All Forum Posts by: Eric Coats

Hi @Tom Borton.  I was doing some general forum searches and saw this.  I love the Packwood area.  We usually rent there each year in February.  Was curious how this worked out for you.  

STR stands for short term rental

Thanks @Lisa Marie this is very insightful and helpful.  

Thanks @Andrew Steffens,  I would build in the week we would use in my underwriting.  I get that a PM will take away the profits. I don't mind setting things up on platforms like AirBNB and VBRO and even setting up my own website for direct bookings.  I just don't have the capacity to respond to guests needs and run out and get something to staff the unit if there is a need or fix something.  Is there a different between a property manager and a host.  I've heard both terms floating around

I'm looking to get my first STR. The goal starting off is a place that my family enjoys visiting and renting the rest of the time. I recognize that when my family visits I'm hurting my profitability, but that would be once or twice a year and its part of the selling point to my wife to purchase a property.

Where I need help is running the numbers.  Are there tools or rules to estimate the expenses.  For example how much to reserve for management fees (I don't have time to host myself), cleaning, electricity.  

I'm fine with breaking even at first, but I want to make sure I'm not getting in over my head.

Much appreciated.

I'm about to close on our first out of state multi family property. My brother and I have an LLC setup. I'm the one who found the deal, worked with the lenders, found the property manager and will manage the property manager. We were going into the deal 50/50 with the down payment, but honestly we are trying to structure a fair fee for my additional time to deal with the property manager and all the paperwork as I'll be dealing with that (e.g. income taxes). Any thoughts on an appropriate fee structure?

I have a property in KY but I live in a seperate state and my partner in another. 

Where should we setup the LLC. What are the advantages or disadvantages of setting it up in your home state versus the location of the property

 Thanks John, any suggestions on where I can get information to inform my lender

That's with a DSCR loan correct? Trying to stay with a conventional to improve cash flows with a 30 year amortization versus a 20 year on the DSCR.