All Forum Posts by: Scott T.

@Matthew Fullam Matt, I suspect the 'next' level of 'scaling' on the STR continuum (since the top 100ish AirBnB 'hosts' are already doing this...) will be to approach absentee owners (such as yourself) in cities and towns they 'do business in' (and therefore have the housekeeping, maintenance, PMers, etc. already in place...) and advertise for receptive 'rental owners' to offer a split percentage of revenues? Or to at least pay say 10% more than 'market rent??' You might contact AirBnB and VRBO and ask if they have any companies hosting multiple properties in Denver (was it?) as you're considering working with someone doing STRs since you have a property that you feel might be a 'good fit?' I bought a course from a STR 'guru' a few months ago who has (or had?) 50- 100 places in major cities... and some of his students have over 100 STRs now, mainly in condo, etc. (HOA ok'd) clusters that are leased, lease optioned, or owned. And BTW... AB&B is getting ready to 'go public,' so this cottage industry is poised to EXPLODE in GROWTH in the near future... if anyone wants the next "Uber" IPO tip. Thereafter, the 'market' will consequently become increasingly more 'saturated...' and COMPETITIVE. And the TIME to be in "buy- n- hold" is AFTER the next (staged) 'market correction,' vs. the current 'seller's market.' ;-)

@Account Closed

VERY 'creative,' Grant... You think like I do, sir ;-)

@Jim Adrian  Good one, Jim :-) 

Indeed... Also some host's misrepresentation of places, not cleaning them, etc., and now most are also using AB&B's "instant booking" so it's as easy as "placing an order," or "contacting a host" and then it's DOCUMENTED, onsite. And these hosts "going around" AirBnB, or AirB attempting in 2016 to make it "mandatory" to let ANY member pay and "book" to stay in your own abode (when over 98% of their listings are SFRs, or single listings, I read?) apparently so hosts couldn't also use competitive platforms like say VRBO, etc. simultaneously... and with minimal initial scrutiny of members, is a double- edged sword. (So why no "exclusivity" contract?) At least AirBnB does some vetting... unlike say Booking.com, where there's next to no 'competition' aside from the local hotels, etc., but no OVERSIGHT of who books, EITHER! If I were a host, I'd want a minimum of several 'feedbacks' visible on the member's profile page... and only people 'recommended' by two or more, other hosts! (I currently have 19 FBs and nearly that number of recommendations for e.g., as a 'guest.')

@Kevin Branin

@Matthew Fullam - STRs (Short Term Rentals) are not actually "subletting" because the "guest" isn't typically residing in the residence... but "visiting'' for less than thirty days, in most instances. That's actually good, for the most part... because then he should be keeping your property in excellent condition, and if it "works out" for him, then will also likely renew the lease... even if you raise the rent, a bit? In fact many landlords are now being "approached" to do STRs with AirBnB or VRBO, etc. (Even HOA communities in most places allow them, but if there's an HOA presence, make sure (indirectly!) that they allow STRs within the community? If NOT, perhaps send him a "cease and desist," before they do...) I thought about doing STRs myself, but that's a LOT of time, work, and $5k. - $15k. in upfront costs for furnishings to linens, etc. I'm staying in an AirBnB myself right now, BTW. A far superior alternative to a hotel, in my opinion.

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877342,00.html

@NA Harris

So what became of the Home Partners of America saga? It seems to me that they would want to do proper inspections prior to any and all acquisitions... but then again one's 'inspections' are about as good as any other 'services' you outsource, or employees you hired! Was the place mentioned, in Peachtree?? I'd love to get a hold of their (50 plus page) legalesed "contractuals," as I plan on starting a competitive venture that DOESN'T (typically) acquire the homes first, nor expect to "taking them back" 80% of the time.... prior to the ole: "wash, rinse and repeat" trickery. (But who would expect anything LESS from the founder, with his background of co- developing mortgage backed securities, etc.) There's no REASON (i.e. aside from cronyism, and GREED) that a similar business model can't be developed... and I indeed have that "plan..." if anyone reading this thread is potentially interested in "investing" in the next "disruptive" industry start- up(s) that actually BENEFIT the seller, buyer and us. (i.e. There's really no REASON to rip people off... unless of course that IS your main objective? And WHY ELSE would you have a mile long "legal speak," agreement??)  ATB :-)  Scott

@Martin S.

