All Forum Posts by: Reese Newell

@Serena Kim Those are good tools to be using, you can also use services such as turnoverbnb for the cleaners.  If you continue with the mindset of no one cares about your home like you do (which is true), then you will forever be making it a part-time/full-time job.  In my opinion, really finding cleaners you care about will help with this alot.  If you want to inspect everything afterwards you can pay your cleaners for another 20 minutes to take quick photos and send them to you.  

The main issue with the approach of walking it each time is you are hurting your ability to scale if you won't let go of that control level.  Will seeing the unit once a month while receiving a few photos post clean each time alleviate that mind set?

@Aron Ost, I echo what the others say.  It is a lot easier to try and learn closer to home on your first deal.  Try to connect with local people in your area and see if you can provide them with any kind of help or service in exchange for them letting you learn a little from their current projects.  Perhaps you can bring one on for a small amount of equity on your deal also as a "side coach".  Best of luck!

@Brandon S. the same information you got from Luke and John in the other thread are good information with the LLC. I would not worry yourself with that yet. Please note that I am not a lawyer, but with a policy for short term rental you should be similarly protected. Depending on your net worth, speak with a lawyer on the topic if it concerns you that much.

@Keleisha Carter you will find that Orange county is extremely restrictive when I researched the areas.  Osceola County is much easier and a lot of homes there fit communities that were built for this type of investment.  I would recommend sticking to that county.

Refer to what @Mike V. said and you will find it fairly quickly.  A side note, do owner's send this out with an email when a booking gets accepted.  If so, do you have them esign it somewhere so both parties receive a copy easy?

@Keleisha Carter what are the goals with your first short term rental?  Are their metrics you are striving to reach?  That will really help you determine when to enter.

Myself for example, I had a great career and am moving over to transition fully. My first STR is more about establishing my process and ensuring that I enjoy it, and then expanding. This allows me to be closer to home for lower margins, but is ideal for my situation. This will vary from person to person.

@Keleisha Carter, I am buying my first airbnb currently in the Fort Lauderdale area to work out any kinks before I move out of market.  Orlando will be my next one.  The new theme park sounds amazing!

When you look at all the communities, most are very cookie cutter and similar layouts with a good amount of inventory.  I am going to keep an eye on prices going forward and buy during any dip after a few months of running mine successfully here.  Do not feel a rush to get in right now as tourism is down.  Tracking the metrics of the park and any good news would be the way to go!

I am under contract for a property roughly $10k under comps at $495k.  I planned on using it for a short term rental in Florida.  It is listed a 4/2 although the inspection came back as a 3/2.  The inspector said everything looks fine and to not worry about it further.  The seller's disclosure had a box that they did not want to check stating that they knew about the addition which was a garage conversion in to a 4th bedroom.  Upon catching this (as a first time buyer), I contacted my agent to discuss the issue.  Fortunately, I do have an out with the inspection contingency still.

Essentially these are the options, I can go through with the purchase, and the property taxes will be lower, and it will likely be fine.  However, for short term rentals here in my county, the code officer comes by to inspect the property.  I believe that they just look to make sure everything is what is needed in an airbnb, but I am not sure if they pull up the bedrooms and tell me the 4th bedroom is not permitted and that I need to get it up to code.  If they do, I will be on the hook for it.  Please advise as this is a difficult situation as a first time buyer.  My gut tells me that because the code officer comes I'm taking on an extra risk and would need a larger discount for the property purchase.  I don't want to run in to extra issued on my first deal as I am already taking on renovating the backyard as well as furnishing it and setting it up as a short term rental for the first time.  How common is this? How would you approach this?  Thanks so much, this first deal has been exhausting.

Just a quick update, they are telling me to not negotiate now and just do it after the inspection.  I am just nervous that that would mean I am waiving my right on some of the issues I have if they don’t get mentioned in the inspection.  Couldn’t they claim they fixed all inspection stuff and fulfilled their end of it and I don’t have a guarantee to negotiate the other things?  Their agent is tough and wants anything that seems to help her do less work.  She is hard to even get a hold of on the phone.  

@Jim Butterfield the backyard was either maintained when they took the photos or they were photoshopped.  We have clear videos and pictures showing all the issues that were not initially there for us to see.

@Bryan Danger and @David P. yes all the worst case scenarios still work out in my favor, I believe any other buyer will have similar issues with the backyard.  I just want to reach a reasonable compromise with them.  I am glad to hear of the bad stories and be prepared, I did these scenarios heading in and alter them as they come up.  My plan was to redo the backyard with nice pavers and artificial turf so this problem may actually help on my covers!


For protection I sent over an email with photos and videos detailing the problems.  I told them I am comfortable with 2 options and was very polite.  I explained that by not bringing up the yard and pool issues now that I was legally waiving my rights to my first viewing of the property and negotiations.  I explained that there are 2 options I am comfortable with.

1) we can renegotiate the original terms due to these new findings and then go along with the inspection.

2) I am fine with delaying negotiations until after the inspection on everything, we just need to add an addendum that I had issues with x, y, z, and I am able to walk away if you want do not come to terms with those along with the inspection.  This seems highly reasonable and like the best path. 

@David P. and @Jim Butterfield thanks for the advice, I do have the inspection coming up, I did not wave that or anything.  However, the contract was contingent upon me viewing the property and being okay with it.  Their agent said we should bring up everything once and inspection is done in a few days, however if I don’t bring up the yard now since it was contingent on me being okay with the condition, then I am worried if it is not in the inspection then I will have no protection.  I am fine if they amend the contract to allow me to negotiate that as well after the inspection.