Quote from @Bruce Woodruff:
First off, congrats on the opportunity! Question - what is the condition of the house.... will it need any large repair work? Hopefully not so you can jump right in.
#1 thing you need is a great cleaner, not good, but great! They will literally make or break you. Next is a great Handyman. If you can find a good property management company they can take care of these for you, BUT you will end up handing over a big chunk of money to them, can you afford that?
I'm hoping you've run some numbers for this STR? After you estimate your gross monthly revenues (be conservative here), you need to start subtracting stuff - PITI/CapEx/Operating expenses/Etc. Then you have a number to divide between you and your friend somehow (what is that? 70/30?)
So, by the time you get through with the deducts, there may be very little coming your way. Figure this out first and see what that leaves you for a property manager.....
Share the numbers if you can so we can help more....
Thank you @Bruce Woodruff and @Michael Baum for the feedback, highly appreciated! The home is already furnished and has kitchenware. No major repair needed. It needs to be freshened up a little bit like a good clean inside the home and a lawn care clean up. The property could use extra item such as the towels, lines, dishes, camera, locks, etc. I am looking to manage this property on my own because its just one house so not trying to do the property manager route. I will be on the search for a great cleaner and handyman!
I crunched some numbers on AIRDNA and the home is projected to bring 62k in revenue. operating expenses(not including mortgage and insurance) are 20k. I am going to say it will actually bring around 10-15k a year net income after expenses, mortgage, maintenance, etc. We are doing an 80/20 split so 20% of 15k could be my commission. If you have any feedback on these numbers, feel free!
Ill be responsible for booking, and scheduling the maintenance and cleaning routines. As far as maintenance, I would pay the quote a handyman gives about once a month. More like upkeep of things such as filters, leaks, bulbs.
If you could best describe what makes a great cleaning company, and handyman, that would be appreciated!
