All Forum Posts by: Dre N.

Great idea. That would be Dion McNeeley. He has a YouTube channel where he goes over this method. There’s also some posts about his method in the Real Estate rookie Facebook group.

Originally posted by @Michael E.:

There was a BP podcast with a guy that had a system that I think would work great for you. I don't remember the episode number but he called it "The binder". Basically it was a binder with printouts from rentometer.com showing the average rents in the immediate area. After showing the binder to tenants he would ask them what they thought was a fair amount for rent. This leads to the tenants "asking" for the rent to be just under the average. I've looked for the podcast but can't find it, although I'm sure a smarter and more experienced BP member would know.

Good luck and congratulations on your first deal!

2 Votes

hey Bill,

curious how your journey is turning out thus far.

Originally posted by @Bill Ames:

I appreciate all that responded. Wanted to give an update (because I feel like no one ever does) and let you all know I pulled the trigger and will be closing in March. Next comes the fun part of deciding how to rent it out. I was leaning towards VRBO but may switch up and go through CB Vacations (coldwell banker) for the first year and then re evaluate for the next year. If anyone has any input or strong opinions I would be happy to hear them out.

Thanks again,

Bill

0 Votes

hey Claudio,

OCMD is one of my target STR markets but I’ve also been going to OCMD for the past 10 years or so twice annually. We always book “mini weeks” which is Thursday - Sunday or Friday - Monday.

how has your OCMD journey been?

Originally posted by @Claudio Meira:

Hi @Bill Ames

We did the same thing, we closed in March. We bought a townhouse on the bayside by 94th street. We have it listed with Coastal Rentals and going to try them the first year to see how it goes. I have a couple of STR in Berkeley Springs, WV. So this is the first time in OC. There are definitely different things that apply to OC. In WV, my STR has linens, towels, and everything ready for the guests and we pay the cleaning fee. But OC looks like the guests pay the cleaning fee and rent the linens. Also, we got a suggestion to do 3-day minimum stays instead of weekly stays. Wanted to see if anyone is doing weekly compared to 3-day minimum stays and which approach worked for them.

Also, if anyone has tips/tricks for STR in OC? I love to hear it.

The other thing is that getting contractors in the summer months is near impossible.

Thanks,

Claudio

0 Votes

@Bryan Lauth

Just followed your FB page, cool idea. How does snow removal work in the Poconos for ABNB?

1 Vote

Hey Jephte,

This is an area that I'm looking into as well. I have a colleague who has an STR there and he says he only lost out on 2 months last year (due to Covid) but other than that he rounded out last year at $60k. I haven't asked him about this year, but I'll see if I can get an answer on that. From his experience the Poconos is heavier in the summer, during the winter most people go to the actual ski resorts however he's been booked almost all weekends since last year

3 Votes

@Gabe Mcmullen congrats on the property. I was just in Lancaster today looking at properties. One on orange st and one on w king.

Question for you, did you know your tenants or rent to others who found you via a listing?

0 Votes

@Anthony King

Good point. TD bank was the one that I spoke with a couple months ago and quoted me that.

1 Vote

@Anthony King

Granted this will be a commercial deal so the terms will be different, the down payment may depend on the bank. The first bank that I spoke to about an investment property loan mentioned they could do 20% down and would include $300 of the monthly rent towards my income. 20% was with 3/4 of a point though.

great point on the expenses as most people don’t consider that.

0 Votes

Hi @Senia E Cuevas I’m new here myself and also trying to figure out where to jump in. I was just listening to BP episode 126 the other day and picked up a few tips as there’s a 7 unit in my area I’m evaluating.

The tips were to:

- close on the 4th or 5th of the month and you could get a credit at closing for the balance of that months rent

-since it’s a commercial deal the security deposits are different than in a standard residential deal and could offer you some leverage

-ask for reserves of deferred maintenance and see if you can use that to your advantage

As mentioned I’m new so I’d recommend doing more research, listening to multi family podcasts to pick up more tips or finding someone with experience to help understand those tactics first. Best of luck!

https://www.biggerpockets.com/bpp126-brian-murray-podcast-transcript-value-add-investing

2 Votes

@Jobi Samuel I spoke with @Sheldon Zimmerman the other day. Nice guy, professional, knowledgeable, been in the industry a while and he’s an investor himself so he’s experienced from what I can tell. He referred me to a local bank who I’m speaking with in the next few days.

I’m sure he (or whomever it best suited on his team) would be willing to chat with you to see how they can help.

2 Votes

Philadelphia, Pennsylvania

All Forum Posts by: Dre N.

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