All Forum Posts by: Garry C.

I wouldn't worry too much about the LLC thing. If it's really an issue, you can always deed it back to yourself temporarily. After securing bank financing you can deed it back to the LLC, just give it at least 90 days under the new loan, most banks don't seem to care after that. Although keep in mind this could make the bank call in your loan, but I've never heard of that actually happening.
Also, many people suggest a quit-claim deed for this. I wouldn't go that route, as you lose some of your title protections that way. Do a warranty deed to be safe.

You need to find a local mortgage broker in your area. They usually deal with a lot of banks (like you're attempting to do on your own right now), so they have an idea on who can best service whatever type of loan that you need. They can also make you aware of some of these 'gotchas' before you're too deep into the process. I would reach out to your agent and ask for a referral, or make a post here on BP that you're in need of some help from a broker.

I wouldn't try the Primary residence thing. Pretty sure that would be seen as fraud if uncovered.

If you think the private lender might refi the loan with a better rate... I would start there for sure. The worst they can say is 'No', so give it a shot. If nothing else, they might be willing to extend your current terms (if that's an issue) until you get the refi figured out.

Google Inbox (GTD version of GMail), and Google tools in general. I just talk to my phone any time to set reminders for when emails need to be sent, security deposits refunded, etc. Saved email templates are great for the situations you run into most often; "Yes, we're available.", "No, we don't do long term rentals.", "Your security deposit has been refunded, please leave us a review.", etc.

VRBO does a great job with tools and templates. Although the more they try to become AirBNB, the less I like what they are doing. I've tried 'expanding my reach' to other booking sites, a few times now. I always go back to just VRBO and AirBNB. IMHO, the others are quite literally more trouble than they are worth.

Also, some type of notetaking software, like Evernote, OneNote, or sticking with the Google theme, Keep. On Podcast 159 Nathan Brooks talks about how he uses Evernote and why.

A Google Voice phone number, so you can have your rental business ring you anywhere, at any time (and more importantly, NOT ring you at the times you want to be 'off work').

Finally, and perhaps most importantly, the best tool in my toolbox is an automated keypad lock for the front door. I can generate a code that only works during a particular stay, and I don't have to meet to hand off keys, worry about the housekeeper remembering to change the lockbox code, etc. And there are versions of these that work without Wi-Fi too.

If it were me, I would form a partnership that pays out profits 3 ways. Then, anyone that wants to rent it for themselves must actually RENT it for themselves, not use it for free. Maybe at a 20% family and friends discount though. I think anything else may be asking for trouble. This IS a partnership, a business arrangement. You should treat it as such. Consult a RE lawyer to draw up the paperwork and even offer ideas on how to best structure it, as they've probably seen this type of thing before.

Yes, I know many. Too many to be able to recommend just one, or even a few. It would be best to come to a local meetup, where you can always find Investor focused agents, and usually some agents that are not investor focused yet, but want to learn what we need so they can become such.

@Anson Young and @Dan Mackin host a meetup downtown, as well as one up north in Erie. Myself and @Bryan O. just began hosting one down on the south side of town, and there are others out there.

Check out http://www.biggerpockets.com/events for a list of what's going on in the near future. Hope to see you at a meetup soon!

I've not seen those messages, but I wouldn't put it past them to send something like that out. AirBNB and VRBO have both stepped up efforts to obscure contact information between host and guests (especially now that VRBO is also charging guests a booking fee, instead of only billing the hosts for the listing service like they did in the past). I regularly have guests asking if they can go outside of VRBO to avoid those fees. I have to ignore those questions or risk losing my listing, and then wonder if they'll go find my web site using google.

Once guests get to your rental, make sure that your on site marketing reminds them that they can avoid high fees charged by booking sites if they go direct to your web site next time.

@Michael Greenberg - I just put a second VR under contract yesterday and would love to chat with you more about your systems for doing it full time (I've got a few of my own to share as well).

Any chance you are on the south side of Denver? 

I manage my own properties and do self showings. I have a full time job, so no time to be meeting people at the property every day. Do I see a need for this service? Not really. In fact, I tout my self serve showings as a benefit. They don't need me looking over their shoulder as they look around, or rushing them so I can get back to work. They can take their time, measure it to see where the furniture will go, etc.

Please feel free. I didn't write all of that myself, so it's only fair. :)

Here is the one that I use:

https://drive.google.com/file/d/0B78YH1J8L1LLUV84W...

Hi Michael,

Did you check the files area? Last I looked there were a few good ones in there. I would start with that, and then consult a lawyer to make sure that everything is up to date and you are well protected.