WOW!!! You have 10 or More STRs????

Question

That is a significant feat!

What is the #1 thing you would have done differently from the beginning knowing what you know now?

John Underwood · Answer

I would have bought more tax liens 15 years ago when I was paying $2000 for a house. I still have many of those houses today.

Paul Sandhu · Answer

Buy bank foreclosures.  Offer 25% of the appraised value from your counties registrar of deeds.  Keep enough cash on hand so that you can buy a house with a stroke of a pen in 1 hour.  Keep a 16 foot trailer full of appliances and furniture ahead of time to stock the foreclosure when you buy it.  Don't ask me how I know.

Paul Sandhu · Answer

No.  There will be government bailouts.  The reason there were a lot of bank foreclosures in my town of 10,000 was that Amazon closed a distribution center here.  1500 jobs lost overnight.  People left, they let the bank have the house.

Leslie Anne Morris · Answer

Start sooner and buy more faster ! LOL Not buy too far away from the major tourist sites.

Marija Petrovic · Answer

Lots of things, this is such a complex and dynamic topic that no answer is right or wrong. Setting up cleaning operations for 10+ more units is I think of outmost importance, my issue is I've found a cleaner when I had 1-2 units and she was incredible and the way she cleaned my apartments was always top of the line. As operations grew and I acquired more STRs, I still kepts her with the same rate (which is pay per cleaning not hourly), now with 10+ units paying her doesn't make that much financial sense, but at the same time I propably don't have enough work to hire somone hourly, so I'm in a stuck sitaution and don't really know. what to do.

Another problem we have is with the laundry. They intend to strat charging me more for laundry (which was before always included in my cleaning) but now with so many apartments my cleaners want to start charging me for laundry so another area that could be done better from the start.

Then just taking better / more pictures, runnning a social media channel for properties, I wish I also bought cheaper furniture (second hand markets, facebook, offers, etc)

Utilizing more dynamic pricing, making sure that all hig demand dates are priced well

And so on, so on. I could talk about this for hours.

David Mathews · Answer

Yes Ma'am I figured that could start a conversation for hours and hours. I supposed that's why I mentioned the "#1 thing" but I certainly welcome the #4, # 9, and #27 things as well. LOL  You never know who that particular tip will resonate with on this forum so who knows... You might just help 100 other investors.  I agree. Cleaning has been my main Achilles' heel.  I'm still trying to figure that one out. I recently reached out to TurnoverBnB who basically required me to enter information about the units and they are supposed to get bids I suppose. Well no response from them yet. I guess they don't work in our area. I interviewed two cleaners this week. One gave me a price for a small one bedroom apartment that wouldn't work even if I was in CA with a 4 bed 3 bath house!  I'd basically have to pay her all of what the rent was plus some. LOL  The other seemed promising but I'm afraid I would run into exactly what you cited. I would outgrow the payment model with her.  I do like the STR route but so far it has definitely been more hands on than I would like while transitioning from Long Term Rentals.

Paul Sandhu · Answer

There are videos on Youtube on how to fix just about anything in a STR.

David Mathews · Answer

Paul, Do you foresee an increase in foreclosures in the near future with this economic environment?

WOW!!! You have 10 or More STRs????

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