All Forum Posts by: Doug Pintarch

We have 2 STR beach rentals and after a month and a half period during COVID when we weren't allowed to rent them we are full since June and through October. spotty weekends throughout the winter and both full over the Holidays. No problems here.

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Richmond, Virginia

Originally posted by @Jonathan Greene:

You don't have access to $1,000,000. This is like a beacon post to draw attention, but then it's just a candle. Some guy with $1,000,000 who will lend you money at 12% is just waiting for you to fail. Ask yourself, or the rest of the world this, why would some guy give you access to $1,000,000 to invest in real estate when you know absolutely nothing? What do you think he or she sees happening? If you want to quickly ruin the relationship, foreclose all future business, and probably end up with a bat on your knee, don't even think of taking a cent. Taking money at 12%, knowing nothing about a business just because you don't like your 9-to-5 job is recipe for disaster.

Yeah. All of this.

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Originally posted by @Anthony Simboli:

Any vinyl plank flooring you go with will have a thickness layer usually somewhere from 3mm up to 12 mm. The thicker they are the more durable typically. Another key thing to look at is the texture. Some will have a scratch resistance coating. Some will also come with an underlayment attached to them so you won't need to put underlayment on the subfloor.

Just keep in mind, if you go with something too thick it may run higher than the original floors and cause some adjustments to doors/moldings etc.

Yes I'd love to get a 20 year review on them but I'm sure they've come a long way in 20 years!

THIS. Did LVP in both of our STR Vacation rental condos. Takes abuse and cleans up easily with swiffer wets and Bora cleaner twice a year. I would even replace the original hardwood in our personal residence with it if the time ever came, I love the stuff that much.

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Here's the formula as I've learned it firsthand:

people crammed in because you told them it "sleeps" n X 1.25 people in there

_________________________________________________________________________ = MUCH Less Profit

the dollar value you have to spend on replacing your beat-to-hell furniture et al

Not very scientific, I know, but let them discover the couch beds and futons and inflatable mattresses (or whatever else you have stashed there for unexpected guests) themselves. If you tell them it's there they'll use it all. Plus some.

2 Votes

Originally posted by @Mark Miles:

Originally posted by @Wesley Myers:

Bought our first beach condo going to use it for STR 70% of the time. The living room is fairly large. Wanted to add at least a 65" to the wall. If I go larger 75" will that "attract" more renters or does size really matter? Plan on getting smart tv. What about the cheap brands? Decent quality?

Just get a Roku TCL 4k for a few hundred bucks. You’ll thank me later!

THIS!!!

Close the thread! :)

We just bought 4 more in March for our second STR.

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Originally posted by @Mike Cumbie:

Hold a company meeting, then say "Everyone who works here please step forward"..... "Not so fast Judy!"

OUTSTANDING Mike!!!

Seriously, we let our first one go, a small startup husband and wife that just took on too many STR's at once and didn't do it the way we wanted it done. I called them and said "We've decided to go back to cleaning both ourselves for the turnovers, cash flow is king at the present time. Thanks for all your help, we'll settle up in full after your last cleaning for us, this Sunday"

Worked. ;)

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Originally posted by @Paul Sandhu:

Originally posted by @Billy Zhao:

It's a cultural norm from South Aisa that you bargain hard on things like room and board. They respect you more when you bargain hard in return (but respectively). The trick is you need to provide some sweetener no matter how immaterial but to make him feel that he's the winner.

For instance, you can say something like we can provide you a supply of water and some refreshment once a month. In actuality, you can just go to Costco, get a case of water and stack it up in the fridge for him. $13 and done.

Good idea. My 400 calendars with my advertising on it arrived Friday. I'll give him 2. They are for guys, not for women or children.

Probably those glossy shots of oil rigs out in the Gulf shallows, huh Paul?!

;)

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If you legitimately have no cash and no approval based on that you are indeed wasting the agents time and should get your money squared away before shopping. Can you get pre-approved with funds from a family member or partner with someone, then go out looking?

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@Will Fraser Nailed it. We did exactly that back in '17. Took half a legal pad of notes over 2 months, then kept cleaning everything up, then took it to the real-estate attorney and had him put everything into the Articles of Formation (LLC), then proofread them for revisions twice, then finalized. Spell out ownership percentages, re-investment of profits, owner draws, specific and shared duties, etc. Everything from someone wanting out, to theft, to getting hit by a meteor while Christmas shopping. (OK, I made the last one up but succession needs to be in there too. People die.)

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John, we did and still use that Ally account you mentioned. When we started stashing it in there it was 2.9% APR! Quite the drop to today, but still better than damned near anything else that carries no risk...

Good luck!

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All Forum Posts by: Doug Pintarch

Doug Pintarch has started 0 posts and replied 359 times.

Post: Rentals. Do they matter anymore?

Post: I Have Access to $1,000,000, What Should I Do???

Post: Has anybody ever tried to put hardwood floors in their rental?

Post: Maximizing STR returns with Occupancy limits

Post: TV size & Type for STR

Post: Best way to break up with a STR cleaner?

Post: Potential renter thinks your STR is too expensive?

Post: When a Agent ask you what is your budget.?

Post: Where to start on an investment property w/ someone else.

Post: Where to Save for a Rental Property