All Forum Posts by: Mark Gallagher

Is anyone having problems with people getting their refunds from VRBO? We've had some cancellations and now I'm being told people aren't getting their money. This is extremely concerning to me as it should be as simple as a credit card refund. I worry that VRBO was using guests funds for operations of some sort and now they can't actually refund people. Sounds crazy to me as we surely have plenty of other bookings that far exceed the amount of refunds. VRBO easily has millions sitting earning interest before guests check in to properties.

@Chandler Miguelgorry a lot depends on the year build. If older, you're definitely going to need some additional photos/inspections. If newer 2005+, you could ballpark it. Would also depend on your exit strategy. If you're looking to hold it as a rental, a marginal roof could stay for a bit; a fix and flip - you're probably going to need to replace it. If you're renting, you could be a little more tight on rehab estimate, a fix and flip you'll need to overestimate. 

@Mike Lee if I waited to invest until I paid off my debt, I would have never paid off my debt. 

My goal was always to make the money to pay off the debt. 

If your debt costs you 6% but you can make 7%, then you're covering your debt and then some. If you can make more than your debt costs, why would you not invest? 

I would do some due diligence on him. Ask for references. If he questions why you're asking for references, or doesn't give you any, that would be cause for concern. 

How do you know he makes $$$$$? Serious question. 

@Account Closed

You said you have wanted to invest with this person for a long time - what's the back story on 'why' you wanted to invest with this person? Do they have a lengthy track record in your market, do you know their other investors, etc.? 

@Justin Youngblood

www.cozy.co - everything you need. 

@Brianne Rothbart

The sheriff will remove tenant/pets/guests. 

@Derek R Sacks

3/1 is great in our area, and attract longer term tenants for sure.

@Jason Mergl if this is a person you want to continue to help build your business, I would personally pay them with 5% of the repair costs. If you were the property manager, who would be the first person you went out of your way to help - it wold be the person who treats you the best. 

This is the wisest advice on this thread. RUN, away from this deal. 

If this is the price point you live near, so be it. But the $250K rehab is the deal breaker. 

Buy a $500K house that needs $35K-$50K in work and you can easily resell for $650K and call it a day. Do NOT do a $250K rehab on your first deal. DO NOT DO IT. JUST DON'T.