All Forum Posts by: Mike Eichler

Pricelabs is one of the most essential tools I use for running numbers for my investment clients on rental properties.

As well as Google sheets for analyzing deals expenses and incomes.

Other than that the obvious stuff like Phones and computers of course.

Hope this helps, any other questions always feel free to reach out

All the best, 

Mike 

The best thing to do is always talk to your inspector and see what he thinks about it, what the costs and severities are. 

Hope this helps, let me know if you have further questions. 

Best of luck,

Mike

Yeah this is totally something that can be done, and is quite common especially in Vacation markets like the Poconos you could add it in an addendum to the agreement of sale, just stating that all of the furniture  comes with the place. Sellers often like this because they don't have ti deal with taking out the old furniture anyway.

hope this helps, let me know if you have any further questions 

Best of luck, 

Mike

Quote from @Nathan Veilleux:

Thank you both.  Can you tell me specifically what I should give him?  I gave closing documents, I think my down payment which was out of pocket from personal assets might be deductible, I gave him receipts for furnishing the house, our monthly income and expenses, etc.  I thought that was enough, but maybe I'm missing something. 

I would try your best to give him as much info on how much you made and where it cane from, and everything you spent. 
furniture, cleaning fees, replacement items, consumables etc. 

hope this helps, let me know if you have any further questions

best of luck,
Mike

I totally think so especially Furnished MTR because of a lot of cities and places implementing laws that say no shorter than 30 day stays are allowed, I also think that in places like Philadelphia many travel nurses and jobs that require you to only be in a place for so long, these people want to rent for a few months and then need to leave again, and they want furnished places that they can just move into right away.

Hope this helps

Feel free to reach out anytime with any questions 

All the best, 

Mike 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $246,500
Cash invested: $40,000

bought this home as an STR investment spent 12k on the downpayment, 11k in closing costs 8k on furniture and some more on miscellaneous items to get to 40k, The home now cashflows over $1700 per month as an STR

What made you interested in investing in this type of deal?

Numbers worked and just made sense to buy

How did you find this deal and how did you negotiate it?

MLS and Zillow; was the agent on the buying side for myself

How did you finance this deal?

5% downpayment first time home buyer

How did you add value to the deal?

Furniture, backyard makeover, Fire Listing pictures

What was the outcome?

$1700 per month in cashflow

Lessons learned? Challenges?

It takes longer than expected to get an STR property up and running.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself as the agent :) Highly recommend me (haha)

Hey @Trent Reeve 

For starting out in STR here is what I would do

Check out your count's web page then call or visit in person to ask to see if you would need a Tax ID.

An agent that specializes in investments specifically STR should know this information already or at least be able to figure it out, if not then you probably shouldn't work with them...

Other than these things, Enure that your Listing photos are excellent quality, ensure that your cleaners are actually good, and make sure that your communications to guests are super good.

I have done a podcast episode on everything needed to onboard a new unit if you are interested PM me and ill send ya the link.

Hope this helps, feel free to reach out with any questions, im happy to help with anything STR related as that is my specialty

Best of luck, 

Mike  

Quote from @Evan B.:

What is the short term rental? is it a Cabin or a house?

 Hey @Evan B. its a 3bedroom 2bathroom house 

Hey, @Allen Steindel I'm not the most knowledgeable on this topic, but I'm interested to hear what you find out. I do know that Airbnb has its own insurance that will take precedent over yours first. I suggest to reach out to an Airbnb rep and see what they think.

Hope this helps, and let me know if you have any further questions about STR I'm happy to help

best of luck, 

Mike 

I work with a property management company that manages units in Pittsburgh I will PM you!