All Forum Posts by: Timothy Church

As I've been growing my vacation rental management business, I am headed to the point that I need to hire someone for some of the day-to-day work so I can focus on growth and systems. As I've done a decent job of streamlining the work, it isn't a large amount of work but it is spread throughout the day. I thought in order to make it worth a job position I'd add some additional elements of more of a PA (some transaction management for my realtor work, etc).

Being that it is a job that is light work spread throughout a day, I am leaning towards making it a salary position. As the company and my work grows the job will also grow with it so it might become more and more over the years. 

That being said how would you think of structuring things. 

Do I do just a base salary and reevaluate it every year? 6 months? 

Do I do it as a percentage of my property management? The more we are able to take on the more they make.

I'm hoping to keep it at a single employee so I'm leaning towards them being an independent contractor. Any benefit of making them a W-2?

This is my first time to employ someone for a company I own so I'm trying to get things well defined prior to searching. Any feedback would be appreciated!

This meetup will be just a casual meet-up of like-minded people to discuss real estate, investing, strategies, and anything the conversation leads to. It is a come and go event so please don't feel that you have to be there exactly at 6 or stay till the end if you have other things to do. This is at a bar so there are drinks that can be purchased and they allow you to bring in food if you'd like to bring something or buy something from Gypsy Joynt next door. DTO is a craft cocktail bar that has some great drinks. If everyone seems to like it there, we can keep it as the location or discuss other spots.

Please note: This is not a place to sell services or properties. You are more than welcome to share what you do or property you are selling and people can inquire but please don't try to keep driving conversation into a sales pitch. I want to keep this as a discussion where people can ask questions and learn from each other.

I hope to see y'all there. If you have any questions, feel free to reach out!

Location: DTO - 2701 Market St, Galveston, Tx 77550

Time: July 10th - 6:00 to 8-9ish

@Karl McGarvey That's always the way it works! Hopefully see you at the next one or next time you are down on the island

Apologize for this being last minute! Hope to see y'all there!

This meetup will be just a casual meet-up of like-minded people to discuss real estate, investing, strategies, and anything the conversation leads to. It is a come and go event so please don't feel that you have to be there exactly at 6 or stay till the end if you have other things to do. This is at a bar so there are drinks that can be purchased and they allow you to bring in food if you'd like to bring something or buy something from Gypsy Joynt next door. DTO is a craft cocktail bar that has some great drinks. If everyone seems to like it there, we can keep it as the location or discuss other spots.

Please note: This is not a place to sell services or properties. You are more than welcome to share what you do or property you are selling and people can inquire but please don't try to keep driving conversation into a sales pitch. I want to keep this as a discussion where people can ask questions and learn from each other.

I hope to see y'all there. If you have any questions, feel free to reach out!

Location: DTO - 2701 Market St, Galveston, Tx 77550

Time: June 12th - 6:00 to 8-9ish

Actually it turned out gorgeous outside so we will be on the patio for now! Go through the bar to the back right to go outside.

Since there is a chance of rain, we will most likely be inside. There is a larger table towards the back of the bar that I will try to grab. Hope to see everyone tomorrow!

The main issue is that it will be 100% tenant occupied. With long-term rentals, you will be in an investment property loan as they mentioned above. If you can make one of the units into a vacation rental, you might be able to get it qualified as a second home for a better rate and lower cash down. Outside of moving in, there isn't a lot of ways of lowering things a large amount.

After the freeze and all the craziness that ensued, it is time to get the meet-ups back up and going! I'm thinking about making them the first Saturday of every month but am open to hearing what other people's thoughts are on time/location. I know I have had someone reach out to me that really wanted to have one that was an earlier morning one due to scheduling. Either way, we will have this one at the usual place and time. 

Hope to see y'all there!!

This meetup will be just a casual meet-up of like-minded people to discuss real estate, investing, strategies, and anything the conversation leads to. It is a come and go event so please don't feel that you have to be there exactly at 6 or stay till the end if you have other things to do. This is at a bar so there are drinks that can be purchased and they allow you to bring in food if you'd like to bring something or buy something from Gypsy Joynt next door. DTO is a craft cocktail bar that has some great drinks. If everyone seems to like it there, we can keep it as the location or discuss other spots.

Please note: This is not a place to sell services or properties. You are more than welcome to share what you do or property you are selling and people can inquire but please don't try to keep driving conversation into a sales pitch. I want to keep this as a discussion where people can ask questions and learn from each other.

I hope to see y'all there. If you have any questions, feel free to reach out!

Location: DTO - 2701 Market St, Galveston, Tx 77550

Time: May 1st - 6:00 to 8-9ish

**To get to the back patio go into the bar and through the back exit to the right. There is a great courtyard area there to relax!**

The biggest thing is keeping it to where the downstairs isn't the lowest insured level. It would be best to discuss with an insurance agent to get the exact parameters. If you are able to do it without changing them, it definitely has some value add!

While the idiom "heads in beds" is true to an extent, it is typically better to have a more comfortable amount of people for the house. When you try to put too many people into one space, things get cramped and there tends to be more wear to the property. 

You also have to look at your target demographic. How many groups are going to be looking for a place that sleeps 20 and better yet are you wanting groups of 20?! This can tend to push property from being a nice vacation home to being a party house which isn't fun for you or your neighbors.

The other consideration is insurance. Since flood insurance is based on the lowest "living" level, if the downstairs is deemed as living space your premium would jump substantially. While it may be nice to have a bar area or game space, you need to make sure as far as the insurance company is concerned, it is all storage/garage space with vented walls.

I'd say to make use of the space to add amenities for your guests! Create a better space to get higher premiums vs cramming people in.