All Forum Posts by: Yolanda Columbus

 Hi Rachel

I charge the guests the cleaning fee. The fee depends on the time it takes the crew to clean the unit which includes washing and drying linens, towels, etc. 

Approximately, 10% of landlords I communicate with agree to a face-to-face meeting. They all expressed willingness to sign a contract. However, only about 1 in 3 actually liked the numbers enough to do so.

I'm currently at 50% occupancy a month. I had anticipated being at 60%. I think it's more marketing and inexperience then anything else. I'll get to 70%.

I'm still putting my team and systems in place. That fact combined with the fact that this is my part-time business, limits my capacity to 2, maybe 3 units at a time.

Yolanda

I got started by contacting potential Landlords for a meeting. I'll explain the concept and then offer either a fixed or performance lease. For the fixed lease, I may pay a little more than rental market value; it depends on area. 

I use sites like AirDNA to determine potential income. The rest of numbers are based on that - daily cost, target audience, budget for cleaning, budget for furniture, etc.

This is a new venture for me. Based on projections and current bookings, I'm on track to make anywhere from 35-50% more than rental cost each month.

Yolanda

There are also lenders who focus on the sharing economy. In the past few weeks, I've heard about two: ClearBanc and Loftium (Seattle only). They may have ideas or resources even if there advertised solutions don't quite fit.

Yolanda

Hi Lisa

I haven't used them but I believe Proper Insurance, www.proper.insure vacation rentals.

Yolanda

@Dexter Crawford  Thank you for reframing the "aggressive suggestions".  I'll take your suggestions in to consideration as I move forward

@Jenessa NeSmith  Thanks for your suggestions about furniture and pricing.  I've been combing through craiglists.  I have a budget in mind and I've reviewed my competitors.  I know functional items needed.  My tendency is to choose big items based on price and smaller items based on style.  At the moment, that approach is bringing up a hodge-podge of nothingness. ???

@Garry C.  Thanks. I feel like I'm on the right track.  The suggestions from experienced investors like yourself are starting to overlap.  So, perhaps my blind spots are not as big as I feared.

@Greg H.  Great question.  I believe this policy, https://www.proper.insure/faq/ covers your concerns about liabilities.  Yes, I disclosed it to the owner.  No it is not a TAR or TAA lease.

First deal.  If nothing else, I'll learn a great deal.  I've done enough due diligence to make sure we will not go bankrupt behind this deal so..

Thanks everyone for your responses.

Yolanda

@Dexter Crawford and @Andrew Wong  Thank you both for your encouragement.  At this moment in my adventure, I realize I have been stuck in Analysis Paralysis.  So, I'm moving forward.

The Master Lease is similar to the Sandwich Lease.  David Tilney is an expert on the Master Lease.  I believed the differences are in the details - duration, protections, etc.

Yolanda

@Paul Sandhu

Thank you for taking the time to reply.  However, you have misinterpreted a few words.  So, I choose to ignore your advice because its not based on the facts.  In my post, I mentioned "blind spots".  Blind spots are those things that you don't know you don't know.  Hence, you reach out to others for insight.  This does not mean "I know nothing."  Second, you assumed my property is in Duncanville.  My property might be in your backyard.

You have systems, relationships, and infrastructures in place that I do not.  Those are both a blessing and a curse.  It means that I can be more flexible and innovative.  You are the cruise liner.  I can either be the speed boat or the pirate.  I have that flexibility.  You are tied to your practices.  I say that to say I am not fearful of Goliath.  However, Goliath should be fearful of me.

Happy Thursday

Yolanda

So, tomorrow I sign the contract for my first deal.  It is a Short Term Rental via Master Lease.  Tonight, I'm getting cold feet.  Did I do enough due diligence?  What if the cost of the unknowns outweigh the profit and the knowledge gained?

At the moment, I am most concerned about my blind spots related to furnishing the place and marketing.  Any advice to help me get this started will be greatly appreciated.

Yolanda