All Forum Posts by: Nathan Faselt

I would say it somewhat a cost of doing business.  Ideally you had good records on the properties and handed them over the new owner from the beginning.  But also you dont have to offer that info especially if it wasn't requested in the purchase agreement originally. We have bought properties from unsophisticated owners and you just get what you get. You may have all of the info but could just play the fool to save time.  

maybe Incentives neighbors with a reward if the catch someone.  Motion sensor lights, and just lots of lights. Good fencing and locks

those 3 would be the best for a room.  So I would say couchsurfer, Zillow, apartents.com, 

This dose seem odd I would say this is and internal policy so my guess would be that you can negotiate this as many are saying you are not qualified for there internal guidelines.  

Perhaps  

Precent the bank with your Airbnb market research and proforma/ projections compared to LTR. 

put in more on the down payment 

put money in a reserve account

Ask for a Interest only for 1- 6 months to build up reserves if you don't have it. 

I agree with @Matthew Kwan for the upgrades as a base rule of thumb. Appliances can be good but not as much as the paint, flooring , fixtures for ROI at least in our experience.

But also agree with @Bob Stevens that the math matters and you want to get rough idk or your ROI.

Without looking at the specifics, overall project, location and the cost and potential rents its hard to share great advice. We usually offer bronze, silver and gold package  with the estimated potential rents for owners considering renovations.  So you could try to do something similar of of a tiered investment and return. 

I would like to offer you some advice regarding the management of your keys I believe can be help onsite.

Having the keys on-site can pose certain risks, such as lost keys or theft, which can compromise the security of your property. To mitigate these risks, I recommend the following key management system we have evolved overtime:

1. 1st - Secure the entrance of your property: This should be the first line of defense against unauthorized access.
2. 2nd -Utilize a digital lock code: This can be installed in a closet if possible, and will provide an additional layer of security.
3. 3rd- Install a key-coded key box in the closet: Choose a key box that is secure and not easily accessible, such as one that is bolted to the studs and not installed in drywall.
4. 4th- Utilize a key ring with a tracker: Keys can be labeled with coded labels, and a tracker such as an Apple Tag or Tile key chain can be attached to the key ring to help prevent loss.
5. 5th - Label individual keys with codes: This will help prevent unauthorized access in the event of theft or a key breach. A digital list of the key codes should also be shared among authorized individuals.
6. 6th - Keep extra locks and key sets on hand: This will allow you to quickly change locks in the event of a security breach or move-out. ( update the digital codes associated with  the  units) 

Ultimately, it is your property you have easy access to your property. You may consider asking other property management companies for their process, or scratch out the specific language in your rental agreements to address key management. 

Thanks for sharing your bio supper cool looks like you have a good base of real estate and some of the advantages through your past investments and study.  Im born and raised in the area & in the real estate world.  I would love to help you out if we can and trade knowledge as I have had a personal desire to getting into flying my self. I believe it would be a good opportunity to opening expanding my reach and network from local to regional.  I could be home the same night type of thing.     

Addressing these issues promptly and effectively can demonstrate your commitment to providing a quality living experience for your tenants, which can lead to higher tenant satisfaction and a better reputation as a landlord.

In my experience, investing in minor repairs and upgrades can also lead to a higher return on investment over the long term, as it helps to maintain the value of the property and attract quality tenants. Also at the end of the lease they could try to use it to fight you on the deposit deposition if they don't level the unit in good condition.  

In conclusion, I would advise you to address these minor issues as soon as possible to demonstrate your commitment to providing quality housing for your tenants. Remember, investing in your rental property is not just about generating a financial return, but also about providing a quality living experience for your tenants.  This fall inline more with the high level management. If you have a online presence, you can request a review. Sometime the residents know they are small issues but if you take action it give them confidence that you take your service seriously    

Not discrediting its extremely annoying and petie on your residents and it cost you money. 

@Manco Snead

I like to think we are pretty attractive 🙂

Pace my family owned company has been here since 1986 but started serving others owners/investors in 2020 after saying NO to dozens of owners and seeing family run companies close or be sold. It became more and more apparent there was a need for management companies that have have owners eyes/mindset. If you would like you can DM me your email and I can send you some information on our services.

What do you need upgrade ?

We Have run up to 4 Airbnb at one time of our own. Recently our real estate company Pace located in {The ICR } ( Iowa City, Cedar Rapid) opened STR management division to help othere investors that don't want to be involved in the day to day and want to have the investment property more available for personal use in comparison to normal long leases. We also now manage an Airbnb for the county. Football season is great!! otherwise fairly steady through the year.