All Forum Posts by: Richard McCaffrey

Do you have any idea what it would cost to furnish a luxury home like this? I can tell you don't, because you don't even know an interior designer and you're naive enough to think you can hire a "first class" designer that "keeps costs down".

Do you have the funds available to cover the expenses (rent, utilities, insurance, marketing, property management, etc.) until it starts to produce a return? I suspect you'll be losing money for the first 3-6 months while establishing the business.

It's not really worth trying to answer your questions because you're not taking the idea seriously yourself.

I’m guessing staging would be at least 5k/mo. Prob closer to 6.5k

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Thank you for your honest responses. I think I will hold off on this until I am more experienced!

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Use an agent! If they are worth their commission, they will negotiate preferable terms at a lower price. If they can't, you hired the wrong agent!

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I have seen landlords express concerns about their credit and request them to pay the first 3-6 mo rent + security deposit upfront.

The tenant has probably run into this problem more than once and if he/she is committed to renting the property they will understand and likely agree to the terms. If they don't have the cash on hand, you can probably find a better tenant.

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I would do F in Brooklyn, live in one of the units, and have your tenants pay your rent. Make your salary and try to buy one MF property every year.

If you are going to do G, the Piedmont/West Oakland area of Oakland, CA is exploding at the moment. I'm not even close to being knowledgeable about the NYC market but I've heard it's becoming a little saturated. Not the case out here.

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Hi,

Was hoping a seasoned AirBNB professional could point me in the right direction.

I am exploring the idea of leasing luxury property in the Lake Tahoe, CA area for the winter season in the 5-20k/mo range and renting out for $500ish/night during the week and $2-5knight on the weekends. I am lucky to have some excellent contacts there so I believe I can potentially pull this off. I personally know that the demand is far exceeds the supply for these properties.

I am new to this, so I wanted to ask:

How do you go about securing the lease with an addendum that I can sublease the property as a vacation rental and get the owner to go along with it?

Do you purchase additional insurance beyond what AirBNB provides?

How would you go about teaming up with an interior designer/stager providing a first class experience while keeping costs down?

What is the worst case occupancy rate you factor into your margins given that the property is in an A+ location and is staged beautifully?

What is the standard rate for an AirBNB property manager as I would be a silent investor?

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All Forum Posts by: Richard McCaffrey

Richard McCaffrey has started 1 posts and replied 6 times.

Post: Strategies to rent lux properties and AirBNB w/ owner's approval

Post: Strategies to rent lux properties and AirBNB w/ owner's approval

Post: Using an Agent vs Direct to owner (listed actively on MLS)

Post: Credit score slightly lower than 650 - Reject or Approve?

Post: What would you do in our financial situation?

Post: Strategies to rent lux properties and AirBNB w/ owner's approval