All Forum Posts by: Patrick Giblin

@Kevin Sobilo Thanks-Yah I don't really think anything shady is going on, I had a similar issue occur in my primary residence and when they gave me the initial quote I figured it would be higher, as this stuff always seems to be. I argued with the city over whose pipe it was...that was fun

@Scott Mac In the Memphis area the renters pay all utilities including water-one of the reasons it's such a popular investment area IMO-I did press my PM to address this ASAP as even if the bill isn't on me, its not making my tenants feel great and prob not helping my yard at all

I have an out of state SFH property that was purchased from a turn key company and I have it managed by their in house PM team. No problems since purchase in August 2021.

Last week was told that a main water line leak was discovered and initial estimate was $2,100. However just yesterday (after about 4 days of delays starting the work) my PM emailed me to tell me that the vendor said the line was underneath the root system of a tree that had been cut down and now the estimate was $3,500 as the vendor could not cut through the root system and would need to partially re route the line.

First time managing a large expense and I have no reason to NOT trust the PM but I still feel like I should do something! I'm a very hands on person so trying to remain Zen but also be somewhat proactive-I have the funds in the business and I was conservative in my percentages for cap ex, repairs etc and took no cash flow out in year one. Should I contact vendor directly? Trust PM? Would love any advice and insights

Vermont is very unique-Burlington is obviously the large draw but cash flow is almost non existent. The valuations the past 2 years have been absolutely nuts. Multi families up here are usually at least 100 years old and in very rough condition (see college rentals) but with such limited supply landlords can get away with neglecting buildings until they are nearly falling over

Prices are starting to come down with increase rates but they still don't pencil in my experience. 

Sounds overall like a pretty bad idea.

As someone who works with older adults and their adult kids all day as a home health provider, this sounds like this is something your friend is interested in more than his mother and he is looking for validation from someone for her to be an avenue for him to pursue REI.

@Mike Crouse Sounds like you know this is not a great idea as well-if it sounds too easy-it probably is too good to be true. I'd warn your friend against pursuing this for all the reason everyone else has mentioned above.

 Travel RNs and therapists get paid a per diem, one for housing and one for food per day, and then a normal hourly rate.

The per diem, since it is a cost associated with being a traveler, is tax free. Therefore many contract companies try to maximize that rate and keep actual wages low to the benefit of the worker.

Ex) A PT may make $40 an hour in VT, but their travel rate may be $31 with a $95 per day for food at $1900 for housing per month.

How people choose to use the per diem is up to them, they do not HAVE to spend it on housing...much of the van life trend was started in part by traveling therapists and RNs. Keep your housing dirt cheap and try to keep as much of that money as possible.

When you say, "travel nurse rents are much higher than the housing allowance" I am not sure what you mean. There is no specific "housing allowance" other than the per diem and travelers never disclose how much they are getting to those they are renting from (at least they shouldn't be) and for each provider it may differ.

Where did you get the $1500 a month number from?

I'd try to find out which travel companies tend to staff the local hospital-some often have exclusive contracts or work with one or two of them. 

I'd see if you can connect with any landlords in the area who have rented to them as well. Pay for housing varies per staffing agencies as some work to drive down you taxable income and jack up the per diems for their staff as its tax free.

I'd start there

Sounds like you are in Vermont?

Be aware the rules around Airbnb/short term rental are at risk of changing. It was taken down last year in the legislature but with the housing issue continuing to be a major issue here (especially in the southern ski town areas) it will continue to be something to be mindful of if you pursue STR or medium.

Just FYI as an occupational therapist, there are also traveling therapist who come to VT. Just an FYI so you are aware of all you options.

I did travel therapy outside of Vt and can give some insight on the other end if you'd like

@Zach Cowan

We are neighbors! In the south end myself in a SFH!

Ive been looking at some multi family in Burlington as well and the numbers just don't work. No cash flow and a brief look back the other day showed that all the ones that have gone up over the past couple months have gone for over asking. Wild.

I'd vote south burlington or winooski. SB for the schools, winooski for its proximity to burlington and where people are going who can't afford Burlington. Outside of Chittenden County, its gonna be really tough unless you do STR or get an off market deal. Hope others chime in cause VT is a hard place to make buy and hold work right now.

@John Tobin As a VT resident who has been following this in Burlington and throughout the state, personally, yes I think it will continue to come up The ski towns in southern VT are suffering a significant housing crunch for locals in the area as well as with ski mountain staff with no great solution in sight. I haven't heard anything specific about it coming up this session, however the housing shortage has no simple solution so I think it will continue to be a potential risk factor worth considering prior to investing as exit strategies could be limited. Will limiting STR solve the housing shortage? No. Will lawmakers still look to target it. yes.

Thats an amazing location in the SLC area! I would NOT sell but consider heloc or refi. Salt Lake City, in large part due to the Morman church, has a high probability of continued and sustained growth. Even if the market cools down, your equity will continue to grow long term..also $300 a month cash on top of that equity isn't nothing!