All Forum Posts by: Rachel Payton

@Chris Watkins

Thanks for the response! I'm drawn to flipping because I don't have to keep money tied into a property for very long and it has the potential to make larger profits in the short term. I'm drawn to BRRRR because of my property management experience and the goal of long term, generational wealth.

From what I gather there's a "seasoning" period where you're required to have a renter for a certain amount of time, or required to own the property for a certain amount of time before you can refinance. Which is fine, but I think where I am right now, flipping to gain short term profits might be a better option for me.

Hello everyone, I am trying to expand my portfolio and knowledge and am looking to partner with someone in the Oregon valley area (preferably Albany, Corvallis, Lebanon, or Salem) who has experience and is willing to teach me the flipping side of REI. I am hoping to get into flipping or BRRR, but I have very little experience in finding deals or anything more than cosmetic rehab. I DO have over 10 years of property management experience, and some funds I'm willing to invest in the right deal with the right partner.

If you'd be interested in partnering, and willing to mentor someone eager to learn, let me know!

Rachel

@Jeremy Anan

It should be in your lease that they maintain utilities. Non payment and electric being turned off is a violation of the lease and warrants for cause eviction if they don't correct.

@Kyle McVay

For STR anything below a 5 star is considered a negative review for a host. 5 star basically means "nobody is perfect, but the house was clean, and we enjoyed our stay". Things happen, stuff breaks or wears out. If you inform the host and they fix it, or if the host let you know a situation is in the process of being fixed (like maybe a washer needs replaced, but won't be delivered for a week) even if you find minimal things like a single hair on a counter, or bug(s) got in the house. Depending on location, bugs can be very common and unavoidable. These situations would all still get a 5-star. It's when hosts clearly don't care or don't clean that ratings start to go down. You should ALWAYS reach out to the host first. If they are responsive and apologetic and fix the clear housekeeping issue, that's one thing. If they insist it was cleaned and become argumentative, than give them the lower rating.

@Kyle McVay

If it's not a 5 start, it's negative for a host. Basically 5 star means "nothing is perfect, but we loved the house and loved our stay". Maybe you found a bug, or there was 1 hair on the bath counter, or maybe something didn't work correctly and you informed the host about it, who took care of it, or let you know ahead of time something wasn't up to par but they had it scheduled to be taken care of..... all of these situations would still warrant a 5 star review. It's when there's obvious negligence or lack of caring that should start to lower the rating. Finding a used pregnancy test

@Matt Allen

If I were you I'd look into commercial, 5 units or more. I would be looking to use the 200k ad a down payment for properties up to 800k, hoping for 10 units or more.

@Anthony Catoni

Where in FL?? We have one too, and some areas require you have a local point of contact. Ours does, so we hired a PM.

We're set to close on our STR in Florida in a couple days. Getting insurance on it was a nightmare. Several quotes, all over the map on price. I basically got a policy last minute that is VERY expensive (it's Florida, I get it) my question is about what I actually need covered. I'm getting conflicting info and just need clarification. I was told by my lender I am required to have windstorm protection. That makes sense. But we are financing this as an invesent property and intend to STR all year except the few times we'll vacation there. I'm hearing that I can just do a normal homeowners policy with windstorm because airbnb and vrbo have insurance for guests who book through them.

I'm not worried about the theft and damage from guests if the booking sites cover them. What I AM worried about is if a hurricane causes a ton of damage, will my property, that i mainly use as an STR, actually be covered with just a homeowners policy? Can I actually get just a homeowners policy and NOT an STR policy and save some money???

I need help!  My credit score has been near 800 for YEARS!!  in 2020 I had a baby, and during pregnancy I obviously had several doctors appointments.  One of those appointments, the billing was sent to my insurance (as they all are) and they took like 10 MONTHS to review this one particular claim, which they ended up denying.  So the bill was sent  back to doctors, then to me basically with a "This is already almost a year past due" type notice, even though my insurance company took so long to review the claim.  My score tanked like 150 points over a $1500 bad debt that was sent to collections right away once insurance denied it.  I took care of the debt immediately through the doctors office, NOT the collection agency.  I was thinking paying the balance immediately there might be a correction done to my credit report or something, but it's only come up about 10 points in 3 months!!!  We're currently in the process of applying for a loan for a 2nd home and I'm nervous my no longer stellar credit score is going to have a major impact (Husband's score is still amazing as far as I know).

Is there anything I can do to get my score up quickly?? Do I need to call the doctors office and ask them to remove the bad debt?  Do I fight directly with the credit reporting agency?  Am I totally screwed?  Should I not worry at all because it probably wont impact my ability to get a loan??

@Zachary Jensen

I agree with the wife to an extent.... I own a duplex in oregon with some great tenants. When we bought it one side was vacant and one side was way below market but he had been there for years and he does landscaping for the property. We renovated the vacant side and rented it at market. And I signed a month to month agreement with the existing tenant at a slight increase, which he was expecting. He knew he was getting a killer deal. He still is, but I'm not paying a landscaper. I haven't raised rents since. (It's been 2.5 years) That's not to say I won't, but the market hasn't increased that much, we had a pandemic year, so I knew my tenants were struggling. I am also not trying to be an ******* to them by raising rents every year, but I do intent to raise them occasionally. Basically I want to net a certain amount each month after all expenses are paid. I'll increase rents to do so. That's often less than 3%. So maybe a compromise could be increases every other year, to help resident retention or smaller increases each year.