All Forum Posts by: Ariel Smith

@Mike Miller Are you planning to purchase properties in the bay area? If so, you'll want access to the MLS for disclosures and agent specific information not available to the public. Since most properties on the market here have inspections and a disclosure packet up front, it will be difficult to get those documents without MLS access.

As for brokerages, I don't know of any in the bay area that would take on an agent without requiring them to join the MLS community. Most brokerages I interviewed and know of don't even take on part-time agents because it is such a liability if you are not educated on the ever-changing laws and forms and you do something wrong within a transaction. The liability always falls on the brokerage first, so most wouldn't take on that risk.

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@Kristy F. 

Coming from someone who knows the SF rental market very well and who lives in a San Francisco rent controlled unit, I will say that you have already done way more than what is required of you. Unfortunately, this is one of the many problems with rent control. Landlords do the bare minimum to maintain units and tenants either have to suck it up or move to a more updated unit and pay more. 

You most likely weren't required to do any of the repairs you already completed for them and, as others have mentioned, you have given an inch and they are taking a mile. I would stop granting any requests for updates and tell them in a professional, yet frank, way that if they would like to live in a more updated unit they can move to one and pay market rate. 

Check this out for more information: http://sfrb.org/landlord-tenant-information

@Slocomb Reed I'd definitely try to Airbnb it if you can. It will need to be furnished or at least mostly furnished though because that's what guests expect (dishes, linens, etc.)  I'd definitely look into at least Airbnb'ing it out for graduation weekend though. At my college, rentals would make a killing that weekend because most hotels are sold out and homes are great for large families that are coming for graduation weekend who all want to stay together. 

@Anthony Chung Is this a SFH or apartment? You should 1000% have a fridge & washer/dryer in a SFH in San Mateo.

@Kiyong Kim Congrats on successfully house hacking! The fact that you can cover your entire mortgage and HOA from Airbnb is awesome. What route to choose really depends on your goals. Are you trying to get higher cash flow? Are you comfortable to continue living with an Airbnb guest for an extended period of time into the future (what are your personal plans?), can you afford a large multi-unit in your area? If you bought another 2 bedroom condo would it cash flow the same as your current one with an Airbnb guest or would you be under water? All things to consider.

@Michael Kugler In regards to your PM concern, you're saying the owners are upset not because they will have more competition, but because they think it is "unfair" that someone will pay the same price but have multiple listings? Why don't you just charge per listing then... seems pretty straight forward. Have a one time fee that everyone pays and a much smaller per listing fee to add a property. Problem solved! :)

Also, my background is in working with a furnished rental platform that I helped build from the ground up. However, we had 30 day minimums and did lease agreements, as well as guaranteed tenants so it was a much different model. We ran into many of the same issues you are discussing though:

2. Verification: We had scammers on our platform. When you run something 100% virtually it is bound to happen. I found that the best way to avoid this is to withhold payment until after the guest has checked in (this is Airbnb's model). If you are just connecting the guest and the landlord though, then there is literally no way for you to really vet and guarantee anything. I think you'll need to decide whether or not you will be involved with the vetting/payments. I think it only really works if you are all in with the involvement/responsibility or completely out.

3. See point #2. You either need to just be a platform allowing them to find one another (Craigslist model) or you need to be ready and able to take full responsibility for vetting travelers (Airbnb model). I'd think it would make the most sense just to connect them and have the owner do the vetting (CHBO's model)

@Jamal A Blackwell Congrats on finding this opportunity! Yes as others have said you can avoid realtor fees if you are able to negotiate the deal yourself. I actually have a great connection for title in San Diego I can set you up with. He's a former very successful Realtor as well so he knows the whole sales process in and out and will be able to help you out with answering questions. I'll PM you!

@Account Closed Each investor's perception of a deal is different based on their current position and future goals. You say these properties had low cash flow so for some investors, that would mean no deal. 

You're correct in saying that it is misleading to say "there are no deals on the MLS" because a deal has a very different meaning to each individual. I'm still not sure what your point is here though.

@Paul Sung where is this property located and what is the makeup of beds/baths for each unit?