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23 August 2021 | 41 replies
There are no guarantees in STR, especially for newbs.Every building is one meth lab, one disaster, one delisting, one dishonest/disastrous PM, insurers who will no longer cover old wiring, one sudden change in regulations, one set of neighbors upset by several parties at your place, slammed by a series of bad reviews, a surge of rentals driving rents way down, etc away from severe trouble.
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30 December 2021 | 8 replies
Blow the house up with a meth lab.
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27 July 2023 | 6 replies
I have not snoozed the 1 bedroom, but went into Price Labs and made the price double if they want to book more than 5 days out.
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27 July 2023 | 23 replies
The only repairs I shy away from are environmental stuff, houses with fire damage and those with any drug residue issues such as a previous meth lab.
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13 July 2023 | 1 reply
The HIRED Roofer says there's a problem, they find out what brand of shingle it is, they contact that Rep to advise... mostly manufacturers are now requiring us (the Roofer/contractor) to remove some shingles and send them in to their lab for analysis.
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13 July 2023 | 2 replies
The HIRED Roofer says there's a problem, they find out what brand of shingle it is, they contact that Rep to advise... mostly manufacturers are now requiring us (the Roofer/contractor) to remove some shingles and send them in to their lab for analysis.
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29 June 2023 | 10 replies
Here is what I have so far:At any time before, during, after investment:I or any of my team unexpectedly dies, becomes seriously ill, or injuredAn impassable disagreement occurs between any 2 parties of the investment teamA member of the investment team fails(for any reason) to uphold their agreementBefore purchase:Incorrect property valuationInability to secure financing after earnestDuring Financing and purchase:Loan executor fails to follow through with the loan.Loan executor misleads or baits me with incorrect terms and conditionsSeller withdraws contractSeller tries to renegotiate contractSeller withdraws agreement to carry loanTitle issuesDuring rehabilitation:Cost overrun - If the cost to complete a rehab exceeds the estimated cost budgeted.Time overrun - If the allotted time to complete a rehab is exceededUnforseen issues - if issues arise due to unknown/hidden problems, termite damage, mold, etcProblematic Contractors - Contractors that want to increase the bid midway through the job, fail to pay their employees, don’t show up when scheduled, fail to consistently clean, low or no skill, do poor work, fail to carry proper insurance, do not use agreed upon materials and/or finishes, use the “you can’t see it from my house” methodology, dress and/or act not in accordance with accepted job site standards, live or sleep at the job site, steal materials, supplies, and/or tools, attempt to undermine my relationship with my real estate team including agents, investors, other contractors, clients or potential clients, places lien or sues, dies or is seriously injured during project, experiences major life event that prevents or hinders their ability to continue, contractor or their employee dies or is seriously injured on the property, gets OSHA or other governing body violation(s)Code Violations - Red flagged for failing to obtain proper building and/or work permits prior to beginning project, overgrown vegetation, etcProblems Specific to Rental Properties:Tenant does not pay rent or pays lateTenant does not pay utilities/trash serviceTenant causes damage to propertyTenant does not take care of maintenance and/or cleaning of propertyTenant smokes or has pets when these things are not allowedTenant makes unauthorized changes to the property, ie painting walls, removing landscaping.Tenant allows others to move in without adding them to the leaseTenant misused the property, ie drug lab, melting plastic in the oven, spray paint graffiti on shed, parks in unauthorized zones such as the grassSomeone injures themself while on propertyHouse fire, floods, other natural disasterMajor maintenance issues such as roof replacement, appliance malfunction, plumbing leak, etcTenant violates city code, ie noise ordinances, trash and debris in yard, etcUnavoidable costs such as normal wear and tear include failing appliances, scratched/scuffed wood floors, dirty paint, worn carpet, etc.After rehab:Property does not appraise and/or sell/rent for expected ARVInterest rates go higher than expectedProperty tax increaseStricter laws are put in place that prevent finance/refinanceThis is all that I could come up with.
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20 January 2023 | 7 replies
I believe Price Labs is setup the same way.
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24 September 2022 | 10 replies
Lab Creates Design (labcreatesdesign.com) are specialized STR designers AND stagers.
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6 July 2023 | 5 replies
With this mix of software: Guesty, Price Labs, automated locks, guest communication, guest screening, and cleaning scheduling, the whole job seems to be covered.