All Forum Posts by: Becky Kowalski

Hi Karissa!

I've recently just started renting out the 3rd unit as STR. It has only been 2 months but I think it has going well so far! There was a bit of confusion at the beginning where the STRs should park (shared driveway with one of the LTR). They were parking on the street and (sort of) blocking driveway access to the house across the street. I increased signage to indicate it was ok for the STRs to park on the right side of the driveway.

However, I must mention that I hired a STR property manager to take care of EVERYTHING! So I really only hear about "bad" things when the neighbors across the street complains about something.

The only other thing I can add at this time is - renters are disgusting! haha.  The unit had only been rented out for about a month when I went down to check on it and there were already food stains all over the kitchen chairs and some mysterious gross sticky stuff on one of the luggage racks.  I think part of this can be remedied by communicating with your cleaners to make sure they are spot checking all locations.

I'm curious about your situation Karissa. Are you in the Denver area? My understanding is you can only have STRs (in an ADU) if you are currently living on the property. Has this rule changed? I'm originally from Denver (and am hoping to come home soon) - so I'm just curious.....

I will keep everyone posted if my situation worsens or if I have any other suggestions!

Becky

Hey Luke!

thanks for the reply. I really like your approach but I don't think it will work in my case. My property is in a small, coastal community with high seasonal variation in population. The two long term tenants are maybe only 50$ below market, so not bad. They both take very good care of the property and look after things. I feel much more comfortable with them as known entities.  😊

My plan is to short term rent (airbnb or similar) during the summer high season. I'm hoping this will help me cash flow.  There's also the option to rent to winter Texans - people from your neck of the wood that want to escape the cold. Hopefully next winter I can get a 2 or 3 month renter.

My 3rd unit needs a bit of updating, so i'm taking my sweet time doing it. Definitely need a shower that works properly before renting it out!

Becky

Hi Jo!

I've been thinking about this idea for my Coastal Texas property.  We get a lot of "Winter Texans".  Has this set-up still been working for you?

Thanks!  Becky

Hi!

I recently bought a triplex in August that came with 2 long-term renters.  The long-term renters have been in there awhile and are fantastic!  However, their combined rent doesn't quite cover the mortgage and expenses.  I'm interested in renting out the 3rd unit, but want to minimize the impact to the current long-term renters.

Has anyone dealt with a similar situation?  Any suggestions or tips?  Things I should consider?

Thanks for your help!

Becky

Hi Jaden!

I agree with the folks that are encouraging you to switch majors and maybe even attending a cheaper school.  There are plenty of paths of study that would compliment your real estate goals (business, accounting, digital marketing, finance, entrepreneurship, photography etc.)  

I understand that college might not be for everyone, but having a "back-up plan" is always a good idea.  Real estate is very cyclic, so it would be good for something to supplement your income in the lean times.

good luck!

Becky