All Forum Posts by: Bailey Rentz

I have a STR in Dallas and I am needing to shop insurance policies. Does anyone have a company they recommend?

@Greg Scott not rubbing salt at all.  I know better and just had a weak day and was too trusting.  At that point he was still doing a very good job.  I don't have a penalty in place though and that's definitely something I will have in the future. 

Yes if you don't mind DM'ing me your DFW guy that would be greatly appreciated.  Thank you

I need advice on how to proceed with a contractor I have on a property in Texas.  He is 3 months past when he said the home remodel would be done, and only about 50% of the way completed, although he has been paid for about 75% of the work.  I check on the property once a week and often I will get there and find the house has not even been touched in the last week.  Lately he has started to dodge my calls so I am assuming the money is gone, etc.  

I still believe best case scenario is he simply just finishes the work and I never hire him again, but I am starting to think that is not going to happen.  What are the best ways for me to proceed with firing him, getting money back for work not completed, etc.  He is licensed and insured.  I have saved and screenshotted many texts from him, and every time I visit the property I take pictures even if nothing has changed so I have timestamped proof of work not getting done. 

Quote from @Pranay Bomma:

Hello, 

I'm a new investor, possibility of getting a property for rental investing on north of hardin-simmons university, Abilene TX. I am wondering if anyone is having trouble getting a property rented? It's a 1 bed 1 bath. Any advice/help would be appreciated. Could it be just the time of year?

Also, appreciate if you can refer any property managers and insurance agents.

 

I have some properties in Abilene. Never have had a shortage of applicants. Longest it took me was 42 days, which is a long time, but this was due to low quality applicants and me waiting for the right one. That property was not near HSU though, and my properties aren’t college rentals. If yours is close to HSU then you’re close to Hendrick too so you probably wouldn’t have any issue. 

I use CBS Insurance in Abilene. They’ve done a good job for me. Self manage them all using Apartments.com, although I have considered changing platforms. It gets the job done though. I personally recommend self managing your first few especially if you’re in the same town. You learn a LOT and save management fees. Abilene’s a good BRRRR and rental market.

I currently have 6 BRRRR's that I purchased and refinanced in my name due to Fannie Mae requirements. I now an interested in deeding these into my LLC for asset protection. Could this technically invoke a due on sale clause? I have heard differing opinions, some saying it could, and some saying it could not and Fannie Mae allows this since I am the sole owner of the LLC. Please let me know if you have any past experience with this. Thanks!

What is your must have STR feature that you feel makes your STR's perform better? Examples: hot tub, extra bathrooms, game room, certain type of decor etc. Are there any you feel you have seen a direct positive correlation with having or have received good reviews because you had them?

Do you have any metrics that might suggest how short term rentals will perform with rising interest rates?  Travel trends, etc. Thank you!

Great advice!  Glad and super grateful for all I learned at the company I've been at.  I know I definitely have more to learn as well!

Hey everyone!

I've been working at as a real estate professional at a brokerage that flips houses for 6 years and just made the leap to going out and doing it on my own.  Does anyone have any tips for when they first made the leap to flipping houses on their own?  Can be as basic as a morning ritual or as specific as a software or CRM or marketing technique you love to use.  I am nervous and almost feel naked like "what do I do now?".

Finding deals and funding I am not concerned about.  I am definitely concerned about my ability to find contractors, so any tips with that would be great as well! 

I have some recommendations who probably can help