All Forum Posts by: Steve Osowicz

Hello and Welcome @Mike Clary I have a short term rental spreadsheet if you'd like a copy of it. This might help you decide if vacation rentals (I'm assuming short term rentals is what you are talking about) make sense.  

 Thank you someone reached out to me today. 

@Michael S. 

Can you direct me who to speak with about restarting a business account, I previously had an account that I received leads but I wanted to see about getting a notification about when I received a lead (email, text something like that). I wanted to ask about pricing as well.

I have reached out to support@biggerpockets twice (Feb 16th, Feb 19th), no response and reached out to the general customer service a few days ago, no response. 

@Kim Durst Potentially you could take the $10k, then have another $10k (or whatever amount you feel covers your cost if there are further issues) held in escrow. You'd have to find a real estate company, title company or attorney that has an account they would be willing to hold the funds in (which might be a little tough). Then have a few pool companies give bids, you both agree on the final bid and if the cost from the pool company comes in under the amount, the seller gets their escrowed funds back less the cost of the repairs, if not the funds are used to complete the repairs when the time comes. 

@Alexei Amelenko It would be difficult to put this into a easily written format so I will just post the link to https://www.bizjournals.com/louisville/feature/crane-watch which should give you a general idea of the market. In addition, check out the chamber of commerce https://greaterlouisvillepartnership.com/ where you can find the top 10 employers for different industries such as healthcare, tech, manufacturing and logistics. If you want to know more feel free to reach out to me directly. 

-Steve

If I understand correctly, you will also need to file a withdrawal out of KY. https://web.sos.ky.gov/forms/c... but, again I'd double check to make sure. 

Actually, it might be this form for out of state, https://corpfiles.delaware.gov...  those forms and the checks should be sent to the secretary of state for the state where they were created, their contact info & address is on the letterhead. I'd just reach out to them first. 

@Andrew Melvil although I've only created and dissolved LLC's created and used in KY, you probably just need to file a cancelation/dissolution of the LLC. Definitely check first to make sure this is the correct form, but I found this form just by googling Delaware LLC Dissolution, https://corpfiles.delaware.gov... 

@Patrick Gray like has already been mentioned, I think it is a little more complex to evaluate. I'll add onto @Greg Dickerson said about P&L, Balance Sheet & Tax Returns. Ask for the last 3 years STR reports (if available) to look at metrics of competitors in the same market area, from there you can look at the ADR (Average Daily Rate), Occupancy and RevPAR (revenue per available room) from similar hotels. This is just kind of scratching the surface, location, last renovation date, amenities offered, etc. You will need to do quite a bit of due diligence, if you aren't comfortable evaluating it, you may enlist a local commercial appraisal firm or commercial broker who is very experienced with hotels for assistance.

@Josue R. I have a 6-plex under contract and some others I have been looking at, just like everywhere else there is low inventory and high prices. The 6 was off market so are the others I have been looking at. I can't compete with primary residence buyers in the open market or even multi-family on the MLS, others are willing to pay more than what makes sense for me. Though there are always deals if you look hard enough.