All Forum Posts by: Chris Furry

Do you have fees that you charge your guests that stay later than your checkout time without asking or requesting it?  We recently had guests stay and our checkout time is 11:00.  At 10:59 there was no movement outside the property.  I could still see trash and some of their personal property still outside.  I text the booker and reminded him of the checkout time.  Around 12:15 they left.  My cleaner was waiting around the corner till they left.  Without risking a bad review what do you have set in your checkout procedures?  

Thanks for the help.

They just did a podcast on a couple that does this on the Real Estate Rookie podcast.  You should check it out.  It was very informative and I want to try it in the future if I can find the right deal.  Very lucrative for them.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $195,000
Cash invested: $35,000

Single Family home near Lake Texoma. Currently using as a STR.

What made you interested in investing in this type of deal?

Wanted to get into investing and also wanted to do it as a STR. Some emotional purchasing as well. It is within 2 hours of our residence so we can use it when its not rented.

How did you find this deal and how did you negotiate it?

Found it on the MLS. Worked with the listing agent to make the deal.

How did you finance this deal?

This deal was financed with a 10% down second home loan.

How did you add value to the deal?

Worked a deal for $5000 less than asking. Added some sweat equity to it as well with new paint, landscaping and other projects.

What was the outcome?

House was booked for the majority of June and July is looking to be the same.

Lessons learned? Challenges?

Make sure you have a good home inspector. Preferably one not from the same area as the listing agent. Especially when they work commonly with each other.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent my self. If anyone needs help in Oklahoma I would love to help them find their first investment property.

We bought our first STR with a second home conventional loan in March. So it is do able as long as you meet your banks requirements. If you don't I would suggest trying another bank.

Correct me if I am wrong but if you do a second home loan then you can't put it in an LLC's name?