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All Forum Posts by: Joseph Hossenlopp

Joseph Hossenlopp has started 9 posts and replied 40 times.

Post: Minoan to furnish rental properties

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Sarah Kensinger:

I love Minoan and HostGPO also, but Minoan is free to use! They make ordering items from different companies easy, and you get discounts from each store that has partnered with them.


 Do you do this with all your properties?  Looks like they give you a pretty good discount, the ones I looked at.  Have you gotten any commissions yet?  Thinking that may be a nice bonus!

Post: Minoan to furnish rental properties

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Matt Mertz:

In addition to cheaper prices through Minoan, they set up a site for your property with affiliate links in it.  You put QR code placards through your property for guests to see and browse.  

You split the affiliate commission with Minoan.  I believe that's their primary business model.

Seems like this would be a great bonus!  Have you gotten any of these commissions?


Post: Minoan to furnish rental properties

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10

Anybody use Minoan to furnish their properties?  Sounds like an interesting Business model.  Looked into it a bit, and did a Zoom call with an Advisor of the company, but would like to know if anyone has first-hand knowledge.  Thanks!

Joe

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @KiKi Wood:

This is great! I have had a couple people house hack, and rent out the other unit(s)! 


 Kiki,

Yeah we will be on the lookout for this. Not a lot of multi-family, mostly singles, but we will keep looking!

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Jon Martin:

Are there any homes with walk out basements? But something that can be converted and has a private entrance and you clild probably cover the whole mortgage if you buy in the right location, assuming it works both for you and is a good location for guests. Also agree with everything above. 


 John,

That is great advice- we do look for spaces to convert- maybe a porch that could be used as a sleeping area, or a spare room to convert to a bedroom, etc.  Not a lot of walk-out basements, mostly crawl spaces or no basements, as they are on the water. 

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Eliott Elias:

Beware of STR's right now. The demand has died down, and many STR operators are eating substantial vacancy. Look at the STR inventory in your market.


Eliott, Thanks for your reply! I am looking at a niche market near me- Vacation rentals on the finger lakes.  This market is still going strong, people still want to get away.

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Brooklyn McCarty:

Def do that! 


 Yeah we are excited to do it!  We have put in 2 offers, but did not get them.  It's OK, I am not going to over-pay.  Just gonna keep trying until the right one comes along!

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Sarah Kensinger:

Demand is not down for STR so long as you know what you're doing, so you probably have a pretty good chance in your area. Your thought of living in a property for a year to afford more house might be a pretty good idea for you!


 Thanks!  I am excited to do it!  We just have to be patient, but we have time on our side, so we can wait for the right one.   

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @Michael Baum:

I agree with @John Underwood @Joseph Hossenlopp. If you can find a decent deal on the lake house that would be the way to go.

Where are you doing the 5%? FHA?


 Michael,

Thanks for your reply!  I am still working out how much money to put down.  With less than 20% I can afford more house.  

Post: STR vs buying primary residence

Joseph Hossenlopp
Pro Member
Posted
  • Posts 40
  • Votes 10
Quote from @John Underwood:

I think buy the lake house and live in it the required minimum time and co vertical to STR.

Another great option would be to buy a quadplex, live in one unit for 2 years and buy another. Do this 3 to 4 times and a day job would be optional.


 Thanks John! Not a lot of duplexes or quadplexes available, but will definitely look. We did look at one, but it was the lower level of an old hotel!  Would have taken a ton of work and $ to get it ready.