All Forum Posts by: Christi Wolverton

Thanks everyone.  We have 17 properties and the long term we do on ACH, but frankly, ACH set up at our bank is so cumbersome that I stopped using it for the mid-term market.  If it isn't the same amount every month - an entirely new batch has to be setup for each "off" amount and refunding them is also a bit of a hassle.  Here's the bigger lesson I learned: If a tenant asks for special considerations, or reduction of fees - those are ALWAYS the ones who are the problem tenants.  The past 3 people who did that have either continued to be demanding or have had their contracts "canceled" and I have to work to get the money in the long run.

First time in 3 years of mid-term renting that I had a credit card denied two months after client moved in.  She notified me yesterday her contract was canceled and asked about terminating the lease.  Little did I know but she had already declined her payment.  Has anyone had experience with this - in other words - can she simply decline the charge without the credit card company reaching out for investigation into the matter?

Yes - all in Missouri.

@Jamie Banks - I agree!  I love the ability to make a list of items on Amazon and then I just order that same list every single time for the basic accessories - kitchen, bedrooms, and even coffee tables/desks, rugs, etc.  I honestly use a furniture store here for the big pieces - couch/mattresses.  I need to start hitting them up for a discount program though as we keep adding units.  I usually go to Hobby Lobby and look for their discount weeks for wall art or furniture to add cute fill in pieces.  However - we have a resale furniture store here that takes excellent care of us!  They have decently nice pieces from kitchen tables/chairs to dressers and beds and sometimes we even find couches or rugs.  

Great idea!! Thanks so much!  I do have a broker, but they do not specialize in this type of thing so I think I will ask about this and then pursue other options if he can't do this.  I appreciate it!!

Working on renewing our insurance and because we have a lease of less than 12 months, (most are 60-90 days and are often renewed into longer terms once they establish themselves here) our rentals are considered short term - so we are grouped into the more expensive and riskier categories as traditional vacation rentals where you do have significantly more risk of parties, harder use on the properties, etc.  As a result our rates are significantly higher on these properties.  We currently have 7 buildings, 8 units, and are adding at least 5 more buildings this year with an additional 9 units.  All furnished - targeting traveling professionals.

Has anyone found an insurance company who has realized traveling professionals needing a furnished rental but not for an entire year are some of the best tenants possible and offer reasonable rates?

Thanks in advance for your time and advice! ~ Christi

Bonnie - yes - it is just outside the city down by Cooper's Landing.  If you went to Mizzou, you probably hung out down there a few times in the summer listening to music and catching the sunset!  

Investment Info:

Single-family residence buy & hold investment.

River Cottage with 4 bedrooms, 2 full baths, rear screened porch, front porch, hot tub and two fireplaces right on the Katy Trail.

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

I love hospitality and this allows me to meet people from all across the country and share a little slice of rural Missouri with them!

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

Drive by - saw the listing sign and made an inquiry - seller was motivated but declined our first offer. After 4 months, she had already purchased another home on another river, and sold this and the 1 bedroom cottage next door - both of which had great bones, one was partially renovated and both included about half the furniture needed.

How did you finance this deal?

Initially - line of credit on our home, then refinanced into conventional loan.

How did you add value to the deal?

Updated paint, window coverings, added furnishings, repaired hot tub, and basic landscape cleanup.

What was the outcome?

Decent cashflow and significant increase in investment value.

Lessons learned? Challenges?

Great learning experience and are now balancing off season by moving to MTR for winter months. Challenge was stocking sufficient bedding/supplies for STR - learning how to navigate Airbnb/VRBO platform differences, and communications with clients.