All Forum Posts by: Ben Jamin

@Joe Vang - Ideally you want any future bookings funneling through your account and not the sellers, for reasons such as insurance, liability, etc. The disadvantage to this approach is that the guests might get upset that they have to cancel and then make a new reservation through your account. 
In my case, the seller had 7 future bookings. He informed them all that they would have to cancel and book under my new account. Only 2 of the 7 actually made a new reservation with me.

If you can get your hands on the book  "Short-Term Rental Long-Term Wealth" by Avery Carl, she discusses this topic on pages 50-53.

@Account Closed - Thanks for the feedback. I've tried to negotiate with the sellers, but it seems they are not budging. I've got a few additional ideas I will try, but it might be time to throw in the towel. 

Thanks @Monica Smith - Appreciate the insights you shared. 

@Lien Vuong - Thanks! It's very exciting indeed.

Appreciate the feedback. 

@Joe Splitrock @Dan Maciejewski - Thanks for the feedback. 

I figured a hard "no" was the correct answer but wanted to check-in with the community.

Appreciate the both of you for taking time out of your day to jump in and provide some coaching.

Hi All,

I recently went under contact on my first STR, Yay!

The property is already an STR and the current owners have bookings confirmed into July.

The closing date is set for March 30th (meaning, I will then take over the property that day).

The sellers have asked me to either let their pre-paid guests stay in my property (and they keep the profits)

OR

pay the sellers nearly $6k, in reservation fees that they would have profited if they were not selling the property.

Is this common?

Any thoughts on how I should respond?

@Ali K. - Thanks for sharing your journey Ali. The process you took to get your property was my exact plan. Seems like I'm not talking to the correct folks. 

@Account Closed - Thanks for sharing your situation and process. 

@Tristan Pearrow - Thanks for your input. Do you provide lending in Oregon? If so, can we connect?

@Justin Phillips - I'm being told by credit unions and banks that if I take out a HELOC and then turnaround and apply for a mortgage loan (within 6 months of obtaining a HELOC) my application will be denied.

I'm aware of the "seasoning" aspect, however I've been in my primary for 3.5 years, so I doubt it has to do with that. 

Anyways, thanks for your input.