All Forum Posts by: Denise Brown-Puryear

Hi. We have a mix of LTR and 1 STR which has just entered it's 3rd year (as of October). As Bruce mentioned, the income potential is anywhere from 2x to 3x what you get for a LTR.  I too am very "hands on" and truly enjoy it.  I spend only about 4 hours a week on my Airbnb.  I have a cleaning staff who does a great job (after much training); however, I still go and spot check prior to a guest checking in.  I've been a "Super Host" since I started in 2018 (once I passed the initial time period).  The only month we had no bookings was April 2020 (when Covid-19 hit here in the South).  This year alone we have seen a 55% increase gross income over last year (as we have gradually continued to increase our nightly rates and have maintained a high level of satisfaction and reviews).  

Once you have a system in place and dependable, quality vendors; it is really easy to manage.  Cleaners, lawncare person, window cleaners (exterior), carpet cleaning company, laundry service (I pick up the dirty linens and drop them off to a wash and fold laundry near by).  By the time I finish running a few errands, I get a text to pick up(usually within an hour or so).  I'm very particular about how I like things done and do not leave anything to chance; especially when reviews are the key to how well you'll do in this type of business.  I also ask the purpose of the person booking for their visit (especially if they are a first time Airbnb'er.  

BTW.... Mine is in Greensboro near the Coliseum, Convention Center, Colleges, 20 minutes from PTI airport, downtown and nearby wineries and so much more!  I'm a transplanted NY'er and am surprised and pleased at how lucrative this has been.  One is enough for me at this time.

Sorry for the wordiness, but I like the business of hospitality and truly enjoy my "play house"! :C)

I was browsing through previous VB posts and there was nothing recent.  We have 15 properties, one duplex in rehab and one which is an Airbnb and has been going gangbusters this year.  At this time, I can't and haven't been keeping up with my bookkeeping as other duties have kept me busy.  Offshore is fine, as long as there are some recommendations.  I've briefly looked on Fiverr and Upwork, but decided to seek some leads here first.

Thanks in advance to all who respond.

We decided to wait until this year to start our last 2 projects but we've been having some difficulty finding contractors and trades  for our last 2 property renovations.  I project manage our renos; have a scope of work as well as layouts.  I've done walk-throughs given them the package and don't hear back from anyone.  At least call and say you're too busy.  I can respect that.  Never had this issue pre-covid.  Wondering what's going on???  They're located in Greensboro, NC.  One is a duplex and the other is a single family home.  All our other properties are fully rented and running smoothly.  Anyone else having this issue?  And, secondly, do you know of any reliable contractors and/or trades in the Greensboro, NC area?  Thanks.

Excellent, straightforward advice!  Our airbnb business started in October 2018 and in 2020, we've grossed more than in 2019 even with losing one month of income (April 2020) at the height of Covid-19 awareness when everything was being locked down and cancelled.  We list only on Airbnb (although I did use Homeaway/VRBO) for a short time; but found it to be fee heavy.  I personally love Airbnb and I use AirDNA for price watching as well as for other trends.  Just make sure that the cleaners or cleaning company you have is very thorough and also sanitizes (wipes down every touchable surface).  You may want to shadow them until you are comfortable and/or satisfied.  Other than what was already stated, just DO IT!  It really is not rocket science!  

Forgot to add, that we use asset backed financing for our recent cash out purchase and refi on 1 property to purchase a 2nd in the same area.  Also have a high equity property in Brooklyn, NY that we will eventually 1031 when we feel the timing is right.

I agree Frank... keep shopping.  I've learned over the past 30+ years in the tumultuous world of real estate investing that during the down times, it has been the best times. There is always someone willing to lend.... it's just a matter of does it make sense to YOU and does the numbers work for YOU.  Everyone's situation is different.  I've been a full time real estate investor (No W-2) since the 1990's and have never looked back! Never say Never....  Best wishes!

Denise

This sounds very interesting! We have several properties that are "free and clear" and I've been searching for an investment property HELOC. I'm in NC. Do they lend in that area? I will definitely look them up. But need a little more clarity on the "all in one" concept. Thanks.

Denise

Do you currently own property in your LLC? And if so, is it debt free or has a mortgage? You can look at hard money lenders many of which offer Buy, Fix and Rent programs based on the ARV of the property. Some investors are more comfortable with more "traditional" lending and others with unconventional lending situations. It just depends. For instance:

We currently have 14 properties, 11 with no mortgage, 3 with mortgages of which one has a substantial amount of equity.  We did a cash out refi and purchase on one property last year in order to purchase another townhome next to the group that we already own which made it the 3rd one with a mortgage.  We used an asset based (aka "hard money") lender as we don't have W-2 "income" and my husband is our strong credit arm.  It worked great for us.  Everyone's situation and tolerance is different.  It just depends on what is important and comfortable to you as an investor.   Wishing all the best!

I have 2 properties to renovate and am in need of an electrician and a plumber in Greensboro.  My electrician, unfortunately passed away a few months ago.  Any references is greatly appreciated!  Thanks.