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All Forum Posts by: Jefferson Brown

Jefferson Brown has started 6 posts and replied 86 times.

Post: PM Company Complaints

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Quote from @Collin Hays:

As a PM, how about my biggest complaint about homeowner clients?

1.  Clients that are penny wise, pound foolish.  They won't let us replace a nasty old barbeque grill for $129, so all of the guests are angry and complaining.  So we just replace it out our expense and eat the cost.  

2.  Clients that reserve a bunch of nights for friends and family, many of them eventual no-shows, and then give us grief about how the cabin had a bad month.

3.  Clients calling us complaining that their rates are too low, but now calling us to tell us to slash the rates because there are open nights.

4.  Clients that think they know better how to repair a hot tub from 1500 miles away than our guy that fixes one a week.  

5.  Clients that decide to save a nickel and not have us do monthly pest control, and then are mad at us when they show up and the fascia and soffit is eaten up by carpenter bees followed by woodpeckers trying to get to the larvae, followed by snakes and other critters claiming a new home, claiming "You're not keeping our place up!"  

6.  Clients that refuse to keep up their stairs/steps/railings as a cost saving measure, we have a slip and fall, we get sued, and pay out $250K as our part of the settlement.

7.  Clients that refuse to maintain their private road, and then demand that we go out in a snowstorm on Christmas Day to help drag a ticked-off guest out of the ditch.

8.  Clients that "have their own housekeeping" and then get mad at us when we get negative reviews about housekeeping.

9.  Clients that won't pay to get a dead squirrel out of the lower chimney "Don't worry, he will rot pretty soon", and the guests have to leave because the place reeks of dead animal, and we have to refund them a week's stay.  And the client is mad at us.

I could continue this list to 100, but I'll refrain.

 Thank you @Collin Hays for the detailed response!  Always good to hear another perspective.

Post: PM Company Complaints

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

What are your biggest complaints about your PM company?  (For those that use one)

Post: Short Term Rental Think Tank

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

Just a reminder that the weekly short term rental think tank is today at 11am MST.  Would love to see you all there!

Post: Airbnb Systems Setup

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

@Patricia Baker this is a pretty loaded question but if you want to reach out personally Im happy to give you some tips on the phone.

Originally posted by @Pinank Parikh:
Originally posted by @Jefferson Brown:

@John Menton feel free to message me.  We have 3 in champions gate and might be able to help.



@Jefferson Brown

Can I reach out to you?

 Of course!

Post: Short Term Rental Think Tank - Lets share ideas and best practice

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

This is an informal group of short term rental investors that want to help each other out.  Our company (Loma Homes) has 13 properties in Florida and are growing rapidly but that doesn't mean that we don't have a lot to learn.  Hoping we can keep people from making the same mistakes we have and learn from others along the way.

Post: Best vacation rental courses

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

@Matthew Bailey we have something that might help you although its not our core business.  Feel free to reach out if you're interested.

Post: Short Term Rental Financing

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Originally posted by @Kerry Baird:

@Jefferson Brown, do they use market rents? That’s what LendingOne does. I’m curious about their process, as it has been awhile since I did a refi with Visio, but we used them on a long term rental.

They use airdna to calculate DSCR (debt service coverage ratio)

Post: Short term rental exit strategy

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

Hey @Jeffrey Smith I'm with the others in that we are bullish on this industry but since you asked about exit strategy I thought I would share ours with you since its a bit unique.  

We are currently syndicating funds to buy dozens of vacation rentals across the country.  We're doing this in order to create a portfolio large enough to sell at a cap rate.  In real estate, when you sell a portfolio over ~20 properties the bank doesn't value them at a residential value anymore.  They value them at a cap rate which is another way of saying a multiple of profit.  If we can accomplish this then our properties will double in value in a short time.  This not only maximizes the value we're putting into the properties but hedges against the potential of property values going down.  I am far more confident that the vacation rental market will steal market share from hotels going forward than I am about an eternal property value increase.  Hence the strategy.  Hope that helps!

Post: Short Term Rental Financing

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

@Sean Beyrouthy we've used Visio Lending since they specialize in loans for short term rentals (thats a very rare thing).  Id put my contact there in this email if it didn't get blocked.