All Forum Posts by: Lindsey Mannix

Personally, I would look to buy that kind of property and house hack it - meaning you live in one unit and rent the other 3-4 units out. By doing this, you put the least amount of money down to buy it (can be as low as 3.5%). For a budget in the mid 100s, I'd look in the mid-west.

For FHA, you typically have to occupy the home, at least initially. If you don't plan to occupy the home, I would love to a lending broker in the area to find you the best deal to either do an investment loan or DSCR type loan.

Love NSB! Bravo on the purchase & wish you the best on the STR.

Nice and bravo! That's a great community and great profit on the deal!

@Anita Z. - I use made up names for my LLCs. As for 'everything must be done through the LLC' - your property insurance must be covering the LLC (not you personally), your bank accounts that you receive rent and pay bills out of must be in the name of the LLC, your utilities must all be in the LLC name and not your own, etc. This is to prevent someone from piercing the veil to ultimately bypass the LLC and sue you personally. LLCs are for protection primarily so just creating one and putting it on your lease, isn't sufficient to truly protect your interests.

Hi there, 

I am not located in Chicago, although I did live there for 4 years at one time! But I have done this...I called my electric company who sent me a form to complete on what I was requesting and paid $300 for their engineering team to come out and develop a plan for bringing in the wire, dig estimates, etc. It varies greatly on if your wire is underground or above. Mine was above so wasn't costly to do - $3k but if they have to dig to add the larger wire, it'll be more. So step 1 - call your electric company to start the process and get estimates from them.

~ Lindsey

Hi Jennifer,

I have one...it doesn't look like file attachments are allowed in a post but happy to email it to you if you'd like. 

~ Lindsey

Hi Riley,

I am not in Oregon but have a property called Rampart Reserve in Colorado that I have 4 tiny (120 square feet) cabins that I do STR in the summer. I also have a 240 sq ft house that I do an LTR out of. I love tiny and has been very profitable for me personally. Happy to connect and chat!

~ Lindsey

Hi Gabrielle,

Are you listing your homes with one of the preferred agents here through BP? Or a local RE agent in your area? That would be my #1 rec, I know I'm biased as an agent myself, but what you pay an agent to sell your properties for you, is worth it if you have a good one!

~ Lindsey

Hi Chris,

My checkout time is also 11AM. At 11:05AM, I have an auto message through Airbnb send a 'thank you for staying with us, we hope you loved your time and will come back...'. If my cleaners arrive before the guests leave, they have instructions to knock on the door and get the guests moving along. Airbnb won't support a fee to the guest staying longer unless you have it in your listing or rules but if you do, and it was an inconvenience for you or your cleaning team, I would enforce the rules you've created. I always kill with kindness so in my late check-out fee message, I will say something like, I love that you enjoyed your stay and wanted to stay longer! Or, we understand things happen while packing up that may delay a check-out...unfortunately, our cleaning team charged us a fee as they waited to clean the property and we're passing this on. We hope to host you again in the future!"

If they give a retaliatory review, I would call Airbnb to have it removed.

~ Lindsey