All Forum Posts by: Philip Lee

Looking for recommendations on short term rental property managers. I’ve used Evolve for some time, but the property manager they had for me can no longer accommodate my two properties. I’m going to be on an overseas tour for 6 months and need a trustworthy company that can help book and transition guests (including cleaning, etc.). I actually have a good cleaner just need someone to verify everything is stocked and no damage, etc has occurred and all is in working condition. Any recommendations? Looking for December 2020 start (ASAP). Thanks in advance!

@Patricia Steiner you make some great points! Thanks for sharing that. I think I will lean toward the short term side of things and aim for 30 day minimums. Right now is the beginning of the “busy” season in Phoenix for short terms and I did well on my condo last year during this time. I do have enough furniture to furnish both places so it wouldn’t be a problem setting up for short term. And you’re right, I wouldn’t want to give someone an opportunity to destroy the furniture/place over the course of a year and also take advantage of potentially not paying rent (if they lose their job from Covid)... thanks again!

@Stephen J Davis great point! Thanks for that insight.

Hey everyone! Thanks for taking time out of your busy days to read this. I wanted to get thoughts from some of you in regards to renting during these unprecedented times.

I have a condo that I’ve Air BnB’d in the past and just closed on a triplex with one unit still vacant (other two have one year leases).

With everything going on would you try for short term month-month or try and get long term renters to “weather the storm”? Concerned that tenant protection laws might put me in a tough spot through 2021 if tenants don’t pay rent.

@Kyle Robertson great discussion topic! I’m in a similar situation as yourself. I’m at the point we’re I’ve lost a lot of motivation at work and am not as productive as a result. I can’t stand that feeling because I know how hard I work when I’m passionate about something or pursuing something on my own. I’ve started writing down things I want to do/pursue and ways to make money doing so - aligning passion with income. Sounds like you have a good amount of passive income coming in that maybe you don’t have to look for additional income - good on you! I’m not quite there yet, but on my way. I’m also the type of person that works better under pressure, and leaving my W-2 job would certainly force me to be creative. I can imagine you won’t just sit back and relax after quitting - you’ll find ways to be creative to bring in even more.

Personally I just closed on a triplex and own one other property. I'm in the AF Reserves so have access to VA loan and Tricare, so I don't have to worry about finding third party health insurance when I go it alone. I'm thinking of getting RE license, but also putting together a business plan on something I'm really excited about and could be really lucrative. I know I won't pursue my business idea with the busy W-2 life I currently live. Between the military, task apps, new business, etc. there is never a better time to be able to make supplemental income and be my own boss. That's my approach anyway, and I'm building my 1-5 year plan based on all of that. Best of luck to you and always good to see we aren't the only ones with these types of questions.

@Renzo D. I also used an IRRRL, but used it to get out of my VA loan - sounds like you streamlined a lower rate but stayed with the VA loan? In that case, I imagine the VA would require you (as they do when you initially purchase a VA loan property) to occupy for 1 year. If there is a "reason" that you feel you can't fulfill that one year, then you would be able to purchase another property. You could use VA again as there is no limit to VA loan amount anymore and you can use it on multiple properties. My strategy consists of buying with VA, occupy, IRRRL (free VA loan) and repeat. BORR (Buy, Occupy, Refi (IRRRL), Repeat). Hope it helps!