Quote from @Jonathan Vinas: Quote from @Ashish Acharya: @Jonathan Vinas Operating a self-managed STR in North NJ or the Catskills is feasible with careful planning.

Anyone can promise you the moon and the stars, but if you're not careful, you will end up wasting time and losing money.

I do not care if someone had a marijuana charge 12 years ago.I do care if its 10 guys coming in for a bachelor party. 

We care deeply about creating strong relationships with our residents and our property owners. 

You're right that the key to a successful BRRRR strategy is building a strong team and carefully analyzing deals, especially around rehab costs and ARV.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

If they have been paying on time and taking care of the place, there is no need to screen them.If they want their friend or family member to live with them, then you screen that person and decide if you want them living there. 

Google is definitely strict about virtual addresses, so I’d tread carefully with services like iPostal1.

@John Cooper when you or someone you care about is living in the home it is important to be extra vigilant in choosing tenants.

Doing our best to not let our clients get caught with their pants down while still being clear that we won't be taking care of it.