All Forum Posts by: Mackenzie Grate

Yes! I know several people who have license in both states. Go for it! :)

I'm gonna say something controversial here...but just want to put it out there cause I struggled with the same thing too when running the numbers on my first STR. That is, there is no concrete way to pull that exact data. And even if there was, it will change constantly and lots of the numbers are based on your design, how you manage it, etc.

Focus on a ball park for both nightly rate and average occupancy. Keep in mind the big picture. If it's a beach town, it's gonna be dead in winter, if it's a mountain house you probably will get more visitors in winter. If it's an urban city, when does it get crowded with tourists? You are looking for ballpark numbers here. Don't over think it. But go with the conservative end of your ballpark numbers that you see on comparable airbnb listings in your area.

Over time you will figure out the little hacks to save money. Perhaps swap out the cleaning lady to someone more effective and cost efficient. Perhaps you add smart plugs so you can turn off appliances when people are checking in and out. Maybe you open it up to pets because you will get more travelers this way.

Don't overthink it. Just get a ball park number by looking at others and make some educated guesses based on what you already know about travelers and what times of the year they travel. That will be enough information to tell you if you should move forward or not.

Hope that helps a little bit... 

Good luck! You got this!

I'm buy and hold. Always have been. I personally am still in the beginning stages of my investing career and it just doesn't make sense to sell some of the properties I have bought yet. Sure the equity has gone up, but selling is a lot of work and even if you are 1031 exchanging it, it still takes a chunk of the profit out to do the transaction. Right now I'd rather plant a ton of seeds (buy houses an build equity) so that later down the road I can harvest them if I need to (sell them or dip into their equity). 

I'm probably on the more conservative end of investing though. I also think it takes time and energy to find a deal. I'd rather just scrimp and save in between transactions because it forces me not to rush into a risky deal because I feel pressured to have to find something quick. It forces me to slow down and re-stabilize before I buy the next one. Plus the more I hold, the more options I have if I need to liquidate in the future.  

Again, this is just me. There are no right or wrong answers here though. I think depending upon your goals and your personality, it will vary for each person...

Oh no! I'm curious to see how this plays out. What are the local rules regarding animals? Who would you call in that situation? Animal control? Oh man. That's brutal. Good luck. Please let us know what happens.

Definitely not a deal breaker. People love ocean views no matter what. Is it a bummer, yes, but I would just make sure the listing is accurate and you include them in the pictures so there is no feeling of being misled when people book. And I think your idea of asking the town what the process is to get them relocated is a great one. I personally would still buy it but just make the listing super transparent. 

Congrats on finding such a great deal! 

 Awe thanks @Samantha Cash!

Yes, I'm happy to help @Kefah Al-Ramahi. I'll shoot you a message to connect!

My PM only charges for rent collected for the same reasons as stated above. There is no incentive to go after missing rent checks if they get paid no matter what. But definitely read the fine print of your contract. They could have slipped that language into there. If so, it's not considered the norm and if possible see if you can get out of it and find someone else if you can.

Good luck

Disclose, disclose, disclose. As long as guests know in advance and are given the heads up, they usually don't mind. If you don't yet have a screened in porch, consider adding one. That goes a long way too in a buggy location.

You must allow service animals, FYI. No matter what the size. 

It seems like you had a bad experience before with a tenant. We've all had them. I guess the real decision is do you like/want to be a landlord? If so, follow the solutions you provided and give it another go. Lower the rent or allow pets with a deposit. 

However, if you are frustrated and don't want to deal with it anymore, that is another thing altogether. Consider hiring a property manager to take over or consider selling and 1031 into a different type of investment property.

Bottom line is, we all have bad experiences occasionally. If that is going to overshadow how you view future tenants, then maybe it's better to look for a different way to invest in real estate without having to deal with the day-to-day land lording.

Good luck! I know you'll figure it out. I'm rooting for you!

This sounds a bit risky to me upon initially hearing it. What if you aren't able to find the deal or it takes you some time and you don't have enough cash flow to cover it? Plus by the time you save up enough, it will be about time taxes are due... I personally would be more conservative in my approach here and save up the downpayment first before purchasing a place. The market is shifting so you don't want to be caught in a position where you can't pay it back in the time you need. Real estate transactions are slow, illiquid, and there is no guarantee that tenants will pay or something won't break straight away eating up that cash flow...

Just my opinion. You may be more of a risk taker than me though...