All Forum Posts by: Erik Hansen

@Brian Oney

Thanks Brian. Very helpful. I was hoping to stay away from bundling a bunch of la carte services but it sounds like there is no one stop shop unless you simply hire a PM to handle everything. Is the pricing optimization - PriceLabs, and listing Mgmt - YourPorter necessary? I’ve considered using Evolve for partial management at 10% but based on other posts and reviews I’ve read it sounds like they don’t do much for the 10% cut they take.

I know once I get a solid system setup with all the software dialed in I’ll be fine, but I worry about the potential for a few bad guest experiences and reviews while I’m getting acquainted with all the hardware and additional programming.

Did you start off self managing your STR(‘s) or did you use a PM initially?

@Eric Schultz

Thanks Eric. Great tips I’ll defiantly take into consideration.

@Jonathan Stone

Bend, OR. We've always wanted a place over there so setting it up as an STR will allow us to offset our holding costs while having our own place to stay a couple months out of the year. Crossing our fingers it will be cash flow positive but it's all based on occupancy projections at this point. As long as we can can get as close to positive as possible we'll be content.

Which costal city did you opt for?

Thanks guys, I appreciate it.  As expected it sounds like there are many options that will work, just need to pick one and roll with it.  I have heard good things about Schlage's products.

Sorry guys, dropped this in wrong place.

Hey BP folks, looking for suggestions on best smart lock and security system (w/cameras) for a new STR I'll be acquiring. I'll be self managing from afar so I'll need remote programming capabilities for both. After some research I'm a bit overwhelmed by the number of options so I'm looking for advice based on previous experience. TIA!

Hey BP folks, looking for some suggestions on best smart lock and security system (w/ cameras) for a new STR. I'll be self managing from afar so need remote programming capabilities for both. After some limited research I've been overwhelmed by the number of options so I'm looking for advice based on previous experience. TIA!

Kevin Sabatino, look up Tower Federal CU. They will do a 100% LTV HELOC on your primary. Rates are as low as 5.75% currently. Have to become a member first but very simple process. You can verify the other specifics on their site but definitely worth looking into if you're looking for max leverage.

Good luck!

I'm not an expert so don't quote me on the details as I'm merely using my limited experience and suggesting you research the option further but...I would look at transferring/rollover funds into (may trigger a taxable event depending on source) a self directed IRA or open an account and start contributing to one(you'll have to determine eligibility based upon how your treated for tax purposes). Use the funds from that account to fund/flip your projects. You will 'avoid' or defer taxation as long as the proceeds are returned to the account. You will want check writing abilities with the account. Although there are many custodians who offer these types of services my experience thus far, and a positive one at that, has been with The Entrust Group.

Best of luck!

Hey @Austin Latty, welcome to BP!  You’ve definitely chosen an excellent place to start making connections  and source information.

I reside in Portland now but grew up in Corvallis and attended OSU before transferring to the ‘other school’ to the south.  I know that town very well.  I’d be happy to meet up for coffee during my next visit back home(folks still live there) or chat in the meantime.  

Erik