All Forum Posts by: Aqeel Salim

Just started using Cozy.co with our first long term rental and so far so good. We've been very pleased thus far.

I would recommend it if you have the time and the capitol. It's not the way to go if you are looking for something that is low or no money down. That being said, if you are looking for a place to sink some cash to trade for cash flow, appreciation, and personal use, then yea, I say go for it Costa Rica is amazing! But do so carefully and make sure that you have a team in place - lawyer, concierge, contractor. All the ducks need to be lined up for it to work. And you need to have lots of time available up front to make the thing work and to set up your system. This was a family property and my in laws take the lead in managing the property and address all the guests needs. It is a lot of work but they are retired and enjoy the interaction with the guests. They manage it remotely most of the year and then go back several times a year to check up on things and get some personal use out of it.

Hey Kay,

Our family did purchase the property in Costa Rica. We bought in a development called The Hills of Portalon which is located just south of Queopos and north of Dominical on the pacific coast. We have had a lot of success but running a vacation rental is a totally different ball game there than it is in the states. You need to have great contacts for repairs/chef services/transportation and a concierge that can coordinate for your guests unless you plan on living on or close to the property full time so that you can provide those services yourself. Your concierge can make or break the success of your rental. I highly recommend spending an extended vacation in the area that your are considering purchasing and making those contacts prior to signing and contracts for a property. I would also recommend spending some time after purchasing the property to get it set up and establish the systems that you will need to run the property efficiently and successfully. We were fortunate enough that my in laws were able to spend two months there after the property was purchased to get it set up. We used http://costaricarealestateservice.com/ to find the property we purchased. Figuring out the area you want to purchase is the most important step, obviously. Please let me know if you have any more questions. Pura Vida!

Aqeel

Sorry for the delayed response. Thank you @Edmund Ricker!

My wife and I currently have a vacation rental home in Maine and have developed a very good relationship with a local bank. We are interested in expanding our portfolio and have started exploring other options including buy and hold properties in the Portland and Lewiston-Auburn areas. Does anyone have recommendations for Agents and Property Management companies in either of those cities. Any recommendations or reason why I should look at one instead of the other? Or should I consider another area of Maine. Thanks for all the advice in advance!

Be very careful when selecting PM companies to manage your VR. We have a property in Maine that we manage from Austin and have been very successful, but a large part of that success was because we are very proactive when we have inquiries. You have to trust that a PM will be as quick to respond as you would and if we are being completely honest, most aren't. Also, many PM companies also keep a certain percentage of every booking, 10-20% is not uncommon, and that is on top of their monthly fee. I'm not saying that PM companies aren't helpful in certain situations but you need to really look at your numbers and make sure that you aren't assuming that your property will always be booked. In my experience 90% occupancy is EXTREMELY high and uncommon. If you break even at 25% you need to pad that a little and expect expenses for upkeep such as linens, toiletries, and wear and tear on your furniture. All that being said, I LOVE my VR and am always looking for another. If they are done correctly they are amazing. If you have any specific questions feel free to message me. Best of luck!

Welcome Matt! It sounds like your motivated and eager to learn so that's a good start. It also looks like you've been doing your homework as well. You said you wanted to get started in RE but you didn't specify in which area. Are you considering Wholesaling? Do you want to look in to flipping homes? Buy and hold? My first recommendation would be to attend a local Meet Up and talk to as many people that work/invest in your area as possible. Offer to help out with active investors. Ask questions. That should help narrow your focus and help you get off on the right foot. Best of luck!

You might want to run the numbers through the calculators available under the Tools tab. That will help you understand the costs and show you a breakdown. Be very careful when estimating what you can rent your place out. You don't want to the most expensive house on the block. You also don't want to be the cheapest. Best of luck!

Best of luck to you!. I highly recommend that you post your tiny house on multiple vacation rental sites including HomeAway and all of their sister sites. The more exposure the better. Just be sure that you respond quickly (within 1 hour), I've found the most success with our property when we respond quickly with a personalized message. Congrats!

Thanks for the suggestions everyone. We are being very careful to do our due diligence, I've also heard a few horror stories and I don't want to added to the list of investors who lose their shorts. I'll definitely look in the the law firm information, thanks for the link Tommy. And thank you for the suggestion Dan, we will look in to that as well. I'll keep everyone posted if we decide to move forward.