All Forum Posts by: Avinash V.

Quote from @Melanie P.:

If what you have working is working, stick with it. Did this company give you any guarantees if you invest this money? Might you do worse?

Thank you. I have been asking if they can guarantee anything but they aren’t . I have a feeling that my additional investment go in vain. What I have currently is decent but that company has lot of hidden charges esp on maintenance requests even after taking 15%. Kinda feel I’m stuck with them but at the moment I have to live with it. Thanks again 

Quote from @Bruce Lynn:

Are you in the STR zone in Arlington? If not, they are super strict in Arlington. I would not consider STR if you are not in the zone.

The rent by the room probably yields you the highest revenue and lowest vacancy.

Their fees sound way too low to me.  Not sure you can really furnish for $10,000 or they can manage for such a low fee.  Ask to see their portfolio numbers for all the other property they manage.  Look at all the KPIs like occupancy and rate.

Do you have other expenses that go up, like utilities, yard care, internet on MTR?   Who is your target market on MTR?

 Appreciate your response. Currently all the common areas are furnished and that’s why it’s $10k for furnishing the rest. Utilities and supplies are additional expenses. 

I checked city of Arlington and the property comes under str zoning district. Not sure what are the implications 

also how reliable is the AIRDNA numbers ? Any insights on that?

Quote from @Jonathan Greene:

Your problem here is that you sound completely unconnected to your investment and are allowing decisions to be made by companies and not what you know. Why did you buy in the area? What's your goal being so close to UT Arlington?

Both have good points. Long-term rent by the room is good in a college area, but will have more wear and tear and maintenance requests if all college students. They should all have co-signers by the way if they are students.

MTR or STR could be a great for parents coming into town and has worked well in some areas. For colleges with a large international student base, MTR can work because parents will stay longer, but for short-term and likely for UTA, short-term would work, but also would expose you to way more occupancy.

 Thanks for your input . My goal is to maximize the cash flow . The rent by room was managed by a company which I no more trust and started exploring other options 

Hi,

Need some expert inputs if it's worth the investment needed to convert my current property to mid term/ STR with fully furnished.

I have a property right opposite to UT Arlington . Currently it has 6 rooms ( 5 bed and 1 additional room). common areas are fully furnished and bedrooms are unfurnished. They are managed by a company that rents by individual rooms. Currently I am getting like 170-1900 average after all expenses.

now I have a different company who's proposing the below. They would like to fully furnish the property and renting the house either long term or mid term or STR. Their goal is to maximize the occupancy.if they secure a mid term rental, they gonna do STR after the lease ends while they find another tenant. Here's the investment details

10k for revamp and fully furnishing 

5k upfront fee for design and management 

$500 flat fee for the management

FYI I have already spent like 15k on the property 2.5 years ago to set up.

Thanks for looking into this.

I've had a rough time with Homeroom, to be honest. It's been more than two years, and it's just been a headache. I'm gonna dig through all the numbers and a ton of emails, and I'll post a detailed rundown later. But for now, I'd say keep away from them.

I feel bad too, because I got a colleague involved with Homeroom. I really wish I hadn't.