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All Forum Posts by: Eric Meinnert

Eric Meinnert has started 4 posts and replied 12 times.

Post: Looking for STR PM and financing options near Kissimmee

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

Hi all, 

My wife and I have an STR and a couple LTR that we self manage in our local area. We are looking to invest in the Kissimmee area, and are investigating our options when it comes to STR Property Management. My wife and I are looking to build a network in the Kissimmee area, and we would be in need of someone to manage our STR, and someone else to help us secure our financing. Our entire network thus far has been local for us, so branching out of state is new. We love the STR business, the hospitality and the cash flow.

For those of you that have come before us, a.) what are some things we should expect from our STR PM? b.) What are some questions we should be asking them while interviewing them? c.) Any STR PM reccommendations for the local Kissimmee/Orlando area?

Also, when it comes to financing, what is the industry standard for STRs in that area? 


Thanks in advance for your help,

Eric

Post: house hack- Short Term Rental - Rent by the Room

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

My wife and I run a full house STR on Airbnb. We read Daniel Rusteen's book, "Optimize your bnb." A lot of good nuggets of information for how to successfully run a STR, as an entire property or room by room.

Post: How do you regulate noise complaints in your multi-family units?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

As simple as that is, it is very helpful. Thanks Nathan!

Post: How do you regulate noise complaints in your multi-family units?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

Hi all, 

I have a 3-plex, and the person living upstairs occasionally has people over or is just making noise at later times of the night. These times can range from normal times like 9-10pm to later times like 1-3am. The issue is that there is a different person sleeping in the unit below them. I don't live there, but I know that the person upstairs has a younger child that can be loud and they work until early morning time to time. How do you regulate this? I want to be respectul to both parties, but feel regulation of some sort might be necessary. Any input is appreciated. 

Post: Any wisconsin investors?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

Hi Elizabeth, 

What area are your newly aquired properties? I think you'll find people on this forum willing and able to help you, whether your desire is to learn how to do it on your own or to sell in the future. In order to help, can you provide some more details on your situation and what you're hoping to accomplish, or options that you're exploring. 

Eric

Post: Vacation rental management in Wisconsin

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

John brings up a good point about giving away money that you don't need to if you're completely removed. My wife and I run a STR, but we are in the area and do all the work associated with it. That stated, there are property management organizations that strictly do cleaning and likely provide handyman type services as well for STRs. I don't know what companies are in that area, but I'd encourage you to call a handful of them and ask about cleaning and handyman services exclusively. In my experience though, self managing the pricing structure, guest experience, and messages are things I want to control and don't need to pay someone else to do.

Additionally, a lot of people look to do the STR business completely passively, but the guest experience will clearly tell someone if you're an absent owner or involved. Being involved gets better reviews as you care more about your business than your cleaners, so I'd encourage you to at least walk through the property once or twice every month or two being within driving distance. It's a commitment, but I'd argue your reviews and future business depend on it.

Post: Must all rental properties cash flow?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

My two cents would be to look into house hacking, especially if you know you want to retire there. If real estate can teach us anything, its that the answer is never not, maybe just instead not yet, or pull more people into it. My wife and I have a STR, and we never inteded for it to be, but after living in it for 7 years as our primary residence, the opportunity presented itself to move, but keep the home on a 30 year mortgage. 7 years ago I had no interest in real estate, but after househacking without recognizing I was doing so, we have equity, a great fixed rate, and the security that we aren't going to go upside down or backwards on that property, so we can scale if desired. But, I couldn't have done it without househacking.

Post: How does a 15, 20, or 30 year mortgage affect the 1% rule?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

I appreciate all of your feedback. There was definitely a time when I felt like my strategy was wrong, because I just don't hear people talk about the concept of cash flow vs. paydown on these forums, cash flow seems to be king, but you have all given me renewed confidence that I can trust my plan, Thank you!!

Post: How does a 15, 20, or 30 year mortgage affect the 1% rule?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

Hi all, 

My name is Eric, and my wife and I have recently made our first purchase back in November; 2 different 3-plexes in our hometown in Wisconsin that were both for sale by the same owner. 


Truth be told, we didn't have analysis paralysis and we just pulled the trigger, for better or worse. The entire deal was close to the 1% rule initially, but there is a lot of rehab that is going to decrease that 1% significantly using any calculation you'd try. 

Truthfully, my wife and I both have daytime jobs that we love. We don't have any intentions of ever owning 30 doors or more.  We felt like getting into real estate as a means to 

a.) Provide better, quality housing in our local neighborhood, because there are some places in our community that I would not want my own kids to live in, even though we live in a B class neighborhood. 

b.) A way to supplement our retirement. In addition to these two properties, we have a STR in our local area that does well during the summer, and pays the bills during the off season. We therefore have the means to pay all bills currently, personal and business.

I know that a lot of people discuss cash flow, but is it wrong to not value cash flow? We currently have a 15 year mortgage that was taken out on both properties. We used our equity position from our personal property to finance the down payment, and plan on using the cash flow from the STR to supplement rehab projects at the LTR.

I have run the numbers, and it seems like if we were to get a 30 year loan on our same rents and purchase price, this situation would be pretty solid, potentially cashflowing $1000/month on all units pre-rehab, but on a 15 year, the numbers run tight, but like I said, I am personally ok with that. We have some money in reserve, the STR pays for the rehab on the LTR, and there should be limited actual money out of my pocket on the whole deal...

I feel like if it were a 30 year loan, by the book this would be a good deal. Is it alright to sacrifice cash flow for quicker paydown and quicker potential scaling? Thoughts?

Thanks for hearing me out, these are the things that keep me up at night :)

Eric


Thanks for your insight,

Eric

Post: Best way to pass on the water bill to inherited tenants?

Eric MeinnertPosted
  • Rental Property Investor
  • Cedar Grove, WI
  • Posts 12
  • Votes 3

I appreciate that input, and I agree. Is it unreasonable, or completely reasonable, as a new landlord to ask a tenant to pick up what might amount to an extra $50-$60/month? Do I need to drop the rent to pull that off peacefully?