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All Forum Posts by: Candor Real

Candor Real has started 4 posts and replied 19 times.

Post: How to manage long distance STR as a newbie?

Candor Real
Posted
  • Posts 21
  • Votes 6
Quote from @Mike Shemp:

We own and self-manage 3 properties that are all 7 hours away from us.  We have 2 properties in the White Mountains of New Hampshire, and one property in the Outer Banks of North Carolina.  We self-manage, and are 7 year superhosts on the Airbnb platform, and all 3 of our properties also received the "Guest Favorite Award" on Airbnb.  

Here are 3 tips to consider from a remote superhost:

1.  Find an amazing cleaner and handyman.  You can do this several ways.  You can flat out ask other hosts in your market (who have really high ratings) if they are willing to share their cleaner and handyman with you.  The important part is to make sure you tell the host that you will let the cleaner and handyman know that they referred you to them.   This is important because GOOD hosts know that good and reliable cleaners and handyman can be hard to find, so they treat their cleaners and handyman lke GOLD, which includes referring business to them, paying them quickly and promptly, respecting their time, and taking care of them on the holidays.   If you are not comfortable asking other successful hosts who they use, you might want to look for a group on Facebook marketplace for your market and look for newer cleaner/handyman that are starting out and hungry for business and to do a good job.

2. Pre-schedule all your maintenance items and setup a re-occurring schedulea.  SIgn up for the HVAC yearly contracts.  Have quarterly pest inspections.  Schedule your house deep cleans.  Schedule your carpet and furniture steam cleanings.  Get your septic pumped out regularly.  

3.  Automate as much as you can.  I like the Hospitable platform myself and recommend it to others, but there are other ones too.  I use a combination of Hospitable, Zapier, and Docusign to cover 95% of the tasks.

Hope this helps.  Please feel free to reach out with any other specific questions.

Mike

Hi Mike, so happy you reached out. I am looking at the white mountain area as well! Will reach out offline to discuss more.

Post: How to manage long distance STR as a newbie?

Candor Real
Posted
  • Posts 21
  • Votes 6
Quote from @Sokun So:

As a host managing a property 2.5 hours away with a toddler and newborn, I can totally relate! Here're a few of my recommendations. 

1.  Boots on the ground like your cleaner is VERY important, but I'd also recommend you get to know your neighbors and exchange info. They can be an extra set of eyes if anything happens.
2. Online devices that are my must haves.
- Security cameras
- Smart lock
- Doorbell camera
- Smart thermostat
3. Storage area with plenty of inventory for 2 - 3 months. You should be visiting the property every 3 - 4 months to resupply and check if anything needs maintenance.

Yup. All the books and blogs have mentioned cleaners and handymen are the two most important partners in the STR team, but how do you handle the misses not if but when they happen and you are so far away?

Post: How to manage long distance STR as a newbie?

Candor Real
Posted
  • Posts 21
  • Votes 6
Quote from @January Johnson:

I tell people, "With a keypad lock on the door and a great housekeeper, you can rule the planet."  So much can be done online, and while you DO need to be reachable by your guests, you do NOT have to be reachable within 90 seconds, so don't feel hostage to some unreasonable standard of communication. 

I self-managed from TX (my properties are in FL) 10 years ago when there was very little technological support other than the Airbnb platform, and I did just fine.  You will, too.  AND you can keep that 25%+ in YOUR pocket.


How much time a day/week would you say you have to commit to managing the properties?

Post: How to manage long distance STR as a newbie?

Candor Real
Posted
  • Posts 21
  • Votes 6
Quote from @Brooklyn McCarty:

It can seem scary at first, but totally doable. 

Read the BP book on Short Term Rentals, written by Avery Carl: Short Term Rental, Long Term Wealth. This book will teach you everything you need to know and so much more on managing remotely. 

I have read the book and it was a good read. I think it is doable if I don't have a busy day job.

Post: How to manage long distance STR as a newbie?

Candor Real
Posted
  • Posts 21
  • Votes 6

We are looking to buy our first short-term rental investment property, which is 3 hours away. Both my husband and I have a busy day job and we have a toddler. I would like to get some advice on how people manage their short-term rental properties that are far away and ensure they have positive cashflow. 

Also, any other tips on buying long distance investment property are appreciated!

Post: Newbie and passionate about real estate

Candor Real
Posted
  • Posts 21
  • Votes 6

Post: When you began investing in real estate...

Candor Real
Posted
  • Posts 21
  • Votes 6

What was the biggest mistake you made when you began investing in real estate?

What was the biggest misconception you had?

Post: Our Second Investment Property

Candor Real
Posted
  • Posts 21
  • Votes 6

Post: Looking for mentor in Greater Portland, ME market

Candor Real
Posted
  • Posts 21
  • Votes 6

Hi all,

I am a new REI and looking to purchase my first multi-family in the greater Portland area in Maine. I am familiar with Southern/coastal Maine but curious if there's anyone on here who is actively investing in this market and would be willing to connect.

Thanks in advance! 

Post: Transfer a Conventional Mortgage to an LLC: Risks vs. Upside

Candor Real
Posted
  • Posts 21
  • Votes 6

Hi Grant, thanks for the perspective, and I greatly value your "keep it simple" approach.  As a new investor in real estate, this resonates with me!