All Forum Posts by: Olga M.

I think a step-by-step video for beginners would be useful so that they know how to interpret all the data they put out and why each piece of information is important and useful. They need to sit down in front of the user end with a newbie and have the newbie explain each data portion to them. If the newbie user can't explain or doesn't understand the data, then they know they have an educational video to make. Value Add.

Exactly! This is what I read over and over in STR posts. Once you call them out, they settle down. I've done that with LTR tenants too, and it works.

I've learned from the Airbnb groups on another platform, that the best option is to offer them a full refund to leave immediately if they don't find your place satisfactory on day one when they start complaining. Usually, they stop. Otherwise, you cater to their complaints and then they give you a bad review anyway. 

Acknowledge and fix the issue immediately and as best you can. If they leave you a poor review, acknowledge it in a proper, apologetic, and respectful way. The public will overlook it, especially if you seem responsive, positive, and have other great reviews. Things happen.  I see a lot of hosts do crazy in review replies and it hurts them. Let the guest do crazy, but not you.

I've never accepted a discount. People should book within their means. It's a bad start and people don't appreciate it from my experience as a 5-star Superhost. People who tend to book within their means fare better experiences and leave excellent reviews. They can afford it, they can pay for it, and they are happy guests focused on their trip.

With that said, if light bulbs are out etc., then the property manager/cleaner needs to do a better job if true. Inspect every room as they clean. What's missing, what needs to be replaced, refilled, etc.? I also leave extras for my guests because things do happen over time (thermostats, smoke alarms, remotes, extra trash, spills, snow/ice, etc.). Light bulbs, batteries (all sizes), trash bags, cleaning towels, ice melt, etc.

Hope this helps.

Thanks! Makes sense. My partner is my sister in one LLC, but not in the other two. I wanted to give the business to my company and my TC to keep her employed as well. I will take it in the legal. Thanks!

Greetings:

Question for you all. 

Do any of you have more than one LLC company where one company hires and pays your other company for management/admin/reporting?

Is that OK to do?

I own two rental LLCs (with partners) and a Real Estate Services LLC (with a TC employed). I was thinking of hiring my RE LLC to do all the admin/reporting/quarterly for my rental LLC. Is that doable without getting into trouble?

Why pay someone else the admin business when I can give it to my other company? That's my line of thought anyway. Wondering if anyone else is doing this. Please advise and thanks.

@Chris Fillingham, near UMSL. My sister and I went several times to visit my nephew at UMSL. I figured there was a need for parent/family STRs near the school. Universities have a lot of activities all year round, including from visiting professors. I figured I would try it out. Worst case, I can go LTR. Hope that helps!

Thank you, all!

@Steven May thank you!

Investment Info:

Single-family residence fix & flip investment in Kansas City.

Purchase price: $34,000
Cash invested: $24,000
Sale price: $100,000

Bought a home initially to fix and rent.
We stayed true to the style of home when rehabbing.
Did a personal appraisal because I thought it was worth more than the going price of the neighborhood.
Comp came in at $100k, in a typical $50k neighborhood.

What made you interested in investing in this type of deal?

I needed to start somewhere with cash.
This neighborhood lent itself to it.

How did you find this deal and how did you negotiate it?

I found it through another local Realtor investor (owner).
He listed it and was unloading it.
Most ugly, and problematic tenant occupied house on the block.
Negotiated it in person.

How did you finance this deal?

Cash.

How did you add value to the deal?

We met in the middle.
I got it for under asking.

What was the outcome?

Bought the home.
Rehabbed it, but then I decided to sell it.
Almost doubled my investment.
Long-time homeowners were extremely happy to have a new homeowner rather than tenants.
Sold to a local female veteran.

Lessons learned? Challenges?

Be open minded about what you buy and what you plan on doing with it.
Listen to your gut, despite what comps and people state.
I was told I wouldn't get get more than $50k initially; then $80k.
Be willing to spend $500 on a private appraisal to earn thousands more.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself (Realtor) in KCMO.