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All Forum Posts by: Waverly Rennie

Waverly Rennie has started 4 posts and replied 113 times.

Post: Laundry tips for Vacation Rental

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

@Jake Knight I definitely agree with @Bill Higgins on expectations. In fact I think one of the reasons I have gotten good reviews is that I end my "checkout' instructions with:

"Just do your dishes, leave the key, and walk out the door. I always dread having to clean up at the end of a rental, so please let us take care of everything for you- leave the sheets and towels, don't bother sweeping, etc."

This is partially out of self defense since several times people have thrown the bath and beach towels in the laundry together leaving us with mottled pale blue bath towels...

cheers, W

Post: Laundry tips for Vacation Rental

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

Hi @Neal Collins- glad you found them useful. Yes, I've been running it from here- first with the help of a commission-based local property manager who was experienced with AirBnB, did all the online stuff and was semi-active boots on the ground (BOTG), then with a commission-based local person who wasn't able to do the online stuff but was BOTG and did the cleaning, and now as I have gone from two places to four, I have changed to a wonderful commission-based local property manager who does the online stuff and BOTG, manages the cleaners, and who, at an hourly rate, helped me set up the latest two cottages when I came back to the states in Sept and Nov to get them renovated and ready to rent. I actually found her through a BP connection with her husband in Florida! 

I spend a lot of time online reading and researching, checking out comps and pricing and ideas for better service, as well as monitoring the bookings/correspondence to make sure we are being super responsive. On the other hand, I was able to go completely off line several times since she has come on board and she has handled everything beautifully. It has just taken time to get systems set up, to get a better sense of how things work, my needs, etc. We are moving back to the states in January so we shall see how that change works out. Best of luck, W

Post: Where to get intricate details of property?

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

@Mohammad Haidarasl and @Selton Shakes Jr I know it sure is frustrating when you are starting out! I am only a couple of years in and when I look back at how much I didn't know at first, it's amazing how far I've come, but I also realize I still don't know much at all.

Mohammad, congrats on your new biz name!

As some others have said, if you are looking at multifamily for buy and hold, you would only have to cover certain utilities, and the tenants would pay the rest. Someone suggested you talk to a couple of property managers to get their ideas of what the owner pays and how much, versus what the tenants pay (e.g. their own electricity and maybe water, but landlord pays electric for common areas like hallways, parking lots, probably trash, etc.) 

I don't know your markets but keep talking to people at REI meetups and reading and you will start to figure it all out..

Best of luck, W 

Post: Laundry tips for Vacation Rental

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

oh, another of my fave tips from one of the blogs/books etc I have been obsessing over: In your guest book, in which you have the "user manual to the house" (wifi codes, where the lightbulbs are, recycling info etc.) and the restaurant menus and maps etc. (believe me, it took me forever to get this all organized) I am going to put a page that says "Please leave us some suggestions on what we could do to improve our place" or something like that. So this way people can get their complaints out of their system before it's time for them to write their review! I have had some people use the private comments part of their review to give me constructive feedback, so haven't really had much public complaining, but I thought that was a great pre-emptive approach. 

Another technique I have seen is to use the owner reply to the review to bring out something positive that the guests had mentioned in passing or in private that doesn't appear in their public review. e.g. "So glad you all enjoyed sitting on the breezy front porch!"- the reviews are a marketing tool, right?

Best of luck, W

Post: Types of rent collection

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

I have used Cozy but I don't like waiting for my $. I just started using a deposit-only debit card for one tenant that doesn't have a checking account, so he goes to the ATM and deposits his rent into my bank account and it's there immediately. I can see which debit card number it is so I know whose rent was deposited and when. I am happy with this system as v. checks, cozy, or heaven help us cash or money orders....

good luck!

Post: Where to get intricate details of property?

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

Hi  @Mohammad Haidarasl- I would agree with the other posters, even if it isn't against the law, it seems like a confusing name- I think it won't tell people about the services you provide, and won't attract the clients you want for the services you do provide. 

When you were asking about "monthly costs of electricity, water, garbage, insurance, capital expenditure %, vacancy %?"- I had a hard time with this at first, but a couple of things helped. Do you live in the same area you will be investing in? Then you know how much you are paying for utilities, approximately, and just adjust up or down a bit depending on the size of the property. For insurance, that will depend on what kind of insurance you need, but you can call an insurance agent and ask them for a quote. For capex, you can just be conservative and use the high end of what is suggested in the BP calculator, or if it's a newer property in super good repair, you could use the lower end. Same with vacancy, just be conservative at first.

Best of luck! It's an exciting game....

