All Forum Posts by: Nathan Faselt

I think this way to much for cash only something seems wrong.  I would make sure to report stuff on your end for taxes you don't want something coming back on you.  and if you did do cash only you better be getting a very good deal. 

I appreciate the valuable insights shared by everyone in this thread. Building upon @Scott Mac last point, I'd like to further emphasize with remote work opportunities still being understood. With , individuals now have the flexibility to explore and live in foreign countries where their dollars can stretch significantly.

For instance, places like Brazil and Colombia offer a lower cost of living while still providing a high quality of life. I personally know individuals who have taken advantage of this trend and found themselves living quite comfortably abroad

Additionally, the gig economy has given rise to a new breed of "digital nomads" who seamlessly transition between temporary housing, house-sitting, and even camper/van lifestyles. This  allows them to maintain a fulfilling lifestyle while keeping their expenses manageable.

While these specific examples may not have a significant impact on statistical trends, they highlight the evolving nature of work and lifestyle choices. which I believe could be effecting traditional housing. 

My 2 cents are that the rockers switches are considered more high end and provide a quality feel for a home. 

People also scratch their heads about the car warren buffet drives and the house he lives.  I commend you for considering such a unique strategy that can potentially fast-track your path to financial freedom.  Renting out the main home will help you significantly and if you are willing to do this I would imagine you live below your mines as well. Perhaps you get a tenant in the main home for some time and eventually change that in time when you have a spouse or life changes. But while you can easily do it definitely go for it.

You will just want to clearly lay out the rule on things like parking and yard usage in the lease. 

Look at the city violations list,  Or watch for the obituary.   

If you take away the fans it looks cheap/  utilitarian .  Find othere cost saving iteams  on maintenance and capital improvements like LVT in the bedrooms ect. 

We have implemented a billing structure for short-term rentals that ensures transparency and aligns our interests with yours as the property owner. Our approach involves a fixed fee that covers approximately 15-18% of the estimated income, excluding cleaning charges. Beyond that threshold, we apply a fee of 20%.

Let's consider a simple example: If your property has an estimated monthly income of $1000, we would deduct a fixed fee of $150 from that amount. For any income generated beyond that, our fee would be 20%. This billing structure allows us to cover our main operational costs while also providing an incentive for us to exceed the agreed-upon gross income goals. We would also bill cleaning to the residents and the maintenance to the property owners.  

Bed bug infestations can be challenging, but heat treatment is an effective method. It's best to consult with exterminators to determine if the entire house needs treatment. Ask about warranties or guarantees for effectiveness and inquire about the choice between heat and chemical treatments. Clear communication with the exterminators will help address your concerns and ensure a successful elimination. Acting quickly is important to prevent the situation from getting worse and incurring additional costs. In the meantime, consider using bed covers, thorough cleaning, keeping items off the floor, setting up bed traps, and regularly washing sheets to mitigate the issue.

@Nicholas L.  good question- I mention in the post "For those of us with smaller properties with offsite management, what can we do to offer unique and valuable experiences to our tenants?" In this I mean anything from 12 - 80 units.

@Mike Bybee. Thanks for sharing your thoughts and real experience in this post. I love those ideas all good cheaper ways to help tenants feel more cared for and that reasons to stay home. Haha the fire arm training is funny may not be a great then for incoming tenants if they are concerned about the general neighborhood. or maybe if would encourage people to stay there "depending on your view of guns" haha. Anyway I am interested in the difference between a" landscape gardener vs a lawn maintenance person" I have never heard of that before. do you know the cost comparison or other things this vender would do?

@Scott Mac I value your 2 cents. But absolute need to consider the class and type clients. haha now that you mention it we basically already offering a garbage clean up serves already at some of the C class properties. "picking up everyones mc Donald warpers, pop cans in the parking lot and lawn"

"You really have 2 things to consider the Fantasy of it--letting you close easier, (the potential renter believes they will use this item)" Great quote.  You would be putting alot of this under marketing/ advertisement dollars to the IRS, 

Services and experiences are like the new currency , I wanted to start a discussion on how we as real estate investors we can capitalize on this trend. Specifically, I'm interested in hearing about the add-on services and amenities that you offer to your tenants.

I've noticed that clubhouses, and larger communities and amenities are becoming more and more elaborate for even the suburbs or midwest markets but what about properties that don't have those things? For those of us with smaller properties with offsite management, what can we do to offer unique and valuable experiences to our tenants?

Some examples im thinking of add-on services that could be offered include pet walking/feeding, cleaning, laundry, carpet cleaning, and other household services. Other ideas could include breakfast on the go, seasonal decorations, community events, giveaways, and unique amenities like local business partnerships ( deals), and outdoor recreation areas. 

Of course, the question arises of whether to charge for these services or offer them for free. Dose offering certain amenities for free relay help attract and retain tenants, charging for these could help increase revenue and cover the cost of providing those services. but is it even noticed or appreciated worth the increased income?

What has been your experience with offering add-on services and amenities to your tenants? Have you found it to be a successful way to differentiate your properties and attract and retain tenants? I look forward to hearing your insights and ideas.