All Forum Posts by: William Timmons

@Aaron Oetting any good articles or advice you would recommend for pricing your Airbnb?

@John Underwood so you don't use their smart pricing feature at all?

@Paul Sandhu do you do anything specific to screen the guests from Craigslist? I know the protection through Airbnb and VRBO isn't perfect, but it is something.

We are about to roll out our first house on the short term rental market. We are going to list on the big sites, but have two questions. Are there places other then Airbnb/VRBO that we need to be advertising and does anybody have the break down of what percentage is coming from which platform?

@David Bridges Most likely the only way to do this is to buy the home in your wife's name and then transfer the title to the llc after closing. I have done this, but make sure you are transparent with the bank and they don't have a sell on due clause. I know several local banks that are cool with this and several local banks that aren't.

There are definitely other advantages to an llc, the one I like the best is the ability to get credit, such as a credit card, under the business.

Investment Info:

Single-family residence fix & flip investment in Fayetteville.

Purchase price: $187,500
Cash invested: $75,000

Bought a rental close to the University that needed a little work, but sat on a large lot with enough room to add an ADU in the back. We decided to turn house into an AirBNB once it was complete and plan to start construction on the ADU in March.

What made you interested in investing in this type of deal?

We were needing a place to live temp while we were comleteing construction on our home. It is one mile from our major university and had the perfect set up to build an ADU.

How did you find this deal and how did you negotiate it?

It had been listed on the MLS for $205k and sat for almost 45 days. We offered $185k and settled at $187,500.

How did you finance this deal?

We did used a commercial loan.

How did you add value to the deal?

We repaired walls, painted the inside of the house, replaced appliances, moved HVAC to attic which allowed space to add laundry room.

What was the outcome?

We are cash flowing roughly $1200/mo as a short term rental. We are starting construction in the back for the ADU in March and should be able to cash flow an addtional $750/mo when completed.

I have owned homes in the flood zone. One we got at a discount and were actaully able to pull out of the flood zone, which immediately added equity. Try to find out how frequently it has flooded in the past and get quotes for how much it will cost in extra insurance, sometimes it isn't cheap.

Old thread here, but I am specifcally wondering how to run comps for the vacancy rates? I can obviously see what other list their nightly rates as, but how do I know how many day/month they are renting?