All Forum Posts by: Justin Ellis

@Eric M.

https://gfycat.com/shinysparklingherring-saturday-night-live-dodge-stratus-will-ferrell

Couldn't help myself 🤣

@Shiloh Lundahl Aha! Looks like that's a desktop only option, doesn't show on mobile (at least on mine). Learn something new every day!

@Shiloh Lundahl And just watched your video, I like that a lot! Thanks for the very clear breakdown and real numbers, so often people are vague with that stuff so it's hard to see exactly how something works. BTW, there's no such thing as an "over complicated" spreadsheet formula! Hahhaha :)

@Shiloh Lundahl

Can you provide a link to sign up for the event? Or if it's not that formal, just a date and place? You referenced "same place as last time" but for us newbies out here....

@Kyle Nelson

For researching occupancy and rate info, a great site is Airdna.co the data is pretty accurate as they scrape Airbnb and Homeaway.

As far as which sites to list the rental.... If you're doing this remotely I would suggest using a management company to handle the day to day, manage the listing and calendar. And they'll probably push the listing out to several sites and manage a central calendar, so I wouldn't worry too much about that. You CAN manage the property yourself, but it's pretty time intensive so make sure to work 20-25% into your calculations for that so it's an option for you. If you end up self managing, that % will just be extra cash.

@Melanie Johnston great info as always!

@Matt Morgan

Just based on reading the proposed changes, I would say these regulations would hurt investors bottom line quite a bit....

- 30 day min rentals (the deal breaker)

- In person check-ins (additional expense or at minimum a time investment)

- Noise monitoring devices required (a small expense, but this one I agree with)

- Max heads in beds (although reasonable at 2 adults per room)

- Posting a contact number in bold for the public to see (100% need to pay for cameras and an alarm if this one passes, that sign might as well read "rob this house").

I'm all for regulation, I just hope they don't "government the crap outta this" and in an attempt to control isolated incidents, make a system overly complicated and expensive, therefore no longer profitable to the small guy.

@Chandler L. Parker just keep plugging away! I'm assuming you're looking around for signs and listings on Craigslist that look like owners, not management companies and going to see the properties and pitching them in person, right? If not, this is the angle. Don't talk about it on the phone, just say you're interested in the property and go check it out. Some people will tell you this is deceptive, but hear this...

I have 5 properties from 1 owner (and he calls me first when units open up) and the first thing he said to me after I explained what I wanted to do IN PERSON was "absolutely not", but then I got to ask him "well why not?" And explain my position further. How do you think that would have gone on the phone? I'll tell you.... "Absolutely not (hangs up phone)".

This is a numbers game and it gets a hell of a lot easier after you get your 1st unit, keep going!

You'll get multiples from a few owners (I have 12 in the water and 3 about to launch from just 5 owners).

www.airbnb.com/p/vacation-rentals-tucson

@Patrick M. Also, "at your expense and risk" is pretty uniformed as well...

EXPENSE: Someone doing arbitrage at one of your units pays rent just like anyone else (sometimes even a premium), and actually because the units are viewed as an asset not a liability, rents are much more secure in my opinion. And as noted before, a lot of times we take care of the minor issues on our dime.

RISK: There's specific insurance for these situations that you could simply require from the person doing arbitrage, it's very affordable and protects just like homeowners (Check out cbiz). On top of that, most booking platforms have coverage for your properties as well. Airbnb has a million dollar policy to cover every booking.

I really think theres a ton of informed, logical owners our OP could find on BP. Seems to be a pretty well informed, open minded community.

Just sayin....

@Patrick M. I have 12 short term rental arbitrage units and we'll have to agree to disagree on the "exponentially more wear and tear". I'll put all of my units up against ANY long term tenant or owners home as far as cleanliness and upkeep goes, including my own personal residence!

Travelers are extremely gentle on properties, there's no clutter, places get cleaned top to bottom many times a month on average and minor maintenance issues get resolved immediately, they have to (And if you're renting to a good "arbitrager" they'll take care of these minor things for you!).

I'm assuming you're not speaking from a place of experience, just going off of horror stories you've heard? Or did you have a bad experience yourself?

@Angela Lucas congrats on jumping in! I too am a newbie but come from a background of sales and networking so I never really stress those situations, however I wasn't always comfortable with it. Obviously, like everything, it will get easier with time. But try to remember, these are just people. There's nothing extra ordinary about them. They have kids, wives, bills. They eat, sleep, poop just like you (Everybody poops)!

Just be you, go with the intention to ask questions and learn. Don't try to hide the fact you're new, this community embraces newbies that are willing to listen and learn.

A good opener might sound like, "I'm an aspiring real estate investor, looking to learn from the pros, like you! What's the coolest deal you've done".

Take the focus off of you and let them blab. Listen. Learn.

Good luck, don't quit!