All Forum Posts by: Robbie Shiver

Quote from @Tim Delaney:

One option is to call around and talk to some STR managers. Depending on what aspects you would like them to handle vs you then you may be able to negotiate that 20% down lower.

Alternatively, look into medium term rentals. Since your place is already furnished you can test this out pretty easily by changing the minimum stay to 30 days. Also see if you can find any corporate housing companies. Sometimes large employers will rent furnished apartments for their employees coming to town on a regular basis.

Also, if you believe strongly in the appreciation of the house, how bad would the negative cash flow be if you did long term rental? Is your income in a place that you could fund that for awhile until rents catch up and make it positive?

It is possible that I could sustain some low months with my income.  It doesn't feel right to take a monthly loss on an investment property but it could be worth it for the short term.

Quote from @Alex Scattareggia:

Is the problem that the property wont be profitable with the 20% management fee taken out? And are you moving out of the upstairs unit?  Seems to me whatever % you would give up would be offset by simply renting out the upstairs unit.   

My mortgage and escrow don't allow me to consistently profit enough on both floors to handle a 20% management fee and not take a loss some months.

Quote from @Michael Baum:

Hey @Robbie Shiver, sounds like it is time to sell it. If you can't convert the whole place to a LTR, then let it go and find another place.

Having said that, is the place split into 2 legal residences?

The only thing I can think of is maybe get a co-host to manage the day to day.

Are you wanting to vacate the upper floors and find a new place?

The place is labeled as a single family but has a fully functioning 2br basement that works well as a 2nd unit.  Life changes have me looking to vacate the upper floor for my own living.  I've rented it out before but with my full time job, managing two STR's is a bit stressful and hard to sustain so looking for other options.

Quote from @Andrew Steffens:

You may want to look into a limited service agreement - I offer this but currently in FL only.  For 10% I handle bookings/marketing, pricing, and guest communications.  You just have to handle cleaners and maintenance items.  These can be fairly automated for you as well to help save you 10% which on 2 units could be well worth it.

Are you aware of anyone offering this service in ATL?

Quote from @Landon Smith:

Robbie, what are the management items that are taking up too much of your time?

Mostly messaging with guests regarding issues, questions, concerns, as well as coordinating repairs and restocking supplies.  I tend to get questions or concerns outside of business hours, which make it tough and frustrating at times to provide immediate replies (although I do get back to the guests quickly)

Hi all, I'm wondering anyone aware of a resource that would provide alternative options for a property that is currently listed on Airbnb?

For context - I have a five bedroom home, split in two units in ATL. I live on the top floor but have also rented out both floors previously via STR. The bottom floor is a permanent STR.

At this point, living on the top floor of an STR no longer fits my life and while it has been somewhat profitable depending on the month, I can no longer handle the hassle of management and would be taking a loss if I used a standard airbnb property manager. I've heard they take about 20% of booking profits...

I'm wondering if anyone has any ideas and/or resources that I can look in to for different options for my home. I have another long term tenant in a different property and that runs smoothly. However, the mortgage and taxes are too high in this home to go that route. I don't want to sell because I'm in an appreciating neighborhood but definitely need to look in to some other, potentially more creative solutions.

Any help would be much amazing, thanks everyone for taking the time to read my post!

Hi all, I'm wondering anyone aware of a resource that would provide alternative options for a property that is currently listed on Airbnb? 

For context - I have a five bedroom home, split in two units in ATL. I live on the top floor but have also rented out both floors previously via STR. The bottom floor is a permanent STR.

At this point, living on the top floor of an STR no longer fits my life and while it has been somewhat profitable depending on the month, I can no longer handle the hassle of management and would be taking a loss if I used a standard airbnb property manager. I've heard they take about 20% of booking profits...

I'm wondering if anyone has any ideas and/or resources that I can look in to for different options for my home.  I have another long term tenant in a different property and that runs smoothly.  However, the mortgage and taxes are too high in this home to go that route.  I don't want to sell because I'm in an appreciating neighborhood but definitely need to look in to some other, potentially more creative solutions.

Any help would be much amazing, thanks everyone for taking the time to read my post!

Hi all, apologies if this is not posted in the right forum... Just curious if there are any spreadsheets available in this network that can help to project long term ROI for preferably house hacking but also just real estate investments in general. I am looking to use this info as part of a pitch for private lending and potential partnerships in the near future. Thanks everyone!

Quote from @Michael Dumler:

@Robbie Shiver, you cannot purchase a small multifamily using an FHA-insured loan and not live in the property, you'd be committing mortgage fraud in this case. You can get an FHA-insured mortgage under an LLC but there are many restrictions/regulations involved. Again, one of which would be that you have to move in within 60 days of purchase and live in the property for up to a year. Even with your mom as a memebr of the LLC, I still believe this would not be allowed. Moving forward, you'll need to look into other loan products to satisfy the purchase and investment strategy. Could you sell your mom's current residencence and have the FHA loan be in her name?

Thanks for the feedback.  My mom is working on moving out in order to rent her house as she currently lives in an area that can return great rental value for her home.  She is looking to downsize to an apartment that would fit her needs better and I will run all aspects of the property management and rental for her so she can just collect the check :)

Seems like the best route for the multi-family if I wanted to go for an FHA would be to cosign with her as I currently down own any properties outside of my LLC.

Hi all - new to the forum...  I am looking to purchase a four unit multi-family in Atlanta.  I will be financing it but I would like to move my mother down to Atlanta as she is getting older and would like to be closer to me.  I would like to use an FHA loan and have one of the units be my mother's primary residence while renting out the other four units.

My question is what would be the best way to go about this.  My mother owns a home and the properties I own are under a separate LLC.  Would making another LLC with my mother in it allow me to get the FHA loan and have her be the primary resident for one of the units?  Obviously I'd like to avoid purchasing the property in my name and would prefer to be covered under an LLC.

Any suggestions?  Thanks so much!