All Forum Posts by: Nick Kraska

Good luck at that price point. I live in the slightly more gentrified section of HP (one block north of the park/border Logan Sq.) - and SFH are more like 500k already. You're probably going to have to be pretty far west to find anything multifamily in that price point - I think that ship sailed this neighborhood 10 yrs ago. But, again - good luck, hope you find a good fit! Let me know if I can help answer questions about the area.

Thanks guys!   I think in a perfect world I have the connections and can scale them up or down as needed. @Paul Sandhu your list definitely helps to at least start calling some people, or ask some locals for some good reccos.   The co-host route is the easier route, but then you pay for it obviously!  @Ethan Cooke love the suggestions about bulbs/locks/etc.      And I suppose the likelihood of us getting more STRs in the area is directly tied to how good/bad our experience with this one is!  

Hi all-

Getting close to closing on a prop about 90 miles from where I live. My first STR, and plan on splitting between self use and renting to help offset costs. We've sent out a cohost request and most hosts are asking ~22%, which is higher than what ABB suggests - but seems to be in line with what traditional local prop management places charge.

My question: Long term obviously it makes sense to learn to do this all myself and be self sufficient.   Should I use a co-host just to get off the ground on a good foot and rack up some solid 5 star ratings, then transition to self sufficient down the road?   Or cut to the chase and try to get my team set from day one and learn on the fly?   My biggest concern is just having boots on the ground in case something goes wrong.   I have leads on a cleaner.  Who else do I need to confidently manage remotely?

Thanks in advance!

i've used these guys before on my old, 1904 avondale house - and they were solid.  http://www.scottishplumber.com/ . 

Thanks for the input!  From what I've seen, there is sort of a year round market - I think stronger in summer but still some winter potential.    And great points about it being more like a second home that sometimes gets rented.  A friend just introduced us to another friend who VRBOs their cottage in the area, they purchased in spring, used it all summer, then rented a bit in fall/winter - enough to cover some of the expenses for the season (but not paying the mortgage.)  I am torn because obviously it'd be great to not have wear and tear of renters and to be able to leave my stuff out, but then obviously it also would be great to recoup some of that money.     

Hi all-

Looking at property in the New Buffalo, MI area (beach town, 1.5hrs to Chicago).  I live in Chicago and was looking primarily for use for me and my wife, but with the thought that we could get a little extra income renting it out while we're not there.  So it's not strictly an investment property I guess - in that I bet it will not be positive cash flow.   I think I read that if I use it more than 14 days, it won't qualify for most of the good tax deductions. How do they know how much I do or don't use the property?  There are tons of local management companies that could handle everything if I wanted to, or could try to do a lot remote since it isn't that far away and I do have a friend on the ground I may be able to get to be my guy on the ground.    Anyone doing something similar or other words of wisdom?

Thanks in advance!