All Forum Posts by: Asan Dixon

I have a rental arbitrage deal on a lease expiring in December 2019. The property is not providing the appropriate return and we intend to exit the lease.

There are three Air BnB reservations on the books for 2020 that will be cancelled.

The three reservations are for very busy weekends. Offering to have someone else host them is not an option.

Does anyone have suggestions about how we could handle this with Air BnB and avoid losing super host?

Thanks very much!

Karen

Maybe go month to month for one more month. Try to fill the entire month collect as much as possible for janurary and block out the following month.

1 Vote

Originally posted by @Jack Hostutler:

@Asan Dixon - happy to hear you were able to get started on this. How is everything going so far?

I'm curious - what provisions were added and removed from your lease to allow you to rent out the property as a STR? And how did the conversation go with the owner you leased from? Did you find it fairly easy to get them on board, or did it take some massaging?

Our situation was a little out of the oridinary because the owners live out of state so the maintenance being taken care of was a big plus for them. They’ve also had some experience with corporate housing so they understood what we were doing.

They were completely onboard in fact they wished us well and would often talk about how good we will do.

I think with future landlords we will have to massage more but it’s do able especially when you have someone you can reference and give you a good recommendation.

The unit it self is doing great, we’re getting better at optimizing bookings. October is our first full month and we’re at double our rent with about 60% occupancy. With winter coming, we definitely aren’t out of the woods but I think if we hold strong and make good decision and hold out to spring, that’s when we’ll see this place really boom.

1 Vote

Just an update. We did find our unit. Negotiated on price and deposit and did some painting in return. A little more than we expected but the place is really coming together and we will be live within a few days. Thanks for all the responses and insight especially from those doing it already!

Next step is to get into another one and stream line our process and optimize our budget!

3 Votes

@Yvonne Harnischfeger I’m wholesaling the property. So chances are I wouldn’t be able to pick it up at auction.

So the owner, whose name is on the deed, has passed. The son of the owner paid off his mortgage and has lived there ever since.

The other potential estate beneficiaries don’t want anything from the property so they’ve essentially left him as the estate executive.

0 Votes

Hey guys,

So I have a property I want to put under contract in Ohio. The seller basically wants out and are willing to almost give it away. They have some back taxes and its going to auction on August 1st so they agreed to sell it to me.

One issue, the owner passed away and there was no will left for the house. None of the children, except one, wanted anything to do with the house so he paid it off and moved in.

Would I still be able to purchase the property and let them decide who gets the money later? How do I get around this? Keep in mind the auction is on August 1st, so I have a little less than two weeks to close.

TIA!

0 Votes

@Steven Bays look on the Cinci wholesaling and real estate investors Facebook groups

1 Vote

Originally posted by @Morgan M.:

I think you may be better off discussing this in an entrepreneur forum. It can be argued that investors are entrepreneurs but I would make a distinction in this case.

You came here asking for assistance with establishing supply for a business proposition. You got responses recommending you be an investor instead. I have high respect for the success held by the people responding, but matters of partnership or ownership of property are rather irrelevant to your inquiry.

I would recommend that you start by thinking like a landlord and establishing a list of objections they might have. Then consider how you might overcome the objections (this is just a practice in sales). By doing this instead of making a script you create footholds in an organic conversation so when the question comes up, you are prepared and calm about it. Avoiding a script will also make you a better listener. Consider studying Chris Voss.

To tether into the responses on this thread, you might consider taking several precautions before starting to talk to landlords. Heavy research in regulation and competitive analysis is strongly recommended. I would also put a spreadsheet together with an honest representation of your initial costs to start this business. If you already hold a full time job, consider if it is flexible enough to give you a reasonable chance of getting this thing off the ground.

You're risk tolerance is likely different than mine or anyone else's on the thread. I've worked myself into a lucrative career by taking monetary risks that guaranteed personal development. If you can weather the worst of this business model, you can come out the other side with a strong understanding of short term rentals, stronger interpersonal skills, and regional mastery of the real estate market. When offering advice, it is wise to discourage partnerships by default. That being said, there are many many successful partnerships in the world. You will come out of this experience better able to vet partners in the future.

If you can afford the furniture and other start up costs, consider what it would take to handle a down payment on top of it. But if you are looking for a job and prepared for the risks, I say take action if you can manage the worst case scenario.

Thank you I really appreciate the response. I agree with you 100%. As far as my partner goes I have thought about these thing and it’s something I heavily took into consideration before aligning. I’ve had partners before and some people don’t click business wise.

Based on what you saying it sounds like I’m in the right track. I’m not expecting every rental owner to say yes and just like with other aspects of real estate and sales I’m expecting to me be a numbers game. However, like in sales I know there are things I can do to increase my chances.

Thanks for the response!

0 Votes

Originally posted by @Julie McCoy:

@Asan Dixon Or you find people like in this thread: https://www.biggerpockets.com/forums/530/topics/72...

The opportunities exist, whether they're worth taking is a different question.

Wow that's perfect. To bad I'm not in that market. I was wondering if there are people out there like that, but id imagine its few and far between and wouldnt want that to be my only source of acquisition.

0 Votes

Originally posted by @John Underwood:

Originally posted by @Paul Sandhu:

I wonder what this guy will have to say....

That is hilarious!

I mean to be honest that has been my experience with the two posts ive made! Lol, but I respect the opinions of veterans and look at it as advice instead of discouragement. Even if I dont agree with whats being said there is sure to be some valuable information I can pull from it. Also, getting the perspective from the other side is a plus.

2 Votes

Originally posted by @Paul Sandhu:

Originally posted by @Asan Dixon:

@Jake Miller regulations are fairly lose in my market.

There is some irony in that sentence. Lose instead of loose.

Ha! Loose*

0 Votes

All Forum Posts by: Asan Dixon

Asan Dixon has started 3 posts and replied 29 times.

Post: Airbnb Rental Arbitrage

Post: Airbnb Rental Arbitrage

Post: Airbnb Rental Arbitrage

Post: Inherited Property, can I buy it?

Post: Inherited Property, can I buy it?

Post: Contractor working in Cincinnati or Northern Kentucky or both

Post: Rental Arbitrage Proposal

Post: Rental Arbitrage Proposal

Post: Rental Arbitrage Proposal

Post: Rental Arbitrage Proposal