All Forum Posts by: Mario Delgado

Hi Everyone, 

I'm looking for a more experienced investor to offer some minor guidance to help me get to the finish line. I am working on a flip that has taken way too long to complete and my loan deadline is approaching.
The two contractors that I worked with went through several months of delays and have ended up going MIA.

I have been working with some people directly to have the project moving forward, but I can admit that this is getting overwhelming and I just need someone to help me identify best practices and tips to get this thing done and over with.

I know it's a big ask, but figured I could give this forum a shot.

Thanks in advance!

Hi! I manage 2 and own 1 in Charlotte. 
As most have said, avoid HOAs as they can be a headache and can shut you down any time.
If you need help with financing, I can refer you to a lender I used to close on my STR in Greenville earlier this year.

As far as straight STR strategies, run your numbers and be conservative in your predictions. AirDNA is a great tool as it uses data from VRBO and Airbnb, but also consider that cleaning fees are included in that revenue estimate.

Best homes would be a 3bd/2ba SFH, fenced-in yards is a plus and no carpets so you can be more comfortable accepting pets (very optional on the pets thing). Other than that, a 5bed home can help you stand out for larger groups or multiple families traveling together. Close to airport helps, but if you're close to other attractions, it is also helpful. You don't have to be in the 'hot' parts of town (southend, noda) as people don't mind having to drive 10-15 minutes.

You'll need a cleaning crew, also got a great one that I can refer you to.

In this market, you HAVE to stand out. I would recommend using an interior designer and setting around $15-20k for furniture. I also have a great recommendation for this in Charlotte.

Lastly, will you be self-managing or will you need someone to help take care of the operations? It can be time consuming and you have to have great customer service skills to handle issues with grace and prevent bad reviews. I do that work, so I can refer myself for the STR management haha.

Would be happy to share more if you have more questions!

Quote from @Jon Martin:

I'm supposed to have a GC start a very similar project for me in Greenville any day now (I hope ***sigh***). I can't vouch for his actual work yet but his pricing seems reasonable and transparent. I also have a good "odd job" guy who's done all sorts of random jobs for me and is reliable. Feel free to shoot me a DM. Good luck! 

Thanks! Sent you a message

Quote from @Austin Grant McDowell:

@Mario Delgado I’ll see if any of my contacts can help. I’ll keep you posted!

Thank you! Please keep me updated! Even if all they are able to do is provide a cost estimate, that will help move the funding process along. 

Hi!

So I actually have two leases that have direct consent and language that allow for me to run the STR Arbitrage model.
It works- but you have to do your own due diligence and do it well, just as if you were purchasing a property.

Research local ordinances for the area and determine if a permit is required.
Will you be living in the unit and rent out rooms or will you be renting out the entire units.
Analyze the area for whichever model you will be doing to see what the rental comps (nightly rates, % booked) look like.
Look at the other listing around the area for what they look like and offer.

Hi Y'all!

My husband and I are set to close on 2 properties in Greenville and 1 in Easly (15 mins from Greenville)
We need recommendations for GCs and Contractors in the area, especially one that could provide me with rehab quotes to submit to lender ASAP.
2 properties in Greenville would include opening up floor plan and converting attic into master bedroom (been done in similar flipped homes in neighborhood, good ceiling height and ample space). Inspections are tomorrow so any electrical/plumbing/hvac updates are tbd.
Property in Easly is fixing 1 beam that supports a small porch and turning garage space into liveable area (sheetrock has already been applied by previous owner - looks like he was in process of that project idea)- we're keeping this one as a STR (any

Any help would be greatly appreciated!

P.S. We live in Charlotte, NC (2.5 hrs away) so this project would be monitored remotely for the most part.