All Forum Posts by: Mackenzie Grate

I'm in the process of interviewing some right now. Here's my process, feel free to add anything I left off.

First I am starting with referrals to narrow down the pool.

Then they are coming out to the house and I'm having them walk the property and tell me their process. I'm having them tell me what they would clean, give a general sense of the order, how long it will take, what products they require, anything I should change logistically to make their lives easier, etc. I'm seeing if they pay for the supplies or expect me to provide them, where they prefer them to be located. I have a check list of items I want them to check to make sure is still present after guest leave in order to prevent loss (hairdryer, number of towels, number of pillows, etc.).

After that, if I think they are detailed oriented and knowledgable enough about the AirBnb process and the expectations, I'll probe further. I ask them how they manage all the cleanings they need to do, what is their back up system if they are sick or cannot make it. Then I ask them what is their preferred system for me to book the cleanings, pay them, etc. I also ask them if their business is insured.

If all that checks out, I lastly ask them about themselves. What do they do for fun? When is their birthday? The idea here is to get as much information as possible that I can use to spoil them with if they are a great fit. I want to be able to take care of my cleaners and keep them happy because they are worth their weight in gold. It's a two way street. If they feel I take care of my part, and I treat them well, they will take care of my Airbnb well in return.

Hope this helps! :)

This is the first I'm hearing about this and pretty interesting. Generally I have been warning clients about local jurisdictions outlawing them or at least severely restricting them. I am guessing that this is the company's way of trying to take some initiative to remove their stigma as party rentals. This is good to know. Like any investment thought, you should always have back up strategies ready to go. I also have stayed in airbnbs where the owners text me after and say, because you were such a great guest, if you want to book again, just email me directly and we can avoid using airbnb. I guess the lesson I'm taking away is don't rely on one platform too much as you build your business because then you will be at the mercy of that platform and their decision making.

Thanks for posting!

This depends on your structure. Are all the properties in the same LLC? Are they in different LLCs? Or are they in your own name? Each entity at the bare minimum needs a checking and savings account so you don't commingle funds. All deposits should be held in their own account and not used for anything. Some states require you pay the interest of that account back to the tenant, others don't. So you will have to work with a local CPA. But better to error on the side of too many separate accounts, than not enough. (I say this as I am working with my CPA to clean up my own structures and finances, lol).

Good luck!

So I don't have to stress about paying the bills and I can put more time and energy into my passions and helping others pursue their passions too. :)

Just came across this post a year later. I'm an active investor and sell to a lot of newer investors. Were you able to find a great super? Are you still managing properties in Kingston? This is the first I've heard of you and am curious to learn more. Does your PM company do long term rentals or short term rentals?

Hope you are well and looking forward to connecting :)

Mack

This is super helpful. I really appreciate it! Thank you for the advice. I'm calling HD immediately! :)

I'm in the middle of a renovation and garage doors are backed up for MONTHS... literally, 8 months minimum they said. I was fortunate to find a lightly used garage door nearby. The homeowner was upgrading, and looking to hand off her older ones. There is only one small problem, her door is a slightly different size than mine. My garage door measures 8' wide x 7' tall and hers measures 9’ wide x 8’ tall. Is there any way to cut it down? Or get different tracks? Doors are expensive so I'd really like to figure this out, save some money and save that other perfectly good door from going into a landfill. Any one have experience with this or know someone who I could reach out to that does?

TIA! I appreciate your help!

What type of investing strategy are you planning on using? Did I miss that? Are you talking just long term buy and hold? Or are you considering flipping at all with your background? Long term buy and hold is going to have a lower return. If you are looking for more "meat on the bone" you will most likely need to go to another market for that. Choose one where you have someone you can trust, you can get to easily and you plan to reinvest there as you build a team. You can invest in your local market but it's more an appreciation play so it probably won't cash flow as well to start. Flipping, I always recommend you do that where you are at. Long distance flipping is extremely challenging and requires a network of people to already be set up, ideally. Not saying it can't be done, but it's much more riskier...

Hope this helps a little bit :)

Sounds like you ran the numbers correct. House hacks in expensive areas usually prevent you from living entirely rent free. Is the amount you are short less than comparable rentals in the area? If so, it's a win. If you are only staying there a short time, you will move out and that will become your cash flow then. If it meets your ROI criteria when fully rented out, I say go for it. Because it will be fully rented out before you know it. :) Don't over analyze it or else that good deal will get snatched up.

Good luck! Excited for you!

Agree with @DavidAvery. Plus you will probably have a higher interest rate than many of your loans if you have been buying them for awhile because rates have been so low. Plus you will have additional closing costs. Run the numbers but make sure to factor those two elements in before you decide...