All Forum Posts by: Christian Gibbs

Quote from @William HooFatt:

List Your Place - Travel Nurse Housing

https://www.travelnursehousing.com/ListYourPlace?utm_source=...

I think the nearest Hospital is 26-30 minutes away - maybe too far for a tired nurse to get off her shift and drive sleep.

Does the salmon run go thru that river in the fall?  Set up some bunks and a coffee maker, stock the fridge with some muffins and eggs and offer up as a fishing camp?  Maybe leave a kayak for guest to use (have them sign waivers in case of accidents).

Get some old furniture, some bicycles to loan and make a bed and breakfast!?

@William HooFatt thx William -

There are a lot of Small mouth bass , walleye, and occasional other fish in the delaware there .
Some freshwater  eels too! I loved having my wife drive me three miles up river dropping me off with my kayak and i’d float down catching fish for hours . 
We’d bring them back up to the house , skin em and sautee with butter and garlic.. Also very close to the house ( and one of the boat launches to get on river ) is the Zane Grey Museum in Laxawaxan, PA ( 10 minutes away)

So much beauty in that part of upstate NY.

That is a great idea making it a fishing destination. In the winter might be a little harder but there is ice fishing . Also a ski place 20 minutes away.

I do have the kayak still  in the garage for use by whoever rents the house . 

We ended up getting renters finally! Lowered the price significantly and did a 6 month lease . 
Thx for your feedback!

C

 @Nathan Gesner Funny you should say that as that is what we did yesterday ..we actually lowered it to $1685 and it looks like we have a renter  hopefully  ( fingers crossed ).

Income verified , credit score etc 

It’s a bit low for me but we can get the mortgage paid, the heloc payments and the roof payments and still put some cash flow in  reserves each month as we will pencil out a bit. We haven’t tapped into all the heloc and it’s a small heloc so we can use the remainder cash in it that’s untapped for reserves if need be till we catch up..

We talked to our realtor and it was this close to hitting the MLS . We'll see what happens .

Told realtor to hold off for now.

Everyone’s been so helpful in the BP community.

Rollercoaster  of a ride . Definitely not for the faint of heart!

Thx again for helpfully feedback-

C.

Quote from @Nathan Gesner:

The only reason for a property to sit that long is price. I see one house for rent and assume it must be yours. 

What is better? $1500 a month, or a vacant house that freezes up this winter and costs you $30,000 to renovate?

Drop your price. Rent it cheaper for 4-6 months to get through the winter, then rent it for a higher price or sell it in the spring.

I recommend selling because you don't have a good property manager and the market is obviously not strong there.

Thanks @Nathan Gesner

I dropped the price from $2100 to $1975 but it’s not moving the needle too much.

I am prepared to go lower , however , worried about what kind of tenants we’ll get at a very low rent like $1700 or $1600…

4 years ago we rented for $1400 ( to friends) then we went up to $1500 for next tenant, then  $2400 for the last tenants ( we did some remodeling on property to justify that last rent ) 

Hard to go back down to those lower #’s but not getting qualified bites at all now that we are heading into winter ( as you pointed out )..been at $1975 for three days now .. We’ll see what happens but I also don’t want to reek of desperation by renting it too low.

Thanks for your feedback - seriously considering going lower .

Best

Christian

Quote from @John Mason:

Christian above is an example

 thanks @John Mason . After you recommended that I went and signed up .. I saw the biggest property managers in the area and I think the one we have been using for long term came up on that list unless “ Home Sweet Home “ is a national property management co. like Evolve and the others .. Still digging / research.

Much appreciated !

C.

Quote from @John Mason:

Quote from @Bill B.:

@Christian Gibbs check out @Dave Foster here on BP. He’s been around BP forever so you have confidence he’ll be here tomorrow. I used him last year for an exchange. (It went smooth as butter.) But it does feel weird having a “stranger” you’ve never met in charge of several hundred thousands of your money. 

Ps. He also has YouTube videos and a book he wrote on exchanges. 

thanks Bill -
will definitely explore more and I read some of his articles. Sounds great .
Good to know that you had a positive experience with him!
Thanks for the heads up-
Christian

Quote from @Lee Eckert:

Starting my 1st 1031 exchange and contacted a local company that had posted on BP several times. Met with a representative and before I wire this company a large portion of my net worth I would like to see if anyone else has experience working with them. Exchange Resources, Inc. 3570 Camino Del Rio North Suite 100 San Diego, Ca. 92108 Thanks Lee

hi Lee how did your 1031 exchange go in the end ?
I live in SD but also have a property in NY and am think g of selling it and doing a 1031 exchange myself. Looking for intermediaries ..
Thank you for your post
Christian

Quote from @John Mason:

Christian if you do a search For Evolve on this forum you can see reviews and experiences of others.. Maybe best to use a local property management company which values you a lot:)

This is an older post but may shed light

https://www.biggerpockets.com/forums/52/topics/1089211-evolv...

thanks John… when i was speaking with someone from Evolve O asked if they advertised on Bigger Pockets and the answer was no.. i did go to some of those forums .. thank you

Quote from @Michael Carter:

Looks to me like Barryvilles location is really only suited for STR. A lot of MTR tenants will prefer to be close to where they're working so they can just work and go home to sleep. Scranton and Middletown look like the closest small cities and they're both an hour away. But STRs will be excited to get away from everything, spend time on the river and nearby skiing!

thanks Michael -
I think you hit the nail right on the head . 
We got lucky last 3-4 years renting it out .

But it's been dry for a few months now .. the attractive thing about STR for this property is we can go back there and stay in it .

Right now just paying rent and heat on an empty house ..

On the STR subject have you ever heard of " Evolve " for short term rental property management ?

thanks again  for the feedback 

Christian 

Quote from @Michael Diossa:

Hi Christian! Definitely tricky situation to be in for sure.

Winter is always the toughest time to rent and to be fair, it does seem like your PM is trying to get it rented. Things happen and with constant economic changes somethings are out of ones control.

Price reduction is definitely the first option. It seems like there is interest but just not from someone qualified. 

Another option (if not done so) is to remove the listing for 48 hours and then repost it. This can help 1- Bring your listing back on the first page as it could be buried and 2- some prospects might get weary seeing a property that says listing for how so many days.

Selling is also a good option if needed.

regarding "I’ve read some property managers charge a fee equal to one months rent for placing a tenant .Is this standard?" Yes most charge full rent if it is only being rented out and not managed.

Thanks Michael for the feedback .

Following so many of  the Bigger Pockets stories and podcasts has led me down the path of “ Never sell!” but I’m starting to reconsider .
Eating the Capital Gains will hurt a bit but we can apply the profit made towards some tax debt as well and then apply more $ to our primary condo out here and get relief of the PMI.

OR do a 1031 .
However, most people say an intermediary is necessary .I need to do research on how much someone charged for a 1031 . Furthermore  once the 1031 intermediary get their cut and you also pay two sets of closing costs ( buyers now have to pay closing costs in some states ) as opposed to just one closing cost ( if not doing the 1031) it might be a “half a dozen vs 6 of the other “ scenario .

Also one of the turn offs to the 1031 exchange is the interest rate will be much higher with todays rates especially since we would have to get an investment property loan which are higher than “ primary residence “ loans ..

Will probably lower the rent asap ( have one more showing ) and then put it on the market .

Thanks for the great advice 
Christian