All Forum Posts by: Dan Close

Hi, I wanted to ask a question of the community. 

I have been thinking about starting an Airbnb Property Management company in Louisville, KY. I'm a licensed real estate agent, and a long time 5 star Airbnb owner with Superhost status. I know that Airbnb requires a much higher involvement then a normal rental and can be tough for people with other business activities or full time jobs.  My thought is we would handle all logistics including booking, hospitality, cleaning and etc.  

So my question for the group is, do you see a need in this niche? 

Thanks for any feedback,

Dan Close

Try checking with Rivercity, they have a loan program setup for this type of thing.

One thing to consider though if you are planning to get your license for your own investments, there is a pretty substantial cost. Joining Realtor to get MLS access is close to 1000 dollars a year which was higher then I expected. Wouldn't change my decision but something to be aware of.

I second Jared's recommendation. I started with a local school but couldn't handle sitting through hours of class while the instructor basically read a book to us in monotone. Think clear eyes commercials, lol. I preferred the online option and went with Cooke. Finished everything and got my license a couple months ago.

Hey Phil, its a good problem to have :). I agree with everyone above but I would tweak it a bit. Instead of using all or part of the 50K as down payment I would look for a deal where the post rehab cost is at or below 50K and pay cash. So a house that cost 40K and needs 10K of rehab cost for example. Being able to pay cash and close quick goes a long way and should end up with a much better deal then anyone financing. This disadvantage is when you go to pull your cash back out banks tend to require a higher LTV ratio on the cash out refi then the do on an initial purchase. Think 75% instead of 85%. If you buy right and i'm sure you do since you wholesale it should almost be a non issue for you. Good luck, and I would love to hear how the market is in Harrodsburg if you are inclined to share the deal you end up making.

Interesting so many people from IT backgrounds.Must be something about real estate that appeals to the analytical mindset. My day job is similar, working in business intelligence, at least until I can amase enough rentals to pay my cost of living.

Hi @William R.Thanks for sharing the details on your purchase I would be curious as well to see how the project went now that we are couple months out? Also good tip on buying over 1500 at home depot, I was not aware they discount past that threshold. 

I would also recommend Borders and Borders for things in Louisville. If you ever end up in Indiana I was super impressed with John Kraft  who set up my contract for a house I sold with seller financing.  John only works on deals in Indiana though.

Hey @George P. Thanks for sharing. Sounds like prices paid and potential rents are pretty similar between Louisville Ky and Livonia Michigan. I'm at 7 units now and looking to pick up a couple more in the next few months if I can find the right deals. How long did it take you to get to 20? 

Hi @Niyi Adewole, i'll shot you a PM