All Forum Posts by: Michelle L.

Thank you!  

Thanks Eliott.  I am trying to get longer term rentals off season.  I guess I got spoiled during the "hey days" of 2022!

Hello all,

I'm on the struggle bus trying to determine what to do with a STR that I bought in cash last November using a variable rate HELOC from my primary residence. I got a good deal on the this condo which was cash flowing great until the interest rate cost doubled. I am also worried about the over saturation of the STR market in this location (Hilton Head, SC). I know I can sell but of course the market is down so it's not an ideal time. This is my first year in STRs as well so it's really hard to project future cash flow with all the variables of this crazy market. I am looking for advice on whether I cut my losses and sell now or hold on as long as I break even. Any thoughts? Thanks in advance!

Thanks Marshall.  You are spot on!  I settled on a $1000 refundable deposit and lots of conversation with the tenant to make sure we both felt comfortable.  There is alot of trust that needs to be had for someone to Venmo or Zelle you money sight unseen and off the typical Airbnb platform.  I have used both the Zillow and Furnished Finders background check tools and the Bigger Pocket Tools leases which I think are excellent.  

I don't think every renter would be willing to put down such a big deposit for a short term stay but maybe those are the renters we don't want?  I am also struggling with tenants wanting to tour the property before committing.  I live 4 hours away and self manage so I'm struggling with how to handle these requests which come mainly from my Zillow listing rather than from Furnished Finders which are mostly out of state as well.

Good luck and thanks for sharing!

I've listened to multiple podcasts and was inspired to move to mid term rentals on my 2 Airbnb properties in Hilton Head. I have some interested parties but I'm stuck on how much to charge for a deposit for a 30 day stay. Do I go with a $250 refundable deposit or do I charge a full months rent of $1800? This seems excessive for a 1 month stay but if they turn into nightmare guests it might be needed. I am doing background checks thru Furnished Finders KeyCheck and using Bigger Pocket Pro Tools for the lease but I'm stumped on how much to charge for a  security deposit on Mid Term Rentals. Any advice?

Thanks all!  Yes, I will draw up a lease and do a background check.  The issue of tenants rights is why I am concerned about the payment aspect.  I've had a good experience with a mid term renter in the past but I found her thru Nextdoor.com and met her in person before approving her.  This is all long distance so there is more risk for sure.

Hello-I am new to Furnished Finders and found a tenant for 1 month off season.  I don't have Stripe and am wondering if it's unusual to ask the tenant to pay upfront via Vemno or Zelle?  I normally only rent via Airbnb and VRBO so this hasn't come up before.  Thanks!

I heard about this on a recent Bigger Pockets podcast #665.  I guess I should DM him for more info!

Hello, I own several STRs in Hilton Head and am struggling with the cleaning not being done to the standard of a 5 star review.  With very limited options for cleaners, I was thinking of offering the current cleaners a bonus after receiving great reviews.  Has anyone had luck with this strategy?  If so, I love to hear your approach!  I pay between $135 and $165 per cleaning of my condos and not sure what would be motivating to the cleaner and also not leave me broke by paying even more for cleaning out of pocket.  Any insight would be appreciated.  

Hmmm. I didn't think of that but sounds like something to look into.  I believe I would have to have it rented for a period of time so I could show rental history.  Any idea how long you need to rent to get a cash out refi as a commercial property? and what type of lenders I should be looking for?  Thank you so much for the info!