All Forum Posts by: Joseph Bafia

Looking forward to next Wednesday's Web call. Spread the word and tag others that may have interest on learning about getting into Short Term Rentals ( STR ). We'll share our story, have a few guests talk about how they got into it recently and allow for Q&As . Guests will include:

@Alyssa Czopor

@James Overton Winston V

@Will Parks

@Will Parks

Tag anyone on this post who may be interested and more importantly, don't forget to register at the web link to make sure you get the Zoom details which will be emailed out before the event.

https://thebentgroup.com/educa...

Happy to see another from Raleigh!  

WHat I like about your deal is that it has long term potential as well as STR opportunities, so that tells me location draws both and you have more options. I wouldn't turn that type of deal down if the price was right and it made sense long term. You mention current tenants may not be taking care of the property...have you had a chance to see the inside and investigate? That could be the deciding factor.

Best of luck !

Take the friendship out of the equation and treat it as a business venture. It will protect both parties. I've done one like this and we created an LLC, outlined an operating agreement, etc. All this done with an attorney since they simply asked the questions the "What if this happens...what do you want to occur? " This way all your exit strategies, roles, etc. are outlined. You can still be friends and talk through things, but if something comes up that's not agree upon, you've got a document to go to.

Things like who has final decision on a repair, purchase, allowed dates to stay, will all be answered.

@Alyssa Czopor recently bought a STR in VT. Not sure who she used as a realtor but worth reaching out.

@Ken Boone I'll tell you what, the first time your Mobile App says "Mouse Caught" and alerts you of one, it's a rush...won't lie.

And they are contained and a quick "kill" with the shock, so no mouse squeaking on a glue trap.

I worked with a great individual (Tyler) with Viso Lending when I was dipping my toe in the Asset Based lending space.  My advice would be just call one of these types of lenders and let them walk you through what they need.  Their super helpful as it's in their best interest to try and lend funds, so they should walk you through it.  Happy to share his contact if you'd like.

Electronic Traps

We have this issue regularly since all our cabins are in the mountains.  We disclose that you are "out in nature" and wildlife may be evident.  We try and mitigate with some small poison stations outside of the home in crawlspace and hidden areas.  

Beyond that, we do have one of our cabins equipped with Victor electronic traps.  They are essentially a trap that captures and kills (electric) the mouse and then its wifi based so it alerts us one has been caught.  We communicate that to housekeeper.  

I totally understand where you are coming from and being upfront with guest is best practice.

agree with @James Carlson and we did use Visio on one of our properties recently.  My rate was right at 5% when we locked.  Easy process, and great to work with and got us another purchase!

Why not have the best of both worlds? Keep the LTR and use the equity to purchase STRs. I have 8 properties (6 STRs and 2 LTRs) and I like have the diversification. Can you pivot your long term rental into an STR? I think its all about options and it sounds like you have several!

Best of luck whichever path you choose!