All Forum Posts by: Bob Willis

Hey David - if the property is in your personal name you can just use your personal account. If you start growing and want to setup a separate account handle that part of your life that is fine. But to start you can just use your personal account. If the property is held by an IRA you own or some other entity you may want to talk to an accountant. I'd keep it simple as you are starting out.

@Easton Hill - any feedback on how this experiment went?

I am only speaking of mentors you work directly with and do not pay. I think you need to bring something to the game. What is it of value you can, and are willing to provide, your mentor. I know the most valuable asset any of has is time, if you can work with your mentor and give him more time as he shares what's going his projects with you it's a win-win. Do you want to learn how to flip properties? If so, maybe help your mentor find deals, etc etc

We probably know some of the same people. I may know her family if any are still back there. My wife and I owned the county newspaper (for Eustis). It is now known as the Frontier County Enterprise, but previous iterations included the Hi-Line Enterprise, and before that the Eustis News. Keep up the good work.

Henry - I love your posts. They are always so thorough. Best of luck and thanks for sharing.

This is not meant in any way to be disrespectful, but be careful on who you listen to when it comes to real estate advice/strategy. Is your Dad an experienced investor, does he know real estate and the market? If yes, then maybe listen to him, if no, maybe not. If you want to be like everyone else do what everyone else does. If you want to be successful do what successful people do, Best of luck.

Your lease should specifically call out that tenant is required to maintain and pay for all utilities and if they don't they are in violation of lease and then act accordingly. If you don't have it in there you need to add it. Regardless you need to get them out of your unit. Good luck.

I believe the most important thing is the legal description which does not correlate to the street address (at least I don't think so). Loan and title should be using the legal description and not the street address. You should be able to confirm this by looking at your documents.

Look under Tools at the top of the page and look around there. You can print PDFs for those that show CoC etc....

Not sure about the veracity of the numbers, but simple math should maybe give some clarity.

Here are representative numbers

2020 - Market has 1,000 listings on Airbnb, with $1million in Airbnb bookings/month for that market, this equates to $1,000/month/listing.

2023 - Market has 4,000 listings on Airbnb, with $2million in Airbnb bookings for that market, this equates to $500/month/listing.

Airbnb says "business is great." hosts, "the sky is falling."

Not sure where these numbers fit in the scenario, but as a host, this is what you need to look at. STR saturation is real.