All Forum Posts by: Dylan J Berget

It was initially planned as a BRRRR. But I ended up moving out of the area I bought it, and the distance management was giving me a headache. It was in a rough neighborhood of Billings with some drug dealers who lived nearby. Nice guys, but there were a lot of weird people wandering through the property at odd hours.

Renovations took about 6 months. Because I was working fulltime, in the national guard, and had 3 units to renovate. I then held it for about 6. And decided to sell it so I could redeploy the capital by buying a self-storage facility. 

Thanks for asking!

I can totally relate to your struggle with finding top-notch cleaners for your STRs. I haven't tried offering bonuses for good reviews personally, but I've heard some folks have had success with that strategy.

Maybe you could start by offering a small bonus (like $20 or so) for each 5-star cleaning review they get. This could be a good incentive without breaking the bank. If you notice a consistent improvement in cleaning quality, you could consider upping the bonus or working out a tiered system to keep them motivated.

Also, communication is key! Let your cleaners know what's important for you and your guests, and maybe even provide them with a checklist of specific tasks to focus on. That way, they'll know exactly what you expect and can work on nailing those details.

Hope this helps a bit! Good luck with finding the perfect balance, and fingers crossed for more 5-star reviews coming your way! 🤞🙂

It's great to see you exploring new opportunities in the short-term rental (STR) market. While I personally haven't had experience with renting out an RV for STR purposes, I can share some general thoughts and suggestions based on what you've described.

Firstly, the idea of using a well-equipped RV like the one you mentioned in scenic locations could be appealing to travelers seeking unique and flexible accommodation options. However, there are a few aspects to consider before diving into this venture:

Local regulations and park policies: Make sure to check the rules and regulations at the parks where you plan to rent a spot. Some parks may have specific guidelines or restrictions on STRs, so it's essential to be aware of these beforehand.

Competition: Assess the competition in the areas you're considering. Research other RVs or alternative accommodations available for rent to understand the market and determine your potential niche.

Maintenance and management: Renting an RV requires regular maintenance, cleaning, and restocking of supplies. Be prepared to invest time and resources into managing these aspects or consider hiring someone to do so on your behalf.

Marketing: To ensure your RV stands out from the competition, create a strong online presence on platforms like Airbnb or VRBO. High-quality photos, detailed descriptions, and competitive pricing can help attract potential renters.

Insurance and liability: Ensure that you have the appropriate insurance coverage for your RV and renters, as well as a clear rental agreement outlining terms, conditions, and responsibilities.

Just some food for thought. Otherwise, I love this Idea. Keep me posted on how this works out for you. It might be something I'll have to look into down the line. 

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Billings.

Purchase price: $155,000
Cash invested: $30,000
Sale price: $225,000

Originally purchased for $155,000, I invested an additional $30,000 into the property to make necessary upgrades and improvements. This hands-on approach taught me the importance of detailed planning and project management, as well as the value of working with reliable contractors to ensure the work was completed to a high standard.

What made you interested in investing in this type of deal?

What made me interested in investing in this type of deal was my strong desire to take action and immerse myself in the world of real estate investing. I realized that the best way to learn and grow was to jump in feet first, embrace the challenges, and gain hands-on experience. This approach allowed me to not only acquire valuable knowledge but also to develop the necessary skills and confidence to succeed in future investments.

How did you find this deal and how did you negotiate it?

The MLS and just offered 10% below asking.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

I rehabbed almost the entire thing. Mostly by myself but I hired contractors for the portions that I needed a contractor for.

What was the outcome?

I made some money on the property.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Billings.

Purchase price: $155,000
Cash invested: $30,000
Sale price: $225,000

I am excited to share my experience with a property I recently sold, which provided me not only a significant profit but also invaluable knowledge in the realms of property renovations, tenant management, and landlording.

Originally purchased for $155,000, I invested an additional $30,000 into the property to make necessary upgrades and improvements. This hands-on approach taught me the importance of detailed planning and project management, as well as the value of working with reliable contractors to ensure the work was completed to a high standard.

Throughout my ownership, I gained vital experience in tenant management, learning how to effectively communicate with tenants, address their concerns, and maintain a positive landlord-tenant relationship. I also became adept at handling the various aspects of property management, such as lease agreements, rent collection, and property maintenance.

After a year of ownership and successful improvements, I sold the property for $225,000, earning a considerable profit. This journey not only allowed me to gain practical experience in property renovation and management but also proved to be a financially rewarding endeavor.

With the profit earned from the sale, I have now reinvested in a new property, which I am eager to share more about soon. This experience has given me the confidence to continue growing and expanding my property portfolio while applying the valuable lessons I have learned along the way.

What made you interested in investing in this type of deal?

What made me interested in investing in this type of deal was my strong desire to take action and immerse myself in the world of real estate investing. I realized that the best way to learn and grow was to jump in feet first, embrace the challenges, and gain hands-on experience. This approach allowed me to not only acquire valuable knowledge but also to develop the necessary skills and confidence to succeed in future investments.

How did you find this deal and how did you negotiate it?

The MLS and just offered 10% below asking.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

I rehabbed almost the entire thing. Mostly by myself but I hired contractors for the portions that I needed a contractor for.

What was the outcome?

I made some money on the property.

Congratulations on your recent purchase and your plans to grow your real estate portfolio. 

It's true that some banks and lenders require a minimum amount of rental income history, typically two years, before they're willing to provide financing for an investment property. 

However, there are a few possible solutions that you can consider:

Look for alternative lenders - Some lenders, such as private lenders or hard money lenders, may be more flexible in their lending requirements and may not require as much rental income history as traditional banks. Be sure to do your due diligence and research the lender before committing to any financing options.

Consider a co-signer - If you have a family member or friend who is willing to co-sign on the loan, this may help you qualify for financing even if you don't meet the rental income history requirement on your own. Keep in mind that the co-signer will also be responsible for the loan if you default on payments.

Build your rental income history - While it may take some time, building your rental income history by renting out your current property and showing consistent rental income can help you qualify for financing on future properties. You can also consider getting a property management company to manage your rentals and provide rental income history.

It's the flypaper for me. That's crazy!

Davartay,

That's a really good idea thank you! I'll look around and check out some Facebook groups.

I am closing on my first rental property next week and am pretty excited. I've been reading and collecting as much information as possible about being a landlord. I bought the book on managing rental properties and have downloaded their forms. I have also found a decent spreadsheet to track expenses and I plan on using either Apartments.com (cozy) or turbotenant for payments and maintenance requests.

I was wondering if anyone had checklists or other resources they use for property management that they would be willing to share. I want to develop good systems to manage my rentals.

The forms from Book on Managing Rentals:

https://www.biggerpockets.com/...

 Spreadsheet from BP:

https://www.biggerpockets.com/...

I have found and reviewed these checklists:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

I’m pretty new to investing but am living in the Billings area! Would love to join a group