All Forum Posts by: April Vogt

Hi @Nick M. & @Lana Sheta,

 I am also investing in the Reno area and would be happy to take a look at properties in the area and meet up for coffee or a chat. I've invested in a 4 plex north of 80 and our crew has almost completed the full gut needed to rehab the property. We will be renting in the ballpark of the above the rates you mentioned and are doing a combination of short term (travel nurses) and long term. 

Lana has some good intel on the areas you mentioned, I drive these routes often but as I live in the Tahoe area, I don't know exactly where the lines tend to blur from desirable to less desirable. 

My business partners and I are searching for recommendations for a syndication lawyer in Nevada. We have experience with buy & hold single family & small multi-family in California & Nevada. The next property we hope to purchase is a 40 unit motel-turned-apartments and we know we will need to step up our game for this one. Any recommendations or advice would be appreciated!

@Erik Whiting, thanks this is super helpful and a good starting point for my partner & I.

  @Karen Bickford you are correct. The current rents are very low, but the place is being managed by someone without much regard for their tenants well-being, or the property's. While there are tenants in place, I wouldn't consider these units liveable . We'll fully renovate up to market rents and to our standards @Nicole A.

Thanks @Nathan Gesner for the sound advice-we definitely won't be offering them money right away and intend to speak to them first, before giving away anything we might not need to. However due to the nature of the remodel, as I previously mentioned, we need these tenants vacated. So in this case I am hoping to find any advice for a form letter or starting point to offer them cash for keys to (hopefully) easily incentivize them to break their lease early

@Dennis 

@Dennis M. Thanks for your intput! All current tenants are $300-$600 UNDER market rents for the area, and the remodel will involve everything down to the studs, so its in our nest interest to get everyone out and under construction quickly. The 3 months of $400 rent just isn't worth it.

@Theresa Harris We will be fully renovating all at the same time, and all the month to month tenants will be give a 45-55 day notice once we close. It is in our best interest for due to the layout of the property and the scope of the remodel that we get the tenants with the longer term lease out as soon as possible, which is why im hoping to find a suitable form letter or any recommendations on how to offer them cash for keys or to break their lease early. 

A partner and I will be closing on a 4-plex in Nevada early next month, which we will fully remodeled using a construction loan. Three of the tenants are on month to month leases, however one set of tenants have a lease ending on May 31st. We'd like to get these tenants out as soon as possible to be able to fully begin the remodeling process-does anyone have recommendations for a cash for keys letter or approach in a non eviction situation? 

@Jason Boritz Curious if you did find a lender for your project? I am currently involved in a similar project with partners and our hiccup is finding a conventional loan 

@Lance Peterson Yes, I just made one closet a keyed entry and then left most of my valuable stuff in there. I was also lucky enough to have a small storage shed on the property, so that helped as well. I put some stuff on the highest shelf in my largest closet and kind of blocked it off. If someone really wanted to get up there and mess around they could have, but I wasn't too worried about it. While I like most of my things and they have value for me, I tend to buy mostly on craigslist or thrift so they are not too expensive to begin with.

Also, if you might consider a backup offer on that condo if you do really like it and feel it is the right fit, you never know what might happen!

@Jenessa NeSmith I got started in a similar fashion as you- I purchased a duplex, of which one one side I slowly converted into a STR. I used some of the proceeds from that property to purchase my next. Along the way, a friend of mine noticed I was a 'super host' on Airbnb, and asked if I could advise him on how to make his properties more attractive. We set a general budget and I worked on making his places fully functional, beautiful places to rent. After some time I became a co-host of his homes, and then gradually took over all aspect of his bookings, repairs, coordinating of cleanings, guest communications, etc. We were also able to increase his gross revenue by over 30% in two years!

While that venture started organically, I saw the need for something like you are proposing in my area, and started a consulting firm as an offshoot of my corporation which already handled my STR ventures. After some time, I developed a 3 part contract for consulting, designing, and then managing a STR. The idea being that each stage of the contract releases to the next one. In Stage 1, I charge a flat fee for consulting, In stage 2 I charge an hourly rate for purchasing and designing the home to be an optimal STR, and Stage 3 I charge a percentage managing the property (if both parties agree) Happy to provide more information in detail if you'd like, a similar business model could be used for your new venture!