is covering the new asset, you could keep going. Theoretically, if a $1000 on a $100,000 asset was refinancable, wouldn't I be approved no matter how many $100,000 properties there were? As long as they each brought in the $1000? (just making up numbers for simplicity.

If there's a specific podcast episode that covers this already, feel free to point me at it. With over 400 BP podcasts, I've tried to hop around as best I can, but the ones I found on BRRRR haven't really gone into this detail yet.

Hello, I'm looking to make connections with some folk out in Asheville that can help me identify some potential investment properties. Specifically small SFH or MFH I can BRRRR. Looking on CL and Zillow, there doesn't appear to be a whole lot of inventory. Maybe I'm just looking in the wrong areas?

Likewise, if any fellow investors can recommend any general contractors, that would be super. My sister lives out there and has nothing but horror stories. 

Thanks in advance!

I have a friend who is invested in OBX and his returns are just outstanding (assuming he's not exaggerating!). We also have two family friends that do it and they seem ok too. None of them really expands out there though, which is why I'm confused - if it's so good, why not go further? Maybe they're just not looking to get that far into REI? Maybe their experiences aren't as good as they're letting on?

Anyways, I'm particularly interested in (in no particular order):

What makes an area in OBX better than another, is beach front crucial or is beach view ok too? Or do they just need beach access. 

What type of fees are you looking at per month for cleaning, mortgage and flood insurance, garbage, water/electricity, etc? Any hidden fee's I wasn't thinking about? 

Is something wrong with the tool or are bathrooms that important out there? You'd think more bedrooms would be big but the rental difference between a 5bed/5bath and 5bed/7bath seems disproportionate, unless there's other factors I'm just missing. 

How tough is it to find tenants during off season? 

Are most using VRBO to find tenants?

Any other insights would be greatly welcome. The high turn over rate looks very appealing even relative to multi-family in some other areas. 

Thanks in advance!

Thanks for the kind responses all. 

@Dawn Brenengen That's great to know about the monthly meetups! I'll definitely look for the next one. 

@Peter No Proof of funds wasn't even on my radar - tysm for bringing that up. I sent a message to touch base to see if you had any other insight like that to provide. 

@Evan W. Unfortunately I'm already well into a primary residence, but I'm learning that's not to unfortunate. I feel a bit late to the game but better late than never! There appears to be a lot of other ways in so I'm just learning those now, particularly fix/flips and BRRRs.