All Forum Posts by: Glen Wiley

This is a great point but not necessarily a bad thing :)

Trading the 9-5 rat race for independence as a rental property owner really appeals to me! I love the self determinism of being an operator and I love all the things (well,most of the things) related to income properties.

The key here is to not expect to be sipping cocktails on the beach as a RE investor unless you manage to scale out pretty large.

Be careful - follow the laws specific to your area. I recommend getting advice from an attorney if you can't figure it out from the law.

In Virginia there are specific steps to take during an eviction, if you engage in a "self-help" eviction by the state's definition you create all kinds of problems. 

I would exit the California market due to the tenant favorable laws and regulations and the risk of long term population loss in the state.

Be careful about paying off mortgages to increase cash flow - it may make you more money to refinance and reinvest to increase the number of units. Model the portfolio over time with projections for appreciation, rent increases etc., don't assume that paying off mortgages is the best way to generate cash flow.

The strategy you chose depends mostly on what you will enjoy most and will be good at. AirBNB is really a hospitality business more than a REI activity (it just uses real estate).

I like long term rentals most because it provides predictable, stable income and that suits me and my wife better. Our short term rental (airbnb) is a little more exciting but causes me more lost sleep due to seasonal fluctuations.

Consider your risk tolerance, try a little of a few strategies and figure out what you like. Any of these can be exited if you decide to, then the capital can be moved to the one you like.

Explain to her that the security deposit is used to cover damages left after move out, not rent. Explain that if she does not pay rent and there are issues that require repair that you will need to take the issue to court and will win a judgement against her. This will damage her credit and make it hard for her to rent from others in the future.

Never "trust" tenants - stick to the terms of the lease, keep it professional and explain to them that the lease is a legal contract.

My rules: Every person 18 and older must sign the lease and submit an application. You do this because you want as many people as possible to go after if rent is unpaid. You also do NOT want to have to deal with someone being left there who isn't on the lease if the other one moves out. I update leases as occupants come and go.

90% of our bookings come from AirBNB, the rest are VRBO.

A few concerns that I have with direct bookings:

1. At least people have ratings on the OTA and I can see if other hosts have had issues. I know this is imperfect but it is better than nothing.

2. Eyes on listing - the OTAs get a huge number of searchers and in small markets it is not hard to stay on the top of the listings for the area. How do I get exposure outside the OTA?

I never test for lead, most of my houses were built pre-1978. Assume that houses built in that period may have some lead paint.

It really isn't an issue unless you are doing something unreasonable - like sanding the paint and snorting the dust. Just be sensible with your work environment and it will be fine.