All Forum Posts by: Sean Lambert

Most people have touched on specifics above, but I'll add and emphasize a few things for our AirBnb.  We have a super comfy bed, along with small added amenities like QTips, cotton balls, Nespresso coffee pods, teas, bottled water, smart TV with cable and really large Pendleton bath towels.  One of the biggest things now is fast internet and wifi.  We also leave a $10 gift card to our local ocean front brewery and two wine tastings at our local wine bar.  Everyone has different tastes in beer and wine, so we don't leave anything in the space (it might also be a liability to leave alcohol in the space).

We also use a professional cleaner.  She does a great job in making the space spotless.

Have backups and back up inventory of everything and two sets of all linens, so you can turn the space over quicker, without having to wait for the laundry.  Get a great washer and drier, because when you're busy, you're going to be doing a lot of laundry.

We do a two night minimum.  A single night would be too many turns.

I only do M2M leases.  It gives you and the tenant more flexibility.

You might also look for a mortgage broker.  They may cost a little more for closing costs, but they can help shop for a loan that meets your needs.

Check your local/state laws on how much you can increase the rent.  Even if you can raise to market rent, there is no way I would raise the rent that much unless there was a turnover.  

Why hasn't the rent been increased on a regular basis?

Write up a new lease (I do M2M leases) and up the rent a bit (following local laws).  Continue to raise rents on an annual or semi-annual basis.

Good luck.

Have the renters moved out and you're trying to get them to pay for the carpet replacement, or do they still live in the unit?

How old is the carpet?  usually if the carpet is too old (5+ years), it's already been fully depreciated and can't be deducted.

Definitely don't put new carpet in the unit, especially if the smokers are still there.  If they have moved out, don't replace the flooring with new carpet.   

@Calvin Jordan I’ve done electric snd plumbing before, but won’t do you think it again. There are professionals that do you think much better work.

Yes, you need to disclose what type of property you're purchasing.  As mentioned above, the lender is going to find out anyway.

no clue on the areas that you're looking at, but confirm it cash flows before purchasing.  Good luck.

The county should have a method of searching owner(s) of properties and then use anywho.com (or a similar site) to try to track down contact info for the owner(s).

...or knock on the door.

Good luck.

What would be your plan for the house if you bought it?  Get that ironed out in your head before the next steps.  Fix/rent, Fix/flip, Fix/live in

Contact the family (give it a little time after the passing, don't be a coffin chaser), offer your condolences, ask if they are thinking of selling the home.  

If they are thinking of selling, ask if you could look at the home (maybe they aren't using a realtor).  

Assess the repairs needed and compare what the cost of the home+repairs vs. what you want to do with the home (rent/flip/live in).

If everything offers a great cash flow or a house you'd like to live in, submit an offer.  If this is your first rodeo, you might want to have a (buyer's) realtor guide you through the process.

Good luck in the process and keep us updated.