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All Forum Posts by: Gerald Pitts

Gerald Pitts has started 11 posts and replied 460 times.

Post: Good deal? - STR - Austin, TX - Duplex

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

A golden rule of investing is never rent out to friends or family. 

Post: Suggested accounting software to track income & expenses for STR

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Possibly a thread for the books.

Post: Rock Island Short Term Rental

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Great job!  Best way to educate is jumping in.

Post: STR in small college town

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

I would figure out the cheapest way to furnish if budget is a constraint. Would think it would be tough to get far without providing that. 

Post: Broken Bow Oklahoma STR

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
I believe the Short term Shop with Avery and Luke Carl are in that market and could help. 

Originally posted by @Wilson Hunter:

@Aaron Akins you had me quite intrigued so I started digging deeper, and there are definitely some awesome possibilities there based on what I can see from past sales measured against projected rents. The only problem is that I have no idea how people are finding these properties. I'm going to follow the thread in case any Broken Bow investors or agents give any insights. I'm always open to exploring a vacation home in a new market that I might happen to self-manage and rent sometimes while I'm not there. It seems more appealing to me than Joshua Tree or Poconos.

Post: Where is the best location to start a short term rental in FL?

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317
Hi Ryan, how many bedrooms? 

Agree with others on fla panhandle and Orlando. 

Originally posted by @Ryan Moyer:

Orlando and Emerald Coast are the two standouts.

I launched in Orlando mid-October and have been doing awesome.  12k gross in Nov and 17k in Dec for a well themed house in one of the resort communities.

Considering picking up a place in the Emerald Coast this year as well.

Post: STR Offers - any special language included?

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

I always just have them cancel everything.  I don't know what I'd be getting an at what price.  And no, I don't put it in offer letter. I feel like it could unnecessarily turn them off. 

Post: Mechanic turned Real Estate Noob

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Congrats getting started! Just moved to Asheville and am in love with it. 

Post: Finding the right financing for buy and hold short term rentals

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Agree with all of the above. Also, can you house hack again and rinse / repeat?

Post: Can items bought second hand (Craigslist,etc) be a tax write off?

Gerald PittsPosted
  • Rental Property Investor
  • Asheville NC
  • Posts 466
  • Votes 317

Take Screenshots.  Pay with Venmo,  PayPal, something electronic if possible. 

Also recommend nicer furnishings over time once you get it cash flowing. It will pay for itself in higher daily rates.