All Forum Posts by: Dan Collier

Do short term rental guests in Delaware have any sort of squatter's or tenant's rights in Delaware such that I should try to avoid a certain length of stay? I heard that for stays over 28 days, they get squatters rights, which of course is good to avoid in an STR, but I cannot find a legal source so far to back that up. For now, I've just set my maximum length stay to 27 days.

Also, if you could cite any legal sources to back up the answer and any pertinent related details, that would be greatly appreciated.

Thanks!

Thanks everyone!

We just finished getting our first unit rehabbed and decorated and are eager to launch it.  We have a cleaner lined up that is a referral from a friend.  So my question is what are some good questions I should ask when we meet?

Here's what I have so far:

What's your typical process like?  (kinda open ended to give them a chance to go through their spiel)

How do you like to be paid?

Where should be provide/post specific instructions for our unit?

How do you deal with extenuating circumstances?


Thanks!

Based on some reviews, it looks like the Schlage Encode is great, but it seems hard to find in stock these days.  The Encode Plus is supposed to have even more smart features but there's no news lately as to when that is hitting the market.  I think I'm gonna try the Kwikset 99390-001.  Out of the box it has 250 remotely manageable codes and they can be set on a schedule.  I'll also try to find a way to further integrate/automate it with AirBNB or whichever property management app we might use moving forwards.

Anne Arundel, near Gambrills/Odenton

My wife and I had a busy 2021.  We moved to a new primary and I refi-ed my starter home for the down payment and had some left over so got a beach condo STR.  And last but not least, we also got married and had a baby last year.  We are looking for local accountant, good with real estate and other investments, to help us sort out all of this craziness.

Any recommendations?

Thanks!

Hi everyone!  I am a newbie investor from the Baltimore/Washington metro area.  I just got my first long term rental up and running a few months ago and am now looking to try short term rentals to increase cash flow more quickly.  I wanted to start with Rehoboth Beach, DE since its been a family destination my whole life and we have a family place there, but after that I was wondering how do I find the hot markets to get into?  I heard on a podcast episode that the Smokey Mountains, Florida Panhandle and Joshua Tree are up and coming but what is the best way to find and rank them?  I was hoping to aim at a mix of hot markets that are also within driving distance so I both have the option of checking in on it easily and can use it as a lifestyle asset as well.

Thoughts?

Hello Bigger Pockets community!

I am a newbie investor looking for some guidance.

I currently own a small single family home, paid off. My partner and I are looking to start our family and need a bigger home. We are actively looking at houses.

We are trying to figure out how best to finance the new home, and hopefully keep my existing home to rent out to start our real estate investment career. I am actively reading the BRRRR book and would like to explore that investing niche.

I'm not sure if it is appropriate or smart to post actual numbers here, but I'm looking for some strategy suggestions.

We have some cash but not enough for the 20% down.

I have stocks I can either sell or take out a line of equity on. The stock line of equity is higher than the actual mortgage rate we are looking at. I'd rather not sell that much stock and take the capital gains hit right now.

And of course we have the house that we could take out a line of equity on that as well.

Or we could just put less than the 20% down and then pay for mortgage insurance or whatever is required for that.

So given all of that, how should we finance our bigger home to set us up for success to continue right on into BRRRR investing?

And if someone would like to discuss this privately and possibly help me find an agent or another resource to help work with us on investing, please DM me.

Any other strategic tips or suggestions in my position would be greatly appreciated as well.

Thanks so much, guys!  I'm really stoked to be joining such a positive, growth minded group of people.

Thank you for the feedback everyone!  We signed the agreement and have placed our first offer on a house.  I may be in touch soon about investing agents.

Hi everyone! This is my first post. I just finished reading the beginner Bigger Pockets book and I am excited to get started! I own my home free and clear and am now looking to upgrade to a bigger house, and turn my current home into a rental.  I was referred to an agent that is a friend of a friend.  They have asked me to sign an exclusive buyer's contract.  And my question is: is this necessary?  Is this standard practice for buying?  It seems to have overly burdensome items in it, like if we drive by an open house in a new development, we can't even stick our heads in for a peek.  We have to wait for our broker before we can even do an initial visit.  That doesn't sound right to me.  Can someone please help me understand? 

Thanks!

P.S.  I am looking to learn and network with other investors in the area.  I'm still a newbie, but I am a hard worker and eager to learn.