All Forum Posts by: Lorien Breece

How did you do all of that and buy the property with $50k? I need your people's numbers, I do work in that area and that sounds like a fantastic deal with all of the renovations you described! Would love to see the property :)

I have some wholesale accounts and can usually get pretty good deals and have other tips I'd be happy to share. Is your rental in Chattanooga? Message me if you'd like to discuss!

Depends on the level of furnishing you want - I'd figure out your ideal tenant avatar and then decide if they're looking for luxury or more economy style. This will affect the budget for sure. But as a baseline for mid-level design, I'd say $6000 + $2000 per bedroom (not just the bedroom, but this will affect quantity/scale of other items as well) is a realistic amount if you're fairly frugal. I tend to do many new items (kitchen, mattresses and bedding) and for the furniture itself do a combo of new and gently used when trying to save money. It does take more time and effort to do that, however. If you need appliances or other big ticket items, take that into account as well. If you plan to do it yourself, I can send you a good kitchen shopping list (quality and affordable items I routinely purchase for rentals). If you need someone to take care of it for you, it's kinda my thing! Location is a little outside my normal range, but doable! Feel free to connect!

I've never invested in that area but do have quite a bit of local knowledge, and I'll be there next week. It's a tiny town itself, though the geographical borders extend throughout a larger area. Very close to Jasper and Elijay, both much larger cities. Happy to connect and see if you have any questions I might be able to answer. 

Hey Matthew, I'm in the Atlanta area and have done some flips and a BRRR. I'm looking for people to collaborate on for other projects, either flips, rentals, or I'm moving into the AirBNB set up as well, so we may have some ideas for each other! Happy to connect.

I've been doing STR/furnished rental set up recently for out of town investors. The cost of setting up a property varies depending on the market (are we talking bare bones factory housing or high end STR), but either way, the physical work of getting it rent ready is a pretty big job. I usually work out a budget for the furnishing itself and the labor involved in installing it all. Cheaper furnishings (ie, scrambling around town for Facebook listings) takes more time/effort, while ordering new is clearly more expensive. If you can't do it yourself, having someone within driving distance to receive packages, assemble, get the wifi set up, label remotes or light switches, make the kitchen functional, change out your door locks or put cameras up, etc, as well as the decorating and making the place comfortable and appealing for your guests is a must. If it's not you, you need some boots on the ground to take ownership of making the property ready to rent and working out all of the kinks!

I'm available in the Southeast!

There definitely needs to be a dedicated person on the ground coordinating all of this, whether it's you or someone else. I've done this for other investors for furnished rentals, and there are a million little things to be considered and accomplished outside of purchasing. 

Items need assembling, beds need to be made, trash needs to be disposed of (this is a bigger deal than you might think, an entire home's worth of cardboard boxes), you may need door locks or security cameras installed, wifi set up, tv's mounted and connected to the internet, kitchen needs to be set up functionally, sometimes remotes, light switches, etc need to be labeled.

There is a time/money trade off here. You can absolutely furnish less expensively buying quality used items, but this takes a lot more time and effort (and probably some muscle and a truck) than ordering all new online. You can control the schedule, but not the availability of items (in a metro area, you should be fine finding deals on FB Marketplace, Craigslist, etc). With new, lining up deliveries for the same time period can be a challenge, even if ordering from one vendor. I usually do a combination of new/used.

If being there yourself isn't an option, I think finding someone somewhat local or within a few hours driving distance (if they have capability to receive/transport items) is the most economical, but it will still cost you. You want someone with an eye for design and attention to detail who can take ownership of the whole project, rather than "task rabbit" type people who will do exactly what they're asked but not look at the big picture and make sure you're off to a great start for your first guests (though task rabbit can be great for knocking an item or two off your to-do list).

I'm available in the Southeast if anyone needs a setup! 

Are there any good STR management platforms (Guesty/Hospitable type software) that manage bookings on the major STR sites AND on Hipcamp and/or other camping/RV site platforms?

I've searched and have come up empty handed. I've got a property that will have both traditional STR and RV/camp spots and I'd love to manage bookings and communications all in one place...any suggestions?

While we're at it, anyone like camp/glamp/RV pad listing sites other than Hipcamp?

Looks awesome, I love the bright colors, wallpaper and murals. Good luck!

I'm similarly looking down the road to the refi of a property I bought under my LLC's name (cash purchase). I had planned on a DSCR loan, but recently was told by a lender that I would be able to cash out refi into a traditional mortgage at 80% LTV, which is great, but I don't know if I've shot myself in the foot originally purchasing through the business. I didn't previously think I would qualify with my personal debt:income (I know, I should have done this research first...) My question here is what are the pros and cons of refinancing into my own name vs. the LLC, and what are the hiccups I'm likely to encounter?