All Forum Posts by: Account Closed

@Ryan Williams Congrats on your new property and new listing! I follow Avery Carl's (the G.O.A.T.'s) suggestions and have had success with it for my listings. Be descriptive, avoid subjective words, use emoji's to stay efficient with character count, and avoid putting creative property names in the headline because that does not help the guest understand your listing. Guests are often looking for things like bedroom and bathroom count, how many people can stay, what type of house it is, etc. Also I'd like to offer a quick tip; use an app like Canva to put text of your listing's title in the cover photo. This helps you stand out since Airbnb has removed the listing name from being shown in search results. There are rumors that the listing names in search results will be coming back, but its still good to have a vibrant cover photo with large text describing your property to set yourself aside from other listings. Its also good while your property is new to have something along the lines of "New Listing Special" or similar in the title.

Here's the name that I would suggest for your first bookings until you get about 30-40 reviews: ​​Central New Listing Special! XBR/YBA♻️🏡🔥Pit (50 characters)

And the one I would suggest for bookings after about 30-40 reviews: Central Retreat 30min to DT XBR/YBA♻️🏡 w/ 🔥Pit (50 characters)

You can always have your STR listing's description go deeper into the Eco-freindly details to hook the guests and convert them from viewers to bookers! I put a full description of the times to different locations in my listing's "Where you'll be" section.

Here's the G.O.A.T.'s video where I got these suggestions from. Best of luck!

@Serge Pedroza I haven't had the best experience with TurnoverBNB and I've heard more tragic stories than success stories from folks aside from myself who tried to leverage TurnoverBNB for cleaners (e.g., no-call/no-show, white laundry getting washed with color laundry and getting ruined, cleaners showing up late, cleaners being unfamiliar with Airbnb/STRs in general, bad communication, and overall poor cleaning quality resulting in bad reviews.) If you go to local meetups you can ask around for cleaner and handyman references (this is how I found my cleaning crew and handymen!) Most experienced STR investors I've met have no issue sharing their cleaner and handyman references. Good Neighbor Reality holds great meet-ups once a month that I recommend you check out!

From my experience I've found that cheaper cleaners operate on TurnoverBNB. You will be able to make a better margin on your cleaning fees (for example if your cleaner charges $80/clean you can charge your guests $120/clean and keep the spread), but what I've found with cleaners is similar to what I've found with contractors; the cheaper they are in price, more often than not the worse the quality is. When it comes to STRs, quality is everything especially in terms of cleaning since a large part of your booking success is based on reviews and you don't want to be cheap or low quality on cleaning.

Message me if you're interested and I can send you the cleaning team I use, they're absolute rock-stars and are experienced specifically with Airbnb! I've also got a handyman reference I can send and I've had good success with an app called Thumbtack depending on what I needed fixed.

EDIT: Another good point of contact is to ask your realtor for cleaner/handyman references. If you don't have a good STR specific agent, I can send you a rock-start agent as well!

Best of luck with your STR!

I think Ben gave perfect advice! Here is the contract template used for residential real estate in Colorado: Contract to Buy and Sell, Residential that Ben eluded to. This contract contains most of the iterations you would want to see in a contract, and if you want to add custom constraints in the contract you can add them into Section 29. ADDITIONAL PROVISIONS.

@Greg Pickett Thanks for confirming! Based on the conversation I had with them, they definitely appear to be a great lender option especially in competitive markets like Denver!

@Andrew Dincola Congrats on house hacking, sounds like you're doing great getting all the rooms rented out!

I was recently looking at a home that had a similar situation where there were closets in the basement bedrooms but no egress windows. I had the same legal/moral concerns that you are having now. I didn't move forward with that home due to the ceiling being low, but I was looking at the lack of egress windows as a potential value add opportunity. I haven't done this myself yet, but from what I've researched on the home I was considering, adding an egress windows would cost approx. $3,000/window and result in approx $5,000-$6,000/window added to the home value from an appraisal perspective. But the house I was considering didn't have the brick and front porch situation you're up against.

Adding an egress window could both solve the legal/moral concerns you eluded to, as well as add a bit of forced appreciation. However, the downside is you would have to handle the vacancy of that room while the window is being added.

These are just my thoughts on the topic - but I'm interested to learn what others have to say too since I was in a similar situation when looking to buy recently.

Hello BP community!

I have recently learned about an interesting lender called Accept.inc that I haven't heard of before, and I wanted to see if anyone else in the BP community has used Accept.inc and can share their experience and/or thoughts. From what I can tell, Accept.inc is similar to a traditional/conventional lender, but Accept.inc differentiates themselves by providing the cash up-front so home buyer's can be more competitive by way of putting in all-cash offers. Instead of underwriting after going under contract, Accept.inc will underwrite as part of the cash pre-approval process, and there are no points or fees, and rates and terms are the same as a conventional lender.

Having a lender that can submit cash-offers, close fast, with similar rates and terms to a conventional lender and no points/fees seems like it might be too good to be true. Could this type of lender work well for BRRRR or off-market deals since the closing period is fast and rates are more attractive compared to a hard money lender?

My main concern here is that it really appears too good to be true. Has anyone else used this particular lender or a lender that does something similar? I always ask my set of questions for vetting a lender, but since this lender is a bit different I wanted to ask the community what are some considerations to look out for and some good questions to ask?

Does anyone have real estate attorney recommendations in Denver that help with seller and assignment contracts? Looking to get wholesale contracts prepared and in place to turn a potential deal into an actual deal ASAP.

I am looking to get an as-is appraisal and an after rehab appraisal for a wholesale property in Colorado. Does anyone have recommendations on reputable appraisers in the Denver area?

Originally posted by @Joe Villeneuve:

There's more to it than that...at least the way I do it.  I want to get all my cash back from the CF, wo the higher the CF, and lower the cash out (DP) means less to recover and a faster recovery.  Then, once the equity doubles (pus closing costs) my DP, I sell, I move my equity forward before I lose too much money with the rising equity.

Joe raises a good point; consider a 1031 into a bigger/better property and repeat the process before the loan looses too much leverage.

@Brian Silvia Different folks have different criteria, but I think the numbers you provided make for an outstanding deal. With the numbers provided, the conservative CoC ROI is (500*12) / 24000 = 25%.

Depending on the price of the property and your refi lender's ARV, you would likely be getting 25%-30% equity in the home for a steeply discounted price of 24k. For example, if the home's ARV was 100k and you just put a down payment of 25k on that property, you would have 25% equity, but in your example I'm guessing the home's ARV is much greater than 100k. Combine that immediate equity with loan amortization over time, and by year 4 you would not only be breaking even but would also have an even stronger equity position building your net worth.

Another perspective to consider is the opportunity cost in your rent (step 3 in BRRRR), or in other words how else could you rent the property to increase the 25% CoC ROI to closer to maybe 30%? One example is could the cash flow be accelerated with strategies like renting by the room to potentially bring in more. You didn't give details on the rent strategy but rent by the room might make sense depending on the bed/bath.