All Forum Posts by: Christian Nachtrieb

Curious how the cleaning / turnover works. As a frequent Airbnb'er you get charged an excessive amount of fee's. There's cleaning, tax, booking fee, and I think another one. Do YOU get to pick the cleaning service and how does Airbnb set the price... is that the host? It's also a crock when you have to pay $50 for a cleaning fee yet host expects you to make the beds and take out the garbage, etc. 

Sorry, random rant from customer side :)

With relation to the BRRRR strategy, most often refinancing is used in order to "cash out" your initial investment and (ideally) rehab costs to the property. Essentially what you do is force the property to appreciate for MORE than what you paid for it, and when you turn around to refinance your old mortgage, it's paid off with a larger mortgage but you keep the difference. In a perfect world and executed correctly, the difference you get back is equal to or greater than your initial investment in the property.

Haha, thank you so much @Pat L. I'll check them out! 

Can anyone help me and connect me with a local Boston electrician? It's not for a major flip or anything just some basic work, possibly installing a new electrical panel in a condo in Dorchester. Any help would be greatly appreciated, I am having problems even just getting people to return my messages they are so busy.

Thank you so much!

Hey @Rajheim Hunt That sounds strange to me, have you used this company before? In Massachusetts, you're allowed to send a rental increase notice (do it certified mail to prove they received the notice) for month-to-month leases with minimum 1-month notice and a day. So if you want to increase their rent for December 1st, 2018 you would need to notify them no later than October 31st, 2018. Technically, and someone correct me if I'm wrong, they ARE on a lease. It's just month-to-month. 

I believe your property manager is either lazy or wrong. Maybe they are afraid of turnover and having to do more work.

I would only recommend doing a HELOC (as down payment) if you have a plan in place for getting that money back out of the deal, such as BRRRR or flip or something. Rates are on the rise, and you don't want to be stuck paying those interest payments with no exit strategy.

@Theo Hicks That makes sense.. but is there a difference between "budget" and "OpEx?" Meaning, if I budget for year 2019 that I'm going to need to set aside $2,000 for vacancy but only spend $1,000, does that extra $1k count towards cash flow for the year? 

Question regarding offering private money investors a preferred return... is this figure based on the net income the property produces after operating expenses? If so, I'm assuming then that you would run through those budgets (vacancy, capex, maintenance, etc.) beforehand correct? 

Thank you!

Just wanted to re-ignite this thread.. has anyone worked with any quality property management companies in / around the Boston area? Surely there's someone...!

Sounds iron clad I love it! Thanks Scott, much appreciated.