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All Forum Posts by: Bonnie Low

Bonnie Low has started 23 posts and replied 1942 times.

Post: Looking for a handyman and housekeeper

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

Hi, Veronica. Have you tried posting on Turno yet for a housekeeper or Thumbtack for a handyman? Both of these are good sources to find out who's out there and potentially get quotes. Good luck!

Post: Short and Medium Term Rentals Other insurance ... not homeowners not air cover

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

Think of the "insurance" the platforms like Airbnb offers like covering incidentals. It is not the same as having full property coverage and liability coverage. For example, they might kick down some money if you can prove a guest damaged your sofa. Or they might not. They might kick down some money if you can prove you had excessive cleaning costs because the guest trashed your place. Or not. It's arbitrary and out of your hands. If you are operating an STR, you need a specific short term rental policy and not all companies offer it. Proper is probably the most well known, most expensive and best coverage. If you're operating an MTR, you'll want to talk to your specific agent, explain what you're doing and how often guests will turn over and see what they recommend. Usually it's a policy for a rental dwelling and they may require specific riders.

Post: First fix and flip

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

Congratulations! That's impressive to find your first deal off market AND to have a creative finance play. I'd love to hear more about your midterm lease during rehab. How did that work?

Post: Baselane - Banking Solution for Landlords

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790
Quote from @Michael Hence:
Thought I would share my experience with baselane as a warning to others.  Initially I thought it was a really good service.  As others have mentioned, the virtual accounts you can set up for each property was really intriguing to me.  I also liked the quickbooks like record keeping, that was my favorite feature.

All was going well for a few months but I ran into an issue.  The website is the only way to access baselane, there is not app to use.  And when logging into the website they force you to do a two step authentication where they send a text message to your cell phone.  The problem occurred when I had to change my cell phone number.  There is not other option to verify yourself other than receiving the text message.  So since I no longer had access my old cell phone number then I was locked out of baselane.

On June 25th I attempted to contact support to have my cell number changed in their system.  You would think this would be a quick and easy process.  Support didn't respond back to me until two business days later and then they asked to me provide some info to verify my identity (which I had already provided on the 25th) so I provided the info again.  Two business days after that I get an email saying they received my info and will pass it along to the "product team" to process the request.

Later that day I get another email asking me to verify my identity again.  I followed the instructions and did what was asked.  Next day I sent a follow-up email to support inquiring about the status of this change request because at this point I had not had access to my account or funds for a week.  They responded by asking me to be patient and informed me they are working "diligently" on the issue.  Really?  Working diligently means taking over a week to change a phone number?

So I waited patiently for SIX more days and still didn't hear anything from baselane and still didn't have access to my account.  So I emailed again on July 8th requesting a status update and didn't receive any response.  Now here we are on the 10th of July and baselane still hasn't updated the phone number, I still don't have access to my funds, and they don't even have the decency to respond to my reply.  I do like the application but obviously the customer support is lacking.  It's inexcusable to take over two weeks for such a minor update to my account. 

I went to the ATM to today to see if I could just start withdrawing my funds from the account that way but since I have several virtual accounts with funds in each one and baselane only issued one debit card for the "main" account, it won't let me pull the funds from the additional accounts. To say I'm very frustrated with this company is an understatement.  I'm about ready to file a complaint on them with the FDIC.

Moral of the story, it's a nifty application but I would be careful about how much money you keep in that account.  Luckily I still have my regular bank account and I don't keep all my funds in baselane or I would have been in a serious bind.  Proceed cautiously with this company.

 Hey, Michael - that really stinks and I can understand why you'd be frustrated. I know the 2-step authentication process is not a requirement because I've never had to do that so maybe you chose that when you set up your account? Not sure. Anyway, I think @Saad D. is here on the forums and probably can address these concerns for you right away. Good luck!

Post: 2 bedroom or one bedroom and a flex space

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

What type of traveler are you marketing to? That will tell you a lot about how you should configure your space. If at least one person is going to be working from home, an office setup may be desirable, although a lot of people prefer not to be glued to a desk and like to move around the home as they work. If your guests travel with a child, that second bedroom will be a necessity. It's hard to answer without knowing more. One option is to offer it set up either way. You can mention in your listing that it an be configured either as a bedroom or as a private office. You can then discuss it with potential guests.

Post: Midterm Rental Investor

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

Hi, Cyndi and welcome! Have you already purchased an MTR property? If you haven't already, I suggest getting in some local FB groups for travelers in your area or region. A lot of people find their next guest or their next property by doing so. Good luck!

Post: Smart Lock Recommendations?

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

I haven't had any issues with the wifi in either the Kwikset or the Schlage but my Schlage is in a city location with usually reliable internet. However, my Kwikset is in a very rural, mountain area (Lake Lure NC) and I have a 3 story cabin. The router is on the top level, the lock is on the main floor and power goes out regularly. We have a backup generator that kicks on within seconds when the power goes out and even despite all that, I have zero issues with the Kwikset lock. There is no separate wifi bridge. 

I just find the Schlage to be glitchy. It's more difficult to program, the interface isn't as good as the Kwikset and the batteries drain much faster.

Post: Smart Lock Recommendations?

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

I have units with the Schlage Encode and others with the Kwikset Halo and I far prefer the Kwikset. Unfortunately, I also use Hospitable for my PMS and they STILL haven't gotten the Kwikset integration. It's really not a big deal. I just have to assign the codes manually and make sure the code makes it in my automated check-in email. I just don't like the functionality of the Schlage. It's harder to program, the app is less user friendly, I find it glitchy and it drains the batteries much faster than the Kwikset.

Post: First House Hack Deal

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790

Congratulations! House hacking is a great way to start and I don't think you can go wrong in Columbus.

Post: Vetting MTR guests

Bonnie Low
#1 Medium-Term Rentals Contributor
Posted
  • Lender
  • Asheville, NC
  • Posts 1,975
  • Votes 1,790
Quote from @Allen Duan:
Quote from @Bonnie Low:
Quote from @Allen Duan:

For MTR bookings through an OTA, like VRBO or Furnished Finder, you'll have to get creative if you want to do background and credit checks. I've heard of some hosts adding to the house rules that the guests must complete those steps after booking on the OTA platform, otherwise the booking will be canceled.

At my company, we don't do background and credit checks for OTA bookings, but we do ask why they're renting a MTR and who will be staying with them. The answer to those questions is usually enough for me to know if I want to take the booking or not.

But you do have them sign a lease, right?

 Hi Bonnie, we do sometimes but not always. You definitely can require a lease for Airbnb bookings. Sometimes Airbnb guests find it unusual, so you may lose some potential bookings with the requirement.


 Thanks, Allen. At what point do you introduce the lease when you're using Airbnb? Do you mention there is a separate lease agreement in the property description? What if you accept the Airbnb booking and then they refuse to sign the lease? Do you cancel the Airbnb booking and just take the hit? I'm just curious how this works because I advertise my MTRs on FF only.