All Forum Posts by: Nick M.

@Michael Mullins @Dorcas Wood, did either of you end up signing up with BeyondBnB? Curious any feedback you have.

Sorry. I forgot to put in more detail. Doing it an LLC. Can't get conventional financing or a vacation home loan because of the number of properties we have. Ratios don't work for "normal" banks. Has to be a DSCR loan.

In need of a 30-year mortgage for a STR in southern NJ. Does anyone have recommendations for companies they've worked with in the past?

 I've joined a couple of groups on FB. They are mostly posts complaining about terrible guests. I'm sure there are nuggets of widsom in some of the posts. But you have to sift through so much negativity that it isn't worth it in my opinion. 

BiggerPockets is pretty good. But like anything these days there are always going to be ********. Take what is helpful to you. Ignore the haters/complainers. 

Remember the advice you're getting on any discussion board is free. What works for me in NC/NJ may be awful advice for wherever you're investing.The best advice you can get is from experienced paid advisors (accountant, tax attorney, etc.) that you are paying to help with your specific situation. 

 Sorry @Kevin Pillow, didn't mean to give away your secret. :)

Invest in STR data for the area you're considering making an investment. I use PriceLabs to price my STRs. Their market dashboards are pretty cheap and have an incredible amount of information. Plus they have plenty of training videos to help learn how to use them. They periodically host live Zoom training sessions as well. You can also schedule a call with their tech support for specific information.

You can drill down into how many bedrooms and what amenities make a difference on rates and occupancy for your specific area. Then you'll have a list of the amenities your house needs when you buy or that you need to add after purchase. You'll be able to get a rough idea of how much adding a specific amenity will add to your revenue. It's not exact but it's better than gut feeling.

I've also used AirDNA but their site doesn't seem as user friendly or have as many data points. And definitely not as much online training.

Good luck!

Anyone out there have the US Postal Service as a tenant? We have a post office leased by the USPS that ends in late 2021. Our previous contact no longer works there. Given all of the turmoil/changes in the past 6 months, it's not surprising we can't get anyone to tell us who we should be dealing with. 

Any feedback on potential contacts, what you've heard, etc. would be helpful!

I agree with @Steve Garner, Tony Stroud from Stroud CPA is solid. Both my attorney and financial advisor have been impressed with the suggestions he's made. 

Is this the only bathroom in the house? Is there another one with a tub? 

When we redo bathrooms, if there is another one with a tub we feel like it's ok to just put in a stand alone shower in the master. It still keeps the house attractive to a family as they still have a tub for their kids. 

Belowis a shower stall we put in on one of our flips...it should be the first picture in the series. I can't remember the size off the top of my head but can probably look it up in the receipts from the manufacturer of the glass panels.

http://nlmproperties.com/photos/delaware

Your "investor" is relying on, as what's been stated above, an inaccurate number.

Respond to his/her question with a list of comparable homes that are in similar condition to what your target property will be once you finish your renovations. Be sure to use houses that sold in the last 6 months. Listings are just asking prices. They don't tell the true value of a house. I can list my house for $2 Million. Doesn't mean that's what it will sell for. Using data from before the last 6 months is also less reliable because real estate prices change over time.