All Forum Posts by: Tom Mills

Looking to connect with others that own Short term rentals in the Salvo, NC area. We are planning on moving ours from a Realty office to DIY (AirBnb and Vrbo). Looking for some input on cleaners, linens, etc, and will be happy to share our STR experience.

Thanks

Tom

@Denis Brown. I would suggest buying some crypto assets and hold for the next run up. With the big dip recently might be a good time to pick up a few Bitcoin and ETH.

@Steve Morris That is a good reminder. We have a young tenant with a new baby and I'm not sure she even knows this. Although I do have the Clogs statement in my lease. Thanks

@Tucker Cummings Hahaha, that was funny. I actually have a couple of those in that area. Minus the crack, I think. Anyway it does make things interesting but you can still manage the tenant. There is good cash flow but as you said more headaches and probably more risk.

Alejandro,

Thanks for the reply and yes I'd like the contact info.

Tom

Hi,

I am curious if any of you have been able to BRRRR Manufactured homes. We have a double wide on a permanent foundation in a good area of Fayetteville NC. We are planning to flip it however if we can BRRRR it that would be a good option. My problem is finding a lender that will cash-out refinance a double wide. I need some help in this area. If anyone has had success with this, I would love to hear from you.

Thanks

Tom

I already have a few rentals in my personal name that are not connected with any entity. Planning to partner with long time friends/neighbors and purchase a couple SFR rentals.

Should we create an LLC to help manage this business? Any thoughts or tips would be great. thanks

Lot's of great comments.  Did a 3 month to test the waters so to speak with the new relationship.  They have been there 5 yrs and pretty much did whatever they wanted with the property.  I wanted to get my lease in writing and if everything goes well, have them sign a year lease with a slight increase.  They recently were awarded a $50 a month rent decrease by the prev owner, and it is well below market rent. 

I have a similar situation with a SFR I just purchased. I am having them sign a 3 month lease to get something in writing and it will go month to month afterwards. I decided to have them pay a security deposit, but allowing them to pay it over a few months period.

@Michael Swan: Thanks for sharing your success story.  That was the first post I read this moning and now I am fired up to start the day!

Tom Mills