All Forum Posts by: Matt Anderson

@Casey J Burkhead thank you for the recommendation!

@Susie S. Thanks for the feedback! May I ask who you are using as your provider?

I searched for an answer to my question on the forums and online but was not satisfied with what I found (either unclear answers or several years old).

If I have an in-law suite in my basement, and I want to rent it out through Airbnb and potentially VRBO and others, am I not adequately protected by the AirBnB Host Guarantee and Host Protection Insurance?

I feel like I am reading that you really need an additional policy that is designed for short term rentals (I know that my homeowners policy will not cover any STR related claims), but why is that the case if I have the AirBnB insurance at my disposal? Is it simply an issue of people not feeling comfortable with the liability limits provided by AirBnB?

What am I missing?

If I do need an additional policy, is Proper still the top recommendation for this situation?

We're closing on our second deal in Alexandria, VA in February, and want to add a full bathroom and kitchenette to an otherwise finished basement.

Anyone in the area have good contractors for this type of work?

We are interested in saving money by sourcing our own materials and doing some of the more basic work ourselves, so are interested in working with someone who would be open to that.

Already have one quote but looking for a couple more recommendations before we close.

Thanks!

@Nigel Charles @Brad Hunter I’m also new to Alexandria/Del Ray and am looking for my second deal.

Anyone participating in regular meetups? Would love to meet some other local investors. Feel free to send me a private message!

@Loretta Gray was looking to see if there were recommendations for Alexandria, VA investor friendly lenders and cane upon this thread.

Is this group still active? I am new to the area and would love to get involved as I try to get into my second deal!

@Chris Fi only quickly looked at the doc while on my phone (so might be missing something), but it seems like the idea of taking out capital reserves from the math to meet a CoC return is highly anti conservative. You WILL need those reserves at some point, so I don't think you can really count them as a return on your cash to help meet your criteria (even though you may not use those reserves for a while).

@Chase Clemens can you share the loan program you are using? Is it a national program, or a local community bank?

I am feeling a bit like there is a chicken vs egg situation here, with regards to approaching community banks for structuring creative no money deals. Do you:
1. Find a deal and bring it to the local bank, then talk about financing creatively, or;

2. Do you approach local banks with a plan of what you want to accomplish and establish the relationship prior to bringing them a deal? 

Logic tells me option 2 is more desirable, but what steps do folks take to show credibility to the bank as a relatively new investor? I have my first deal under my belt (a househacked SFH that I have since moved out of), but am not sure how much credibility this will build when speaking with banks on the topic of more creative financing.

@Nathan G. @Timothy VanWingerden @Mike McCarthy

Thanks all for the feedback! Sounds like short and sweet is the way to go, and get the rest of the important stuff written into the lease.

Thank you for the help!

Do any of you landlords out there provide a tenant handbook that outlines high level expectations for how to care for/maintain the property, how to get utilities turned on, how to deal with emergencies, etc.? Different from a lease, I am thinking this is more of a handbook you provide to answer all (most) of the anticipated questions before tenants have to contact you to ask them. 

What do you include in yours?