All Forum Posts by: Derick Bonsu

Call Shawndra Willis with WeInsure (904) 428-1051

Honestly I only see two options: 

1. one buys out the other (you're the buyer in this case) 

2. Sell and split the profit.

Your future selves and potential future spouses will thank you both

Quote from @Luka Milicevic:

@Cliff C.

I know of several STR opportunities in the Nashville area. Specifically allowing NOO STRs. Let me know if you are interested.....and get ready to spend some money.

NOO?

Quote from @Niyi Adewole:

Quote from @Chris Kreslins:

Hello, I'm new to investing, and with the current prices against current rents, I'm finding it difficult to get properties to cash flow. As far as I know, I am pretty thorough with the calculators. Is it just me?  Or is it the current state of the market? Any advice would be appreciated. Thanks!

As David Greene would say, you truly have to create the value in a deal. EXample below:

I am a realtor and investor in the atlanta metro area. I purchased a home for $460k last year in a solid neighborhood that everyone wants to be in and that is steadily appreciating. If I were to rent it long term, I could expect to bring in about $2500 per month or $200 less than the PITI payment. I instead fully furnished it and have been renting it on airbnb and vrbo. It has been bringing in between $3300 and $6000 per month, effectively cashflowing and covering itself. It has also appreciated ~$50k in that time period.

If you look at properties through this lense and/or try to take on a rehab project you can still find deals. 

Correct me If I'm wrong but it sounds like this is not your primary. How are you planning to navigate the new ATL short term rental regulation?

I considered Atlanta for a while because they had some quasi rules in place but I was hesitant. I was very close to purchasing but decided against it and had my agent start looking in the lake area- Hartwell, Oconee, etc. but prices have crept in those areas as well. If you intend to be lawful, I don't know how you'll do STR without having primary residence. You could look into renting by the room, which could potentially earn more than traditional long term. Do a search here on Atlanta, there was a decent conversation about that here not long ago.

As a side note, I've seen some YouTube videos of people with like 50+ STR in complexes. Not sure how that's gonna go down now.

Option #2 seems ideal if you are willing/able to find a compatible partner or something more creative that still leaves you with a solid, not tight, 6 months reserve. Personally, I'm not comfortable with less than 20% down and not having 6 months reserve but your mileage may vary. You mentioned not having enough airdna comps, did you try checking out listings on the 2 platforms yourself? 

For me I've found it a lot easier to deal with higher end/nightly rate guests, so I would rather have 1 of option #2 vs 2 of option #1

What specific questions do you have? I have done it and still have some units I'll probably be sunsetting soon.

It's not the most loved topic in this forum for some good reasons, but for me it was a pretty easy way to test out short rentals. 

If you find that you actually want to continue with STR, like I did, you'll ultimately want to buy as @Ryan said.

@Jason

I use hospitable.co and I've thought about using either their API or webhook to do a lot of stuff, including sending rental agreements. Ultimately, I have not been motivated enough.

Quote from @Markus Shobe:

@Jason Stoltzfus While I don't think it's necessary to have a bank account for each property, it does make it a lot easier. If you are going to do everything through one bank account look at bnbtally it is an app that connects with Quickbooks. It can import Airbnb sales directly to Quickbooks. It saves so much time. 

How's your experience been?  It actually surprises me QuickBooks hasn't made this easier considering how popular Airbnb and VRBO has become. I use 1 bank account but separated out Payee, Payment account, and  payment method that ties into different properties+tags, etc. And I do reconcile my transactions end of month just to make my auto rules all good.