All Forum Posts by: Stacie Casella

Hi everyone!
We are looking for a multi-family (prefer 3+) property for our 1031 exchange. Need good cash-flow as previous property was providing that, but we are in it for the long term so appreciation is important too.

Would like class B/B- property. Ideally Midtown #Sacramento works location-wise, as it is only 90 minutes away from our home in the SF Bay Area. We already own property there, so we already have our team in place and can self manage.

Willing to go out of state to make the numbers work. #Boise ID, #Nashville / #Clarksville TN, #Austin / #San Antonio / #Houston TX, #Louisville KY, and #Dayton / #Cincinnati OH intrigue us. Sub markets to any of these locations might work too.

Any suggestions regarding properties in these areas would truly be appreciated.
We are both licensed realtors in California. We need to identify 3 properties by 7/15/2022. Deposit and loan preapproval in place so we are ready to buy on the best property we can find!

 

Sorry we can't attend!  Would love to meet up and network in the future though!

Quote from @Jessica Sorensen:

@Dan Sundberg I tried to share my link but it looks like that was removed. I guess FF is allowed so I'll try that one instead: https://www.furnishedfinder.co...

It was almost more like an unfinished second floor than an attic? Here's a before photo below. So we had existing stairs off our kitchen and just built a mudroom to add privacy for access through the back door. I keep meaning to make a post about it! Airbnb fees aren't too bad for the owner. It ends up a few hundred dollars per month. But for the tenant it's something like 10% so we had some people back out before we revised our FF listing to clearly include the Airbnb fees. I like it because it guarantees payment, and if we ever get into a dispute or there's damage, Airbnb will deal with it and it's like a backup insurance for me. We live on site so it helps with screening and reviews as well. I feel like I get a better sense of a person from their reviews than a credit report or taking the time to call references that they cherry-picked. 

 WOW!  You did an incredible job decorating that!  Seriously impressed.  Thanks so much for your input, I will have to look into that tip about booking on Air BnB.  We are currently remodeling a studio after a Covid tenant trashed it.  @Dan Sundberg Agree on a studio being a small space for someone to live in for a year... Another reason why we want to move to mid-term.   Love meeting our Midtown Investor neighbors!

@Dan Sundberg Thank you so much for responding!  I took a big sigh of relief after reading your response and checking out your rental online.  Our studio (between P & Q) is similar in size and I was concerned we might have an issue placing someone.  However, we are in a great location so was hoping that would help.  We never have an issue renting long term but, with the studio's, tenants usually do not stay more than one lease term.  I've wanted to get into short term rental but given we live in the Bay Area, I didn't feel it was cost effective to be driving back and forth every few days, even weekly, as we wanted to continue to manage ourselves.  Besides, being so close to the capital and two great hospitals, we thought mid term would be good to give a try.  In addition, we wanted to be considerate of the other tenants in our 6-plex and thought a lot of coming and going from this studio unit might be frowned upon.  Thanks again for sharing your success.  It made my day to know we are on the right track.   

 Great insight, thanks Scott!  My cousin is a designer and my husband a professional real estate photographer so hoping I'm covered.  Looking forward to getting to design it.  Super small space so will need to be creative!

 Thanks so much Ron!  Very informative, I really appreciate it.  Our unit are in midtown Sacramento, only 1 mile from the capital and 1.5 miles from 2 major hospitals, plus walking distance to many great parks and restaurants so hoping the area will appeal to nurses and government contractors needing mid term rentals.  I will check out the Al Williamson!

 Thanks so much Kenny.  With regards to reward, we are weighing if we should just stay long term or give mid term a try.  The unit is 90 minutes away from us so short term is not appealing as we want to try and self manage.  Thanks also for listing and security deposit guidance. 

We are converting our studio unit to a mid-term rental.  First time, newbie here and was wondering if there were any guides or books others found helpful when setting up for the first time?  I know it needs to be furnished and the kitchen outfitted, just not sure to what degree for mid-term.  Here are a few questions I have:

Given the lack of info available online, should I just setup as if short term and follow direction on the guidance available online for STR's?

Also, advisable to use a month to month rental agreement?  

How do I gauge a security deposit?

Lastly, what are the top sites to advertise on? 

I appreciate any resources that have helped others when setting up for the first time.