All Forum Posts by: Paul Meyer

My STR is actually in Vermont but that doesn't even exist on BP. lol. I'm starting up again after a 10 year lapse. Exiting flipping back into rental market. My question is how many hosts or property managers request an ID before the customers checks in. I'm probably over paranoid. I have a max of 12 on my 4 bedroom in a rural spot and I got 12 adults for a 2 day stay on New Years and I requested an ID to confirm name/age. Female is not responding back with a front picture of any ID. I'm just a bit surprised but not browsing the internet on the subject. I will say my sister had a house party at her trailer but I don't know if her property manager actually requested any ID. I've got a pretty expensive remodel with furniture so I only want the right crowd. I plan to just cancel the reservation and lose the $800 profit over the stress. When I went to Puerto Rico the host requested an ID plus picture of my vaccine card and I didn't think twice and showed it. A hotel you always have to show an ID.

Other thing is insurance. I tried BP STR insurance but they wouldn't insurance my vermont mobile home. I'm having such a hard time getting insurance on a $400k property. It's scary. Anyone suggest that they will even if rates are high? Thoughts on ID's? I feel I'm going to lose business. I did put in all my channel descriptions "Host requires identity confirmation before check in".

thanks, Paul (from VA Beach)

@Bradley Letts any luck? and @Anthony Hosea so five years later where are you at? I picked up a flip property in Bolt, WV 20 minutes west of beckley. I really just want to offload it for $35k but can't find any local investors. Funny thing is that realtors say they can sell a 3/2 home all day for $150-200k in current market but no investor flippers around to scoop mine up so I'm now looking for contractors - which I know that's really hard in Beckley from what I hear. So, about to do it myself and roll the dice that my time is worth it. I didn't know if you ended up doing flips during the 2020-to present time period. From all the towns I've been in I can't say any part of WV seems really hot. Even White Sulpher Springs to do an Air bnb there homes prices are still rather low for such a high value/golfing resort area. From my conclusion in past 6 months it seems a really good location airbnb can make a lot of money for vacation  but rentals and flips are on the fence unless it's a prime prime PRIME area.

-Paul

Hi.

I'm flipping a house in Swanton, VT and don't know anyone up there. Anyone refer any contractors or agents? Or just want to get a beer and talk real estate?

@Kwan Suh sue him! haha Buddy take your losses and move on. You won't get a dime and you'll spend more time and effort that you'll regret more. BP probably told you how easy it is and you read Long Distancing investing and now you realize its not so easy. I invest out of state but manager the flips/rentals actively on site with people I hire. If what you bought is in a good area then I'd suggest trying to get a reputable property manager and let them locally hire another person to finish the work. write the expenses off on your taxes. Yes, never pay upfront but you learned a hard lesson. A lot of times for a contractor/handyman if they know you are out of state saying this myself I probably wouldn't want to do the work either because its easy they would never get paid and never come after you either. You can sue and win and never get paid (trust me I know this way too well as a landlord). Move on. good luck.

and after selling property hopefully not have lost money!!! lol Chris Barnill might be on to something because I agree margins are tighter than flip shows publicize. 

Investment Info:

Single-family residence wholesale investment.

Purchase price: $15,000
Cash invested: $2,000
Sale price: $39,000

Bought, cleaned out entire house full of poop, and just re-tailed it for a $10k net profit (after taxes) for about a week of effort (driving down there and two days cleaning it)

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

Just price. Bought unseen.

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

Auction.

How did you finance this deal?

All cash.

How did you add value to the deal?

Cleaned the house.

What was the outcome?

Sold in 1 day.

Lessons learned? Challenges?

Long drives suck but oh well.

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

Yes used an agent to list on MLS.

@Travis Biziorek I'm going to watch what you mentioned. I keep telling two friends I have LIVING IN DETROIT that think its crappy and they have the right because they are detroiters but from an outsider when I have gone there the city IS changing and the land bank is very interesting if you have the capital but like the locals say its street by street and area to area. I did a van cargo business delivering pallets of car parts and that city is a huge manufacturing part hub with real manufacturing jobs before AI and the robots take completely over. Now flipping houses there I dunno but creating a big rental portfolio is a no brainer if you invest in the desirable neighborhoods. thanks for your nugget.

@Jack Stovallundefined I would suggest just buy a simple house first and get the "feel" for becoming a landlord or working with a property manager. It's still a business. I sometimes thinks Bigger Pockets makes it sound TOO easy in every way but detroit if you are investing without seeing I would say stay away unless you go there and see where you are investing otherwise easier better developed desirable areas would be a better wiser first-time rental start. I've had GOOD experience with section 8 but to be honest when I get my government check I could careless if they rough up home IF it happens but section 8 compared to a higher rent rental are completely different demographic and customers. Look into the North Carolina / Virginia markets lots of tech growing in mid atlantic areas. Or buy an entire neighborhood in Detroit for $500k and put $1 million into it and rent the entire street as a new development and see it appraise to 2-3 million. good luck buddy!!!!! lol

ok you guys. lol. my quote was really "out of context" for this cally post because like many would agree we are talking about california crazy method homeless killers here. hahaha (personally I have driven past "camps" throughout LA so I know its real. I guess I'm speaking of normal people that don't want to be homeless or a meth head anymore and now they are fine with just weed, a job, and paying rent on time so they can enjoy their Netflix now. lol. I'm glad I'm on the east coast. Too many seasons here but maybe if global warming plays out all your crazy homelessness problems will migrate much further south after california breaks in two pieces and Russell Crowe surfs through the city. ;)

@Danny Polanski does it really matter if someone has a criminal background if they have a quality employer and solid income? Your history doesnt have anything to do with how you choose to live in the present. And you would likely not consider a low income tenant with debt regardless even if they had a clean background check. Its kind stupid that you all are sqwacking like lame ducks over this. Just grow up some. Lime the NJ guy said. Business continues. Nothing changes maybe just your negative attitudes. And yes I do have a criminal background and Im a landlord too and all of my contractors are excons too. The best! 😂

@Jackson Neu buy a property. Sell property for more. Flipped!