All Forum Posts by: Stephen Kehoe

If my city banned them I would be outraged. However I don't think Palm Springs will be the one to set the trend since banning STR's has been in vogue for a while. I don't think some areas will ever ban STR's. A lot of areas like the jersey shore are built around the summer season when everyone shows up.

That depends. How far below market rate is it? Check rentometer and zillow rent manager to be sure. If it is not too far below market I think go with your guy and renew at old rate.

First question - Use closer to 10% for a cheaper older property. Use closer to 5% for a expensive newer property.

Second question - It is a good idea to factor this in if you think you will scale to lots of properties. If you plan to just have a couple (a couple paid off can provide financial freedom) I suggest managing yourself.

Third question - You may need to dig deeper here. 50% for those expenses sounds high for class B. You seem to be thinking only in %'s however some items cost the same no matter the cost of the property (washing machine). 

Fourth question - remember if you are smart and determined enough to house hack with a family you are going to succeed and should remember to enjoy the journey.

Which method is best depends on the situation. 

The classic BRRRR means finding a below market value property that has to be purchased with cash because the the house is in disrepair. This means normal house buyers aren't competing up the price on you. You then rehab the property to its highest and best use and finance out of it, exploiting the equity created. Here you ROI should be excellent.

If you have the option of financing first it means the house is in good condition. It is unlikely this house will be far below market value because you will be competing with home buyers. Here your ROI will not be as good.

I have this in place also. Something else I use that cuts down on confilct is a list showing conservative cost estimates for each item. Eg. 

1. Wipe down baseboards -$15.00. 

2. Replacement ceiling fan - $150.00

You will get all of that with buildium. $50 monthly subscription though

I recommend providing a list or resources in a sympathetic letter such as:

1. how to apply for unemployment https://www.dllr.state.md.us/employment/uibenefits.shtml

2. A search engine of local social support programs - https://www.auntbertha.com/

3. How to apply for Maryland's renters tax credit - https://dat.maryland.gov/realproperty/Pages/Renters'-Tax-Credits.aspx#:~:text=The%20dwelling%20must%20be%20the,legally%20responsible%20for%20the%20rent.

Unfortunately Baltimore city's covid rent support program is now closed. I have seen providers discuss the unprecedented stimulus checks and increased unemployment payments and how rent is still due. From your sympathetic tone this may not sound like a strategy that aligns with you however.

@Sebastian E. @Ned Carey @Ozzy Sirimsi I talked to the sheriff's office this morning and the lady said even though the eviction moratorium is over they aren't scheduling new evictions just yet. She said this might change by later in the week.

You might as well get that FTPR form filed on Monday. 

Hey @Lauren D. welcome to the neighborhood.