All Forum Posts by: Jon Martin

All good feedback, thank you all!

I might try the “emergency service” which is $20 with limited data and just use that for the smart locks and ring cameras. That way there is a temporary backup if the broadband goes down. 

Thinking of switching to 5G routers instead of broadband. The data plans are reasonable ($50/month) and the service seems like it would be more reliable through storms and outages. 

Any drawbacks I’m not considering? I would still need to subscribe to a streaming service for cable tv, so cost savings wouldnt be much (or a wash), but otherwise it seems like it might be a viable alternative?

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I would add that your rates are too low if you are attracting these types of guests. Raise your prices. 

@Nicholas L. yes absolutely, everyone should do their own DD. I am comfortable saying this because I have seen it work and replicated it. I even kept the cash flow number conservative and the math still works, $1K/month on a $400K property is good but not a home run by any means. Caveat is that you should be reinvesting those profits back into other smart investments so that you aren't missing out on compounding gains. 

Paying taxes on early withdrawal is not much different than taxes on any other income. All are profits/income tand you are still coming out ahead, even if you have to pay taxes on them. 

Out of state, southeast and midwest college/mid-sized towns. High bedroom counts to attract guests for weddings, families etc. Mostly class B because the purchase price is accessible and still profitable. 

Hi @Kevin S. yes you absolutely can. I picked up a home for $422k that does $8k+month in revenue, some months well over. After all expenses paid the profits are closer to $2k at $8k/month revenue. 5+ bedroom homes in mid-sized cities is my strategy. 

The math I posted above get's a lot more impressive if you can push $2k+ cash flow. 

I'm surprised to see so many posts favoring blinds over curtains. Most blinds are tough and time consuming to clean, prone to breakage/creases, strings break and get stained etc.  Whereas curtains you can easily throw in the washing machine. Not to mention the cost. 

Am I missing something? I thought that curtains over blinds was something that a lot of the STR gurus pushed.

Definitely do blackout curtains in the bedrooms. Not sure which color though 

Pretty basic, and I am small scale. I take a percent off of total top line (including cleaning fees) that is 5-10% less than what a local "hands on" operator would charge. I am managing remotely so I am not much different than Evolve, so I don't feel I can justify 25% like a local operator would, but I do care a whole lot more! Then split bottom line 50/50 with the partner (individual) after all other expenses are paid. Went in 50/50 with partner for all upfront cash expenses. 

Currently finalizing a deal for another property with a different individual investor where we will have the same payout model, but they will put up a bit more cash to cover all the admin work I have to do to set things up. 

Works great because I get guaranteed revenue either way and the partners are happy to be silent investors who get a check every month. 

Agreed- with a long term rental you can be very clear and upfront about all the nuances/quirks of the property and what is included because the transaction has far more direct communication. Whereas with an STR, even with clear english detailing any issues up front, is often booked on a whim with an overload of information digested in a short period of time. Which does not give the renter a pass for paying attention, although that is often the context of the transaction from the guest end.

Not to mention that in many states, appliances are not even required to be provided by the landlord. As with an STR, so long as you set and document clear expections, it is on the guest or tenant to proceed accordingly.