All Forum Posts by: Trace Adams

Hi all! 

I created a furnishing list for furnishing a rental property which includes Amazon links, prices that dynamically update from Amazon, and individual and total costs. It includes everything you could possibly need for a property. Figured I would share here in case it would be helpful to anyone furnishing their first property. It is a google sheets file so you will have to download google sheets and make your own copy of it so you can edit it. Here is the link:

https://docs.google.com/spreadsheets/d/1phAGZjC6Q8icthtcV-17nN-nla0TsGtyRJghxpdc6jQ/copy

Thanks!

Trace

I am starting a new real estate business called Upgrade Real Estate & Moving. We will be offering the following services: full-service rental property furnishing (including "remote" furnishing), home staging (including virtual staging), real estate photography, and STR/MTR cohosting. We will also have a moving business as a complementary offering to our other services and to better monetize the moving truck we will be buying.

We likely won't formally "launch" all of our services for a couple of months because we do not have a truck or storage facility quite yet, but we do have a furnishing list in google sheets that I wanted to share in the meantime - this is a full list of everything needed for furnishing a property, complete with amazon links, prices which update dynamically from amazon, and calculations showing the total cost. I will share that link below (note you will need to download google sheets and create your own copy), and will also share the link to our website once we have that launched. In the meantime, we can do remote furnishing and virtual staging for people anywhere, and can do photography and cohosting for anyone in the Denver metro area!

https://docs.google.com/spreadsheets/d/1phAGZjC6Q8icthtcV-17nN-nla0TsGtyRJghxpdc6jQ/copy

Thanks!

#furnishing #furnishinglist #staging #virtualstaging #shorttermrentals #mediumtermrentals #cohosting #photography #STR #MTR #househacking

Steve - if I were considering starting a STR/MTR property management company but do not have a real estate license, are there workarounds? For example, for any lease-related activities (negotiating terms/pricing, signing lease, etc.) could I just have a real estate attorney on retainer to do these activities? Or have a real estate agent on staff to do them?

Thanks!

Hi all! I am considering starting a new real estate business in the Denver area and would love some feedback on the idea. I just bought my first home in the Littleton area and furnished the walkout basement and am renting it out as a MTR. I have learned a lot over the last ~6 months about furnishing a property, managing/pricing a rental, understanding the ins and outs of Airbnb/Furnished Finder, and analyzing real estate investments generally.

My business idea is to use that knowledge and start a company that does the following:

-Furnishes properties for investors who want to turn their LTR into a MTR/STR, new homebuyers who want to house hack, or just any investor needing a rental furnished. We would offer more of a budget-friendly option which could include FB marketplace/goodwill

-Manages furnished rentals (STR/MTR) for investors. This would include making the listings, setting pricing, finding tenants, managing maintenance requests, and offering deal analysis to investors. One issue I see with this is that I do not have a real estate license so I don't think that would create any issues with STR management, but as for MTR management it seems like there are certain limitations without a license - any feedback on that would be appreciated

-Staging properties primarily for FSBO's as I know properties listed by realtors will typically have an in-house staging offering. This will likely be the smallest aspect of the company but seems like a sensible value add to the other aspects of the company, since we will have a storage unit with furniture/furnishings ready to go

-Photographing properties for FSBO listings, or for clients we get for the furnishing/management side of the biz. Easy value add because my girlfriend is a professional photographer.

Appreciate any feedback on this idea!

 Thanks, short-term rentals are indeed allowed in the city I am looking in. 

Hi all!

I am looking at investing in an out-of-state property that is a 5 BR, 3 BA which is a 3/2 upstairs and 2/1 in the finished basement. There is also a full kitchen and laundry in the basement. There is not a separate entrance to the basement, but the stairs to the basement are in a laundry room in the back part of the house. My thought is if I bought the property I could rent the upstairs and downstairs separately, perhaps the upstairs as a LTR and the basement as a STR/MTR hybrid, or STR/MTR hybrid both upstairs and downstairs. Curious of a few things for those that execute this strategy currently:

-The city the property is in has a no more than 4 unrelated people rule, would that be an issue for me if all bedrooms were full or does the fact the basement tenants would be short or medium term save me?

-How do you manage thermostat and temp difference between up/down stairs (assume basement will be a lot cooler)? 

-How do you manage utilities since everything will be shared?

-How do you manage the general vibe between up and down stairs tenants? I.e. what if one doesn't get along with the other

-Any benefits to trying to officially convert it to a duplex with the city if it is zoned to allow MF? If not, any legal considerations for running a SFH as a duplex?

 Thanks Chad! Can't make it to this one, but would love to join for the next one!

Hi all! I am about to close on my first home which is west of LIttleton, CO (off Bowles & Wadsworth specifically for those familiar with the area). The house has 2 beds 2 bath upstairs where me and my girlfriend will live, and a walkout finished basement with 2 beds 1 bath downstairs. We plan to rent out the basement on a medium-term basis - we are going to install a full kitchen down there, put a lockable door between upstairs and downstairs, fence off a private section of the yard, and there is already laundry down there, so it will essentially be an up-down duplex with a separate walkout basement entrance. Only negative is HVAC isn't split so renters will be subject to the temp we have it set at upstairs. Curious everyone's thoughts on 1) whether I should rent this out as an entire unit or on a room-by-room basis, and 2) what seems like a fair starting rent to list it at? Thanks!

Hi all,

I am currently under contract on a 4 bed 3 bath SFH in the Littleton area (Bowles and Wadsworth to be exact). There are 2 beds/2 baths/1 living room upstairs, and 2 beds/2 bath/1 living room down stairs in the fully finished basement with a separate walkout entrance. I plan to rent out the basement but have a couple of questions as this is my first house/house hack:

-Littleton rental law considerations (this might fall under JeffCo rather than city of Littleton, can't really tell)

-Thoughts on best lease strategy for that area (STR/MTR/LTR)? Thinking STR may be good given proximity to Red Rocks, although not sure of STR laws per above?

-Thinking about the long term, if I were to move out could I turn it into a duplex and rent out upstairs and basement separately? FYI, the house is in a PD (planned development) district

-Regarding homeowners insurance - do I need a special policy or add on to standard policy? Should I tell my insurance that I'm renting out basement?

-220v oven in basement or just a 110v cooktop?

Thanks all for your help!