All Forum Posts by: Kenzer Hodgson

Hi Guys, thank you all for your input. You gave me some good insight. It’s my first deal so I was kind of worried about it, but I feel more confident now about how to move forward with this property, as well as any future properties. 

I recently bought my first duplex where the inspection report mentioned the possibility of prior water damage in the basement. Concerned, I asked my real estate agent if I should push for a price reduction. He assured me it was no big deal and that simply waterproofing the basement would solve the problem. He negotiated a $5k discount on the purchase price, and I moved forward with the deal.

Fast forward to now - after seeing water in the basement, I hired a professional to inspect it, and the news was not great. He found that the moisture levels in the walls are extremely high, indicating significant damage. He told me that without installing a sump pump system (at a cost of $12k), the foundation will continue to deteriorate, which could eventually lead to bowing basement walls—an issue that could cost upwards of $50k to fix.

The inspector asked if the previous homeowner disclosed any water damage. They didn’t and according to him, that gives me the right to pursue the previous owner legally. He also mentioned that, now that I have seen evidence of water intrusion, I will have to disclose this to future buyers if I don’t address the issue.

My question: Should I reach out to the previous homeowner? I feel like my agent really downplayed the situation. I am also disappointed because I found him on BiggerPockets and trusted him. This experience taught me to trust my instincts more and never skip due diligence, even in areas I am less familiar with like basements and water intrusion.

Any advice on how I should proceed would be greatly appreciated.

I want to say thank you all for your answers. All the information was very useful.

Hello BiggerPocket Community,

I know this question has probably been asked before, but after searching the forums, I couldn't find a clear answer. My wife and I are starting our journey with our first STR and I wanted to ask: Should we use an LLC for our Airbnb, or would an umbrella policy on top of our current insurance policy suffice?

The mortgage is currently under my name, so I'm unsure what benefits, if any, I'd gain from using an LLC in this situation. Our main goal is to ensure we're properly protected.

Additionally, should we allow pets in our STR? I've heard conflicting views on this. Some say it increases bookings, while others mention concerns about damage and additional cleaning costs. What's been your experience?

I’d appreciate any feedback or insights you can share. Thank you in advance for your help!

Hi Garreth, 

Thanks for sharing this information. I’m new to SRT investing, and I  find it valuable. 

 Hi Trent, thanks for your prompt reply. May I ask which dynamic pricing tool you will recommend to use. Any good or bad experience you had with them? 

Hi everyone! I’m new to the world of short-term rentals and just bought my first duplex. I’m in the process of converting one of the units into a short-term rental and could use some advice.

I’m trying to figure out if it’s worth using a dynamic pricing tool to maximize revenue and whether I should invest in property management software to help manage bookings, communication, and other tasks.

Any recommendations or insights from your experience would be greatly appreciated. Thanks in advance!