All Forum Posts by: Erik Mehus

@Cody Zucker You're welcome! 

Check your state's rules, but usually if you don't receive funds on behalf of someone you a license isn't required. For example, in Colorado you can handle communication, reservations, cleaning, etc for a short term rental but the money still goes directly to the client. Then you invoice for your % or flat fee and you are in the clear. 

What You Need: Someone with real estate experience who can help grow your business, streamline operations, and is motivated to work hard.

Value I Bring: I have experience as a Portfolio Manager leasing over 500k SF of retail space in multiple states, in depth experience analyzing potential acquisitions, developing creative leasing strategies, overseeing major renovations on a multifamily property, working in sales for a national vacation rental management company and am co-founder of online resource Master Vacation Rentals. My varied experience in sales, project management, financial analysis and working on tight deadlines has made me agile and creative in solving problems.

If you or someone you know is looking for someone, I would love to discuss your needs in more detail to see if I am the right fit. Ideally looking for a full time role with a Denver area investment company/individual focused on multifamily, development or residential real estate but am open to the right opportunity. Please send me a message here on Bigger Pockets and we can take things from there.

Thank you,

Erik Mehus

The numbers they are providing could be pro-forma numbers, which are useless most of the time. Used to see this all the time looking at buying retail properties, where the seller would give out pro forma numbers and be cagey about actuals. Offer to sign an NDA agreement (very standard) to get a look at the real numbers, so you can evaluate what a fair offer looks like. 

@Derek Diamond That's my business partner's MO - fix small multifamily, then hold and do short term rental to maximize cash flow. Been working well so far!

Make sure that the numbers would work as a long term rental if your municipality changes the regulations on short term rental. If that change would put you underwater, then it becomes a risk/reward question and how long you think it's viable before regulations change. 

There are a lot of considerations in buying a property for vacation rental including location, property size, area demand/seasonality and partners to handle cleaning, repairs, etc. 

Hey Clint, 

That's definitely an interesting phenomenon to point out as people are looking to buy properties, and something that we have seen with our 7 units in Steamboat Springs, CO. The 1 BR and 2 BR units are more likely to have high occupancy and book last minute for the reasons you stated above. I think in big destination areas where week long rentals are the norm the larger homes have a better chance because most of those bookings are made several months in advance.

I have a friend involved with property management in the Outer Banks in your neck of the woods, and am blown away that 10-15 bedroom beach front properties book up for the summer consistently. Don't think those would be well  received by the market out here in Colorado...