It cost us $3,000 to demo the shower and retile it.

Depending on location they can cost a lot to replace but when you factor in what you save from paying sewer bills it’s cheaper in long run.It would not stop me from buying a house

Focusing on one asset type or strategy in the beginning is generally most effective than trying to learn an new strategy every year.

Right now we pay our cleaner $300 per turn but charge guests $250.The costs of having a STR about an hour outside of town.

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

I had the time and it didnt cost me anything and now hes giving me a lot of good tips about a new branch of real estate ive been wondering about.

From my research the template seems to be a packet including: Developer Credentials Personal Statement (Available Upon Request) List of RE Owned Current Property packet with Pro-Forma, Rent Roll, Comps, Budget, Projected Returns - similar to an OM on most CRE packets.This was a good guide, Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)

And just to clarify if anyone else is reading this: buying an interest rate cap, while effectively buying down the interest rate is NOT like buying down the rate on your personal mortgage.A point on your personal mortgage locks in the lower rate for 30 yrs and the mortgage fully amortizes.  

Pushes the cost of damage protection insurance onto the hosts and guests.