All Forum Posts by: Meghan Reed

Thanks again for all the info @Michael Baum.  When everything is said and done on the reno we probably will end up spending close to $50k but we're definitely interested in the resale as we may upgrade in a handful of years.  We really want to make the place a great space for us and our extended family as well so we're OK if it doesn't fully pay off in the short term.

Thanks everyone who has provided advice thus far.  I'm already spending a lot of time researching and will be doing a heck of a lot more as time goes on.  There's so much to learn but this is a really exciting new adventure for us!

Hi @Michael Baum, the house is about 1100 sq. ft.  It's currently somewhat boxy (separate living room, kitchen, den, porch etc.) We have plans to do renovations to make it a more open floor plan, upgrade the kitchen and bathrooms, etc. over next winter.  For this year we plan to book it as is outside of minor cosmetic updates.  It's located right down the street from the beach, definitely walking or biking distance and has a marsh directly behind it.  I think the backyard is nice as is but we plan to make it really top notch in time with a large patio and fire pit.  We really want the outside space to wow people.  Beyond the marsh you can see houses on the water and beautiful sunsets.

We definitely think that families will be our main guests.  The house has 3 bedrooms and 1.5 bathrooms inside with an outside shower though we want to add another shower inside when we do the renos.  What I think is one of the coolest features of the home is that the closets in the upstairs bedrooms are large enough that they definitely can be made into great sleeping spaces for kids.  They are both in knee walls as the house is a cape and one of them extends into the ceiling above an added porch.  We plan to do built in bunk beds and some really cool decor such as possibly making it seem like the inside of a ship.

Thank you @Paul Sandhu and @Rachel Campagnolo so much for the recommendations!  I get a little nervous each time we go under contract on a new property but this one is really making me uneasy just because I need to figure out a whole new rental game.  I really appreciate the advice!

My husband and I are under contract on our first STR in Old Saybrook, CT. We have two standard rental properties which we've owned for 5 and 6 years but feel like we have a lot to learn on this new venture. I'm trying to research as much as I can as quickly as possible to try and help our cash flow this year. Does anyone have advice they'd like to share?

Our plan is to furnish the property ASAP after closing (early Feb) then advertise the property. We have renovations that we'd like to do to really get the property in tip top shape but plan to do them over next winter to avoid being out of commission during the warmer months.

I'm not sure whether to use AirBNB or market it elsewhere. We're really trying to reduce the marketing and turnover fees as much as possible since we know we'll be in the red for a bit.  We live about an hour away from the new property so my husband and I plan do some of the management.

Thanks in advance for any guidance you'd like to share!

Sorry, that sounds absolutely horrible.  I hope it works itself out soon and you're not stuck bearing the burden of someone else's mistake.

I'd like to get licensed as an agent in CT and I am seeking a condensed course to do so.  I know in Boston there are courses where you can get through the classroom hours in a couple of weekends.  Does anyone know of a similar course anywhere in CT?

Thanks!

Hi @January Johnson,

I'm very interested in vacation rentals as well.  If you're up to it I'd love to spend some time chatting with you about your process.

Please let me know if you'd be open to that.

Thanks so much,

Meghan

Hi Filipe,

Rick Santasiere is a great resource.  I'm sure he can help you find a deal.  One just came on the market today - 104 Maple Ave, Windsor that doesn't look too bad.  $100k for a 2 family.  It looks like it may need a little cosmetic work but nothing major.

Good luck in your search!

Sorry that I'm just seeing this now @Carlos Velasquez.  Yes, anyone can attend.  I hope you made it out.  Unfortunately I actually wasn't able to find care for my son that night so I didn't make it out.  Hopefully I'll see you next month.