All Forum Posts by: Danny Duran

@Elise Bickel Tauber thanks for the tip. 

Is there a list of boros that require this fee for every occupant / change of renter?

Does this apply to short term furnished rentals or just standard 12 month rentals?

@Martin Edwards thanks for the insight. Are you personally operating any short term furnished rental units in the city of Pittsburgh? 

I’m really trying to assess the political climate an attitude from local government regarding short-term furnished rentals and balancing them with affordable housing. In Chicago, this is a real issue so I am doing my diligence before jumping in here in Pittsburgh. 

Thoughts?

Dominique – welcome to Pittsburgh! In what part of the area are you looking to stay short term while you shop for a new home? 

Looking for it to be nearby a new workplace, etc.? 

@Joel Rubino congrats on your portfolio. That’s a great start already!

I just moved here from Chicago am looking to invest in Pittsburgh in the near future. Moved here to be closer to wife’s family as our second baby is due this month! So, taking a break to stabilize the new addition to our family. 

Check out my post here:

https://www.biggerpockets.com/forums/743/topics/592968-airbnb-regulations-in-pittsburgh-and-greater-pittsburgh

I’ve flipped a 3-Unit in Chicago earlier this year. I have one additional that just completed (see mls link below) and another that’ll wrap in the next 2 or 3 weeks.  Check out the rehab quality on this one we just listed this week for sale: https://www.redfin.com/IL/Chicago/3313-N-Kenneth-Ave-60641/home/13458384?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

Rehabbing is incredibly time intensive even with a GC. I have a partner who manages a GC for our projects and it still proves to be a lot of work. I work full time at a demanding IT company, so, flipping without that infrastructure is a nonstarter. 

The biggest advice I can give is to have your funding lined up with a contingency built in. You always run over budget and time so prepare for that. Over time, you’ll get better about estimating rehab costs and timeframes will be more accurate, too. 

Make sure you have extra money for a rehab. You can get stuck in the middle of one and that slows your project down or brings it to a halt completely. Time is your enemy when you’re rehabbing - you transfer your equity to your lenders (loan payments) the longer you take to complete a project. 

Hope this helps. I live in Mars and am thinking about buying new construction, 2 to 4 unit buildings in the city to operate Airbnb units (sometime after my second baby is born). I am also a private lender for real estate and am exploring that in Pittsburgh, too. 

Would love to get together with investors and network!

Hello, Pittsburgh investors! I just moved here a couple months ago from Chicago. There, I flip small multi family property for the “house-hacker” market and hold a portfolio of a income property. In one of my Chicago buildings, I have an Airbnb unit in operation that is outperforming standard 12 month rental income (on pace to perform beyond 140% of standard rent for 2018). 

I love the enhanced Airbnb income, but, there’s regulation / ordinances in the City of Chicago that add risk to scaling an Airbnb portfolio there. 

I wish to understand the landscape here in Pittsburgh. What’s the Airbnb regulation climate like currently and outlook for the future?

Please share your personal experiences running Airbnb short term furnished rentals in Pittsburgh. Where are places of high demand and growing demand in Pittsburgh for this?

What risks / pitfalls should a new person to the Pittsburgh market know before jumping in to the Airbnb market here?

Greatly appreciate insights and would welcome getting together on the phone or in person to discuss any of this as well!

Cheers!

@Doug R. good tips. What kind of ecommerce are you into?

Not sure we'll be in Rincon during our trip. Is that where you live?

We'll be in San Juan area for our visit. 

@Zach Shepard check this out. 

@Michael H. Nice post. Curious of the response. We are investigating the ACT opportunities. 

@Zach Shepard check this out. 

Hello, great question! @Amanda Han may be able to weigh in on this topic for you. 

@Alexander Castro my contact info is in my signature line. Please private message me and let me know when you are available for a phone call this week. Me and my partner, @Zach Shepard, would like to chat with you. Would like to understand what property managers in your market are equipped to handle short term furnished rentals. 

My partner, @Zach Shepard and I are making a trip to Puerto Rico from 8/13 - 8/19. The purpose of our trip is to get to know the PR real estate market and identify properties to acquire. We are primarily interested in acquiring units, designing/furnishing and operating them as short term rentals (Airbnb, VRBO, etc). We need to identify a property manager who can manage the end-to-end short term rental experience (corresponding with guests on Airbnb, checking them in to the unit, handling maintenance issues during the stay, check out, maid service turnover, etc). We wish to maintain control of our ability to operate short term furnisehd rentals, so, we will avoid properties with COAs/HOAs unless they expressly permit this activity and are friendly toward operators.

We intend to meet with real estate brokers, property managers, designers and other professionals during out trip to set up a team on the Island that can manage our interests since we live and operate in the US Mainland's Midwest. We'd also like to meet with hard money lenders and bankers to establish local financing relationships. Please share your insights on these areas.

@Victor Chico appreciate your insight on short term rental restrictions. Would you be open to getting some lunch or dinner with my and my partner when we visit PR in August? 

@Alexander Castro you mention condo opportunities. These can be restrictive for operating short term furnished rentals. What are your suggestions someone with this strategy? 

@Roberto Leon we haven't set our itinerary yet for travel within the island. If we make it to your area in Carolina we'd love to get together. 

Excited about PR and getting to know some like minded investors!