All Forum Posts by: James Carr

Hi,

I am currently putting a website together for our property management company. Something to put our name, team, etc out there with options to view what long-term and short-term rental properties we have available. I know how to build it, but I am looking for some examples for inspiration if someone can share. 

Thanks,
James

EDIT: Inspiration

Hi,

I have a business that reached out to rent our airbnb out for two months for one of their clients who need a place to stay while their house is being repaired. They agreed to our rates, which is fantastic!

But I am a bit new to this, they asked for a rental agreement and so far I have only done this with individual long-term rentals. Could definitely use some guidance, we are renting it out in the state of Missouri.

Thanks!
James

Just curious about what people recommend to do the research. AirDNA requires me to pay before even beginning but gives me a quote of $787 average daily rate for the house's address. That doesn't "feel" right, that would mean about $23,000 monthly. 

When you own a rental property or two on the side, it can be pretty easy to let things just run their course. You setup a tool like avail, watch income flow in, file expenses and haggle tenants who think they can pay at the end of the month. But once you expand I would imagine you want to have some official planning system in place.

How do you set up a roadmap for your properties, plan expansion and drive projects to success? What tools do you use?

I want to put together a series of self hosted, one page websites for my properties. Pretty straightforward: photos, description, contact info and optionally the capability to book.

Interested in doing this separate from Airbnb, curious if there is some platform that does this before I just build my own.

 Got any advice on how to handle? Thought about setting up twilio for that to relay messages.

One lesson we learned is when relying on a handyman to perform repairs and work on units as needed to have the process for work requests outlines crystal clear and outline what work would be covered by the landlord or tenant. 

We had a guy we used that did a great job for the most part, out of the blue got a bill from him because a tenant called and asked if he could install a light fixture for them and replace the battery in a fire alarm. Was a bit of a nuisance because it wasn't exactly work that we requested or approved. After that, we updated our tenant agreements and policies for work requests on units. 

 Yep this was a lesson we learned as well. Our first tenants were recommendations from a niece attending college in the area, we rented to them direct with no background check or anything and they did quite well. 

Next tenant was also a referral and we sidestepped doing a background check, getting one of them to pay has been a real pain and they are consistently a month behind on rent.

Title says it all. Curious to hear what the lessons you all learned after your first year of landlording.

For me, I sold some stock options I had from being an early employee at a startup. I didn't like the idea of having a ton of money sitting in the bank account, nor did I like the idea of putting it ALL in the stock market (smart plan since this was early 2021) so we put some into stocks, some into rental properties and the rest spread across other assets. We then used the rental properties as collateral to take out an additional mortgage on a fourplex. The rental income from the fourplex pays for the mortgage and leaves a decent amount leftover, while the other properties generate net positive income.