All Forum Posts by: Account Closed

Total newbie here to Airbnb. How does one go about analyzing the numbers on a potential airbnb property? How do you estimate expenses for cleaning etc? how much potential income it will generate? are there any calculators you suggest?

Hi everyone! Looking to purchase a property in Houston to house-hack. As I'm relatively new to the area, any advice on what areas are good to purchase in that have good/high rent rates and are appreciating well? Thank you for the help in advance!

@Jim K.Thanks for the valuable feedback and your thoughts. So I did hire a GC, not a handyman, to do the job and it was not a small job. The budget and estimate was 50k to do a 2bed/1bath 1100 sq/ft job. I was not trying to be cheap and just get anyone to do it because like you said I also believing in paying a little bit more to get the right people for the job. His bid was definitely not the cheapest bid but I believe I underestimated his experience and knowledge on this one so thats definitely a learning experience for me. 

@Nathan GesnerI totally agree that "I get what I pay for" Believe it or not this guy wasn't even the cheapest bid that I got. It's just at the time, he was about in the middle and seemed like very easy to work with. I had even gone to visit one of his ongoing projects to see his work as well. But I guess there is a first for everything. 

@Caleb Brown There is nothing in writing in regards to the initial timeline of work (rookie mistake #1 on my part). but for the past 2 months, every time I ask him how long until we finish the answer has always been "oh were only a week out" for about 8 weeks at this point. Unfortunately it took me 8 weeks to realize that he's just lolly-gagging me around. I guess there is something to learn from every experience. 

@Nathan Gesner I agree with you 100% and you make some very valid points. I know I have let it go on for way too long and it has const me way too much but I guess that is partly due to my inexperience and partly because I like to give people chances to do the right thing. As far as structuring the contract with the incentives you mentioned is very difficult. I have tried to do so in the past and no contractor is ever ready to agree with something like that. They all want to structure the deal in a way as to where they get most of the money upfront and leave only a little bit for after. If I disagree than they just say find someone else. In my experience so far, it's been their way or they don't take the job. 

@Bob Okenwa I was just tying to be understanding and give him the benefit of the doubt but it is really starting to cost me and I cannot afford to keep letting that unit go unrented any longer. I think you are absolutely correct. 

Need Advice...I hired a contractor to do a basement renovation and it was supposed to have been done in 6-7 weeks. It is now week 18 and the work is still not done. He is dragging his feet and not putting in any effort to finish the job. I have made every single payment on time have tried talking to him, have been very open and understanding about things that have come up but at this point, I feel like I am being taken advantage of. Not only that, the HVAC work that was done by him has caused serious persistent issues to my existing system and at this point it has stopped working even after I spent extra money in trying to fix it. Any advice on how to proceed would be much appreciated! TIA

@Caleb Brown Yes, I am starting to realize that it would be much easier. I just have 1 duplex at the moment but am also flipping 2 houses, have a full time 9-5 W-2 and another business with my parents which I help manage on the weekends. My thought process was that I could self manage until I have a few more doors but now I am second guessing myself just with everything else going on. I have also considered investing in larger multifamily properties out of state (Midwest) on which I think the numbers would work better for a full time PMC.

Hi All, 

For those with long term buy and hold rentals, when did you decide to hire a property manager vs. just managing them yourself? After a certain # of units? After a certain amount of cashflow? From the very first one? I am curious to know what your reasoning was.