All Forum Posts by: Mike Eichler

Quote from @Michael Connolly:

Both are great points and I value your opinions. My thoughts were that those services are the same thing I’ve done with my own str and continue to do. Most of the systems are streamlined and on autopilot. That being said I haven’t really considered becoming a property manager. Most of my team and services are in South Carolina , where I own. I have been successful in charging 20% of monthly gross . But I’m a sponge and willing to take on any advice . 

One thing we do that many people like is we charge our management fee AFTER cleaning is taken out so that they are not paying management for cleaning costs. We also charge slightly higher than others (22.5%) but we provide the consumables for all of our management clients 

I work closely with a management company of over 200 STR units and am happy to answer any questions you might have!

Hope this helps 

Live Free

-Mike

A lot of times these can go very well as it's a much lower cost of entry than typical homes and nightly rates can typically be quite high relatively depending on which area you are in.

One thing to be careful of is regulations I would check many things, including Township/County rules, and regulations as well as checking HOA rules if they apply. Some of this governance don't allow STR at all or is heavily restrictive, so just be careful before you act on anything, I love the idea though.

Hope this helps, let me know if you have any more questions, I am happy to help.

Live Free,

Mike

I would check many things, Township/County rules, and regulations as well as checking HOA rules if they apply. Some of this governance don't allow STR at all or is heavily restrictive, so just be careful before you act on anything, I love the idea though.

Hope this helps, let me know if you have any more questions, I am happy to help.

Live Free,

Mike

I would check many things, Township/County rules, and regulations as well as checking HOA rules if they apply. Some of this governance don't allow STR at all or is heavily restrictive, so just be careful before you act on anything, I love the idea though.

Hope this helps, let me know if you have any more questions, I am happy to help.

Live Free, 

Mike 

One great system we have implemented into our STR management company is the use of what we call "concierges" or people that will go and check the property after each and every reservation with a "Walk through" or a checklist of all the things that should be ready for the property to be ready for the incoming guest. We use the app called breezeway for these lists and these lists include things like, are there ample towels, dish soap, laundry detergent, etc. As well as is the bed made and clean, are there crumbs inside the couch.

Hope this helps, let me know if you have any more questions

Live Free, 

Mike

This is definitely a dilemma, for me I would keep my options open and only move on this if you truly believe in it, I personally don't like to straight up break rules, especially when there is a potential threat of them coming down to enforce them. There are always more deals to be found that won't have these types of restrictions.

Hope this helps, let me know if you have any more questions

Live Free, 

Mike

Yes, I love @Travis Timmons response, if the cleaners are continuously not being very great and it is reflecting on your review performance, you should seriously consider dropping them.

I work with a property management company with over 200 STR properties managed and we have after going through many cleaning teams, found a few that genuinely do great work, and instantly our reviews went up. I suggest possibly talking to other hosts nearby to your area and see how their cleaners are and start using them.

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

Live Free, 

Mike

Yes just like @John Underwood mentioned, find yourself a broker. 

First off great job getting thus far in acquiring 17 units. I would definitely try the cash for keys method, even if it's much more than you'd want because it's better to get a new tenant in there that will be paying. Whatever happens, I hope you the best of luck!

-Live Free, 

Mike 

Hey, @Staci Russell Welcome to the Bigger pockets family.

I would check with your local HOA/ Township rules for this scenario, you should be good to do whatever. I would talk to the tenants and see if they want to keep extending their lease, and you could get a "long term" lease with them, not much of a difference between short or long term but it will depend on where you are located and the local rules.

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

Live Free, 

Mike