All Forum Posts by: Chris McKenna

Hello - 

I have just one listing with hopefully another being added next month. They are in a remote town in Maine. I currently use Vacasa and am moving away from that to manage myself. I am in Texas. I found people I trust in the area that would like to take on Housekeeping and respond to the rentals if there is a need I cant handle over the phone. 

Questions: 

Agreeing on rates for a small 3/1 for Housekeeping and Trash Removal seems pretty straightforward, Assume it's around $100 per turnover, does that sound in the ballpark? That is what Vacasa charges my guests now. 

Is it more common to provide cleaning supplies or ask for that to be included in the quote?

Do you offer bonuses for 5 Star reviews? For Example: Each quarter of 5 Stars for cleaning I will pay a $200 bonus?

How do you set up an agreement for someone to respond to a rental for minor maintenance? One fee per response, Hourly Rate?

Appreciate any help you can give...I look forward to the day I can pay it forward. 

Thanks to you all for giving me some perspective. Something has been nagging at me about paying off the last $100K of my current rental in March (2.75% interest rate) and then attacking the house (2.99% interest rate) if I could use that money to invest in another property. I'm crawling before I can walk and appreciate the support (and kick in the backside @Luke Carl) on my next steps. I suppose in grand scheme of things there are worse problems to have.  I head to Maine in another week with the hope of landing Property #2 that I detailed above... more to come.  Thanks Again. 

Hello -

I am a disciple of Ramsey's Baby Steps and for those of you that follow him, I am on Baby Step 6 (Pay down my home mortgage) + Pay off my second home which has become an investment property since we left Maine for Texas and our lakefront cabin has turned into a great investment by accident. 

Now I'm hooked on finding another one (Lake Front Cabin). Our retirement plan is to 'buy and hold' so we can manage a handful of cabins in our retirement as a second career and move back to Maine in 15 years. 

I have a property I have narrowed down to and think it checks all the boxes...my struggle is breaking the Ramsey cycle and I just need some validation from experts that I should look to get into a property with as little money down as possible and try to boost by CoC.

Here is what I have worked out with the bank. 

10% Down (Includes PMI ~ $40/Month)

Rehab financed (Mortgage and Rehab can be up 80% of the ARV)

$140K target price, $50K rehab  - Total value of loan = $190K

ARV = $225K

Cash Needed - $23,200

Cash Flow - $614/month

CoC - 31.8%

Thanks so much for some advice here!