All Forum Posts by: James Alderman

I like to use luxury vinyl planks in rentals where there will be a lot of foot traffic. It's the most economical and resilient hard flooring in my opinion. My favorite clicklock corkback planks have been from Floor & Decor. Their products are great. I've started using Trafficmaster Gripstrip from THD for a cheaper option, and it is incredibly easy to work with, just thin without padding.

Carpet may be preferred by renters and cheaper, but you'll probably be replacing it every year or two. Because it was in good condition, I left carpet in the bedrooms at my short term rental when I replaced the rest of the flooring. When that carpet needs replaced, I'll put in the vinyl flooring which I pre-purchased (in case of discontinuation).

Carpet can dampen noise. If you have a two-story home, consider that people downstairs will hear people upstairs walking around more clearly.

It will also depend on your market, comps, type of tenant, and price point you are trying to achieve. 

I recommend reading "The Book on Estimating Rehab Costs" by J. Scott. You can begin to get an idea there and then ask more specific questions here.

Find a real estate agent who works with investors. Start walking properties and try running the numbers. The agent may be able to refer you to a contractor who can walk the property with you.

@Kiel Wahl sounds like you're on the right track. Estimating the repair costs can be the trickiest part as a new investor.

@Chris K. Semi gloss for trim, bathroom, kitchen, anything that is high touch or may get dirty.

Satin for walls. Flat for ceilings. That's what I do at least.

@Nate Bibbo I work with an attorney for these things. Someone here can probably provide a resource for you though.

@Colby Burt Yes it could be difficult in that scenario. It's just hypothetical, not necessarily a good course of action.

@Steven Barr I'll use 10% for capex and 10% for repairs when I'm looking at properties. Again, those numbers may be reduced depending on the property, but as a starting point I prefer these conservative numbers.

Quote from @Nathan McIntire:

Hi @James Alderman honestly raising the rents either as the pervious owner or the new owner shouldn't be difficult if done correctly. Meaning as long as the current tenants have been given enough notice, the current lease agreement has ended (make sure that you receive an estoppel certificate signed by the tenant) and all scheduled repairs has been completed to the unit in a timely manner.

Yes, I wasn't commenting on the difficulty or ease of raising rent. I was saying that it's done the same way for a new or old owner. 
I am saying that some owners have become emotionally invested in their tenants and not raised rents, which could make it emotionally difficult.

@Colby Burt yup! And if Bob was financing the buy and rehab of the BRRRR, the terms of the loan would have a payback "trigger" with the refinance, or a balloon payment after a year, something like that.

I would say jump in and learn as you go! I slowly started offering my personal residence on Airbnb before eventually turning it into a full-time short term rental. I did not de-personalize at first, though I did store away a few important items.

Just be clear in the description that it is set up as your personal home. If you set up your place using this link, I can provide tips and suggestions on your listing as you get started: https://www.airbnb.com/r/james...

I would buy new sheets, pillows, and towels. Deep clean and all that obviously. Are you able to install a smart lock so that guests can access the condo when you're away?