All Forum Posts by: Ian Olmsted

i am only managing 2 STR. I have always used property management companies for LTR mainly for screening and eviction coverage, but that is not needed in the STR game. For systems, I have cleaning crews, trash pick up, handymen, etc that all know what I am doing, know my goals/expectations and are set up for automatic or instant digital payment. As for bookings, I still enjoy handling that on an individual, personal basis. It's the personal touch that keeps guests coming back.

The fastest way is to pick up the phone and ask the HOA if they allow short term rentals. You don't want to be vague about your plans only to find out later what you're doing is not allowed. I wouldn't want to be part of an HOA that is not 100% on-board with STR. It's a great way to get burned!

Hey all, it's been a while since I've been active on here, but a lot has happened in the last few years! I moved to Charlotte, NC about 3 years ago and immediately started investing in long term rentals. Got burned out on the c and d-class properties and tenants, so I made a lifestyle change, sold my long term rentals and started reinvesting the profits into higher-end short term rentals.

I've learned a lot and am happy to share my experience with anybody interested in getting into short term rentals, specifically in mountain properties.  I invest in Western NC and love it.  

Thanks all, I look forward to connecting!

~Ian

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $43,000
Cash invested: $5,000
Sale price: $65,000

Seller needed to get out from under payments, so the purchase price was low. The property needed minimal work to sell for market value.

Good advice on providing multiple options. Roth IRA principal can be withdrawn tax and penalty free....just not the earnings. 401(k) loans are similarly allowed and not taxed or penalized. Sorry if I was unclear on the specifics before. I like the idea of offering generous terms to get the seller to finance.

Thanks, but it looks like they're in CA ?  

Thanks fot the insights everybody.  I'm leaning towards a line of credit to take it down, then convert to a traditional mortgage.  I absolutely understand past sales price does not equal current value, but it is in a neighborhood that has been going up in value and is very desirable.  I will definitely inquire about the current mortgage situation to see if it is underwater.

I moved to NC back in February.  I've since bought 3 rental houses, average price was $75k, average rent is $900+.  I just came across a house that is way underpriced, sold for $180k 4 years ago, now selling for $90k.  All issues are cosmetic.  I REALLY want to buy, but am down to my last $10k cash and don't want to take reserves any lower.  All my rentals have 25% equity.  What strategy could I use to get this new one with minimal cash outlay? I could pull $30k from a 401(k) loan, also have about $10k in Roth contributions I could pull out.  Ideally the value of the home would warrant no money down.  Any ideas? Thanks in advance!

Hello all,

I have 3 single family properties under professional management in Gastonia, NC but it typically takes about a week to get a callback on any issues I'm having.  I won't name names, but this company has been nothing but trouble.  Does anybody have a company they work with that they could recommend?  Gastonia is a suburb of Charlotte, so any companies in that area that you have experience with would be greatly appreciated.  Thanks!

Sometimes I allow tenants to paint, but require pre-approval of colors first.  On my most recent rental, the existing paint was OK (not bad enough to repaint, but not perfect), so I was planning on repainting the entire property a few years down the road anyway.  The current tenants signed a 2 year lease and plan on staying long term (they asked for a 3 year lease but wanted a discount), so I see it as a good way to retain good tenants.  If the paint looks good and holds up, I've saved myself the trouble and cost of repainting.  If not, I was going to repaint anyway.

Probably won't do this with the duplex I'm rehabbing since it will be freshly, professionally skim coated and painted for the next tenant.