All Forum Posts by: Ian Whiteman

As someone that has vacation rentals, your systems will be as important as your deal. The further away you are the better your systems need to be. If a cleaning crew no-shows the day of a turnover, what will you do? If someone breaks something and a new guest comes in 24 hours, who will help? An AC in Florida goes down at noon on a Saturday, who will fix it? Short-term tenants provide more cash flow but are also much needier. 

When you are running a vacation rental you have less time margin for error so you need a reliable team and some backups. 

It can be a great business but you'll need to be hyper-focused on problem-solving early on. 

hahahah @Account Closed I don't think that will help me get them out before their lease ends. 

@Bill B. thanks for the feedback. Most of the tenant's rents are $1000-$1400. I thought $2000 would be a win for them.  Especially anyone that has a lease ending soon.  

Rents are pretty close to market value.  

I just purchased 8 units that are 2 side by side quadplexes. I need to vacate the units as quickly as possible as my busy season is coming for my vacation rental business. 

1. Does anyone have any ideas they can share that have worked to encourage tenants to leave quickly? The first lease doesn't end until November 2021 and the last one expires June 2022. 

2. Has anyone tried cash for keys with scaled payout? For example, if you leave in 30 days we will pay you $2000, 45 days $1500, 60 days $1000. If so, do you have a sample letter you could share?

Thanks in advance!

We here in South Florida have a supply issue, not sure how that will change. 

This is great. Who handles new tenants and problems?

Can't have flies without maggots. Keep looking for the source.

Dasia it can be a great tool. About 6 years ago I was able to rent a townhouse in Ft. Lauderdale for $1350 a month. For the area, it is well below the market. It isn't very nice but it was a great deal. 6 years later I am still there and although I don't love it it has served me well. I'm currently under contract for 2 more properties which, if all goes well, will give me 11 doors total. 

People will ask a lot of questions and think it doesn't make sense but in the right situation, it makes perfect sense. Good luck!

@Timothy Hero it is but Im also trying to purchase a personal residence at almost the same time and I am trying to maintain as much liquidity as possible. Unfortunately, 700k is a tough purchase price as you get so close to conventional limits. After putting 20% down it makes more sense to put down a little more and skirt the jumbo headaches. 

@George Despotopoulos Thank you. I have good hard money relationships. This is not a rehab property so there is no reno work. 

@Timothy Hero understood. Fortunately, I have all of those. Just looking for creative programs. I always find them but they seem to change like the wind.