Hey Martin, My great grandfather, was a "Stevens." (Second Episcopal bishop of LA, back in the day...) So any suggestions for VAs "familiar with" doing code violation, etc. research? I plan on soon utilizing "virtual employees" overseas to research, list build, and perhaps do preliminary calls, etc. and it seems like the list building and prospecting calls would be logical outsourcing tasks, as I see many wholesalers are now doing. (I was just viewing this guys video:  "$100K A Month Wholesaling Houses Business Structure | War Room ep 001" See:  youtube.com /watch?v=T2qTLPT0FNQ on the subject, for e.g.) It seems to me that any lists available for purchase, would be "oversold?"

Hey BPers,  How does one locate property addresses on the Daily Journal (or elsewhere) for these (online, Public Notice filed) probates? I see addresses for probate attorneys... but where does one find the physical (residential) address for the deceased person's "estate?" I presume it would be listed in the "newspaper of record" of whatever the "public notice" paper / website is known as? I'm currently in Phoenix, AZ metro... so interested in lead sources to do "terms" deals, including probates.  Thanks :-)  Scott

@Max T.   "So what service do you recommend over smart move?"  That's what I'm wondering, as well??

I know that some REI's are recommending "screen the tenant" dot com (Ron LeGrand, for e.g.) to run background and credit checks, passing the expense unto the "tenant buyer" in the case of a "terms" deal, for example. I would like to know what alternative services are the MOST ACCURATE and COST EFFECTIVE to get current BACKGROUND information on US citizens, in particular? I've noticed that many larger PM companies refrain from even running background checks... stopping at credit, employment and references, etc. This is a big MISTAKE... and potentially HUGE liability issue, for any number of reasons! (Like for instance: violent people, drug dealers, addicts, etc.) And it's no "accident" that larger PM companies AVOID criminal checks, since ever fewer renters can PASS a "felony" check, every year.

I spent over an hour talking yesterday afternoon and again this morning with "Ed" (Reed) and he's a very personable, knowledgeable and and intelligent guy. (That said, there is no "visible" profile for him that I found (granted, Ed Reed is a common name) even when adding "team REACT" and Naples, Florida, etc.) and I only see a single "complaint" on Rip Report, which can (as does routinely) happen to almost any business, doing any "volume." It sounds to me like Ed, Jon and Stephanie Iannotti and Ron Legrand go back a ways (i.e. the year 2000, ish?) and I must say I AGREE with most everything Ed stated in over an hour of conversation, but as to what one receives in way of knowledge, tools and "mentoring" should be clarified here by someone who invested $2500. into the program, and APPLIED IT... in addition to Jeff Schwartz, who is currently or definitely has made their money back, in spades. 

Their approach sounds very similar to what I already have outlined... That said, Ed (and Jon, in videos) made a pretty solid case for the fact that "what worked WELL even a year ago (i.e. at any point in time along the continuum...) "may (to a large degree) no longer apply in today's ever- changing marketplace..." He went into a fair amount of depth to support their current approach, vs. attempting to do "seller financing," buying "subject to," etc. when the market has "shifted" from what worked say two or four years ago, since it's now a "seller's market" again. (i.e. And consequently, the "buyer" base has also shifted, to a considerable degree...) 

I'm a pretty good (intuitive) "judge of character," so I can't speak to the "mentoring support" (a highly subjective topic, to be sure...) but unless Ed and Jon are just "really slick" salesmen, I don't know WHY they would go out of their way to say they aren't "gurus," and only charge "one time opt- in" fees vs. the near CONSTANT "upgrades" (although I do see something very similar to Legrand's approach, on an older website that's still up, with Silver, gold, platinum, etc. type of "mentorship programs) and HOW exactly are they (otherwise) making "residual money" if NOT by helping others "do deals" and then taking 50% of the IGP??? (Vs. selling a $2500. program, ONCE...) My "impression" after talking at some length with Ed is they are now DISTANCING themselves, from this type of GURU marketing... and FOCUSING on "doing deals" vicariously through others, for a "win- win?" If that ISN'T how someone else's experience has played- out AND you can SUBSTANTIATE IT, then I'm all ears??? ATB :-) Scott