All Forum Posts by: Jaryn Pierson

Incredibly valuable advice. Funny how we can read this stuff in ten different books, watch it on eight different YouTube videos, but when somebody distill it down and directly sends it over it just lands differently.  Much appreciated.

Hi All

In the process of putting together a short term rental property management company.  I've got my own AirBnB that I self manage, and am now managing another persons AirBnB, that I got lucky and found on Craigslist.  At the moment I'm building out the website and a few other things like that, but wondering how I'll find additional clients.  I'm going to just start with a simple flyer because they are inexpensive and maybe somewhat effective?  Thinking about paying real estate agents and some local cleaners and contractors for referrals as well.  Any other suggestions?

Why the LLC? The reason I ask is, it sounds like you're getting all wrapped up in this LLC for this, that LLC for that, and just using that as a reason to not get started. I rent out two separate properties without an LLC and am now just getting ready to set one up for a third.

Make sure you have good liability insurance on top of what is offered through AirBnb, set good parameters for who you will allow to book your property, and then at the end of the year if you've got to pay a few extra bucks in taxes your first year, congratulations, you're in business.

Hey Alicia

I know I"m a little late but I just wanted to throw my hat in the ring on this one.  I bough a duplex 10 months ago now.  I have the down stairs two bedroom rented to long term tenants.  My girlfriend lives a couple hours away in NYC so I actually have the second floor apartment on AirBnB.  I live in it during the week and then have it available on AirBnb through the weekends.  I actually also have a third entrance (even though it is only a duplex) to the attic where there is also an additional bedroom, which is the bedroom I actually use all the time.  I do this because I get the house professionally cleaned after there is a short term renter and want to know get that space dirty / always be able to rent the place last minute and not have to worry.  Would love to chat with somebody about it as everybody thought I was crazy for doing what I was doing and now I'm cash flowing, living with no housing expense, and providing a fun & affordable place to stay in my area.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Pittsfield.

Purchase price: $168,000
Cash invested: $10,000

First home purchase. Bought a 2 Unit multi family. Long term tenants downstairs, AirBnB my personal apartment upstairs on the weekend. Although my property does not yet cash flow, I live there now free of charge while my guests & tenants build my equity.

What made you interested in investing in this type of deal?

This house that I purchased interested me because it had a unique layout. The hone is technically a two family, but I built a bedroom in the attic which has its own private entrance. Although I am usually out of town Friday - Monday morning which is when I AirBnB my apartment, if I need to, I have a place to sleep.

How did you find this deal and how did you negotiate it?

Found this deal right off the MLS. Although I really didn't want to pay for a property inspection because i didn't have a lot of money, I did it anyways and it paid off. I was able to know $12,000 off of the purchase price even in this market with the inspection in hand.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

I’ve added value to this house so far by building a bedroom in the attic, and renovating the entire upstairs apartment. Although it was a good idea to do this on my own, I did learn that I probably actually didn’t save any money doing the work myself because of the time it took me in lost revenue.

What was the outcome?

The outcome was that now I have a place to live that is currently paying for itself. My goal is to not take any money out of this property, but to also not put any more of my own money in. To be continued…

Lessons learned? Challenges?

Lessons learned…A good team is critical. Real estate agent, property inspector, lawyer and accountant have all been very useful. Also good cleaners are incredibly valuable because they kind of double as a short term rental property manager. Also good friends were incredible to talk me off the ledge multiple times. Without being too graphic, there were almost two weeks during my bathroom renovation when I had literally no bathroom. Kept my head in it and got it done.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Laiken Rapisarda - Agent
Brandon Bailey - Home Inspector