Post: Laundry tips for Vacation Rental

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

Hi @Jake Knight -  Having duplicate linens is good for several reasons, not just the quicker turnover but also because we have had a couple of times where the guests had stained the duvet cover or sheet or towel or bedside throw rug beyond laundry-ing, so we had to have a replacement fast. (BTW, I just count that as the cost of doing business, I don't take it out of their deposit- at least so far.) I have now gone to all white towels, white sheets and white duvet covers since 1) they bleach up nicely 2) they make the beds/rooms look bigger and cleaner (I put a colorful throw across the bottom of the bed, and sometimes colored shams, to make it look cheerful) and 3) they are interchangeable between rooms and properties.

The time to clean for a given property really varies depending on how many people stay, and whether there were pets or not. I have four different places and a few different cleaners- I charge the guest for the cleaning fee, keep maybe $20 of it and the rest is for the cleaner. She gets $150 for a 2200 sqft 3/3 house, $100 for 2 different 800 sqft 2/1 houses, to $50 or 60 for a 1/1 600 sqft place. If there is a dog, the cleaner gets another $50 since she has to spend a lot more time. Sometimes she only spends 3 hours cleaning the 3/3, and sometimes it's 6-7 hours, depending on how many people were there and how dirty they left it. I told her that it would be a flat fee and sometimes it would be easy and sometimes it would be hard, and that we would see how it went. So far she has been happy with it. 

I use the extra $ i collect to help pay for when I need to have an extra deep clean, things that aren't part of the normal cleaning, like windows or an extra day of cleaning like scrubbing all the woodwork etc. One of my cleaners is the "property manager" for two of the properties, and as part of her earning a % on the bookings, she has to deal with stuff like cleaning out the trashcans and recycling cans occasionally, or doublechecking that the dog poop was cleaned up by the guests, cleaning the barbecue, or overseeing powerwashing of the deck and siding, which aren't part of the regular cleaning. I have ended up making a cleaning/set up checklists for the properties (after saying for months that I needed to do it) since there are little things that they forget to do like cleaning out the soap dish, putting bottles of water in the fridge, or putting the cake of soap in the shower, etc. It's good to spell out what should be covered ahead of time and clarify things, even such things as i expected the cleaner should clean off the front porch tables and chairs, and she didn't think that was part of her job, so we had to negotiate that.

It's amazing how much time and thought all of this takes! I have gotten superhost status on AirBnB and I know that having very clean properties has contributed to that. I'm not sure that it makes that much of a difference in terms of getting bookings but I figure every little bit helps.

Best of luck, W

@Jake Knight

Post: Laundry tips for Vacation Rental

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

Hi Jake- just my take on things but:

1) I have duplicates of all linens so that while the dirty stuff is being washed, the clean stuff can be put on the beds (stuffing that duvet into a duvet cover takes a bit of time...) 

2) Get a fast laundry machine, I cheaped out on a recent set and it takes forever. bad idea.

3) Discuss options with your cleaners. All my cleaners work on a fixed fee, not by the hour. I have had a couple of times where the cleaner wasn't able to get all the laundry done and she took it home to finish, but then the next time it happened she didn't like having to use her own electricity, so she put it away dirty to wash the next time there was a turnover which wasn't a great solution.

best of luck!

Post: Using an interior designer in your flips

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

Hi @Keianna Harrison- that's a really good question that you ask. Here's my take on things, and I hope I don't come off like too much of a cheapskate. 

I deal in lower-cost homes that I rent out on AirBnB (usually aim for no more than $125K a door.) I spend between 3-15K rehabbing the houses and a few thousand dollars furnishing/decorating them, using a mixture of stuff thrift shop, HomeGoods etc.. If I felt I could get a one-time consult with an interior designer for a few hundred bucks, I think I would do it, but I guess I would fear them suggesting stuff that doesn't fit my numbers, or upselling too much, etc. 

Showing the cost-effectiveness of your services is a great approach (telling them the services cost less than your first price drop- excellent phrase!) It might be a good idea to go to an investor meet up, show your stuff, offer an introductory consult for a reduced price, and see what happens. I think for a lot of investors, it's the unknown- how much is this going to cost? I am about to do a new construction house and I was thinking about bringing on a designer but - how much would that cost? So just like when you are shopping in a store, and you see something nice but the price isn't marked, you say, hmm, and just keep moving.

Just my two cents- hope that gave you some insight into the mind of a cheapskate investor!

Post: Which insurance for hosts?

Waverly RenniePosted
  • Rental Property Investor
  • Dunedin, FL
  • Posts 121
  • Votes 61

@Luke Carl How did the CBIZ and Proper quotes compare, cost-wise? I am in Florida, a state that has awful insurance anyway, and am not happy with my current insurance providers. I tried to get a quote from Proper but because I am out of the country it doesn't appear that they will get through to me. I had looked into CBIZ a year or so ago and seem to remember it as quite expensive.

I have been AirBnBing/VRBO-ing for about 18 months so far and haven't had to use my insurance on any of my 4 STVRs but I have two more coming on line in a couple of months and would like to re-visit my insurance situation. Wish Farm Bureau was available in FL.

Hope your biz is doing well and thanks in advance for any info you might have gathered!