All Forum Posts by: Billy-Dee Greenwood

Eat the cost and move on. Continue to provide 5 star service and make the best of it. Not sure if you have an exterior camera on the property but it can assist in the future with evidence in your favor of any violation of the rules you’ve set out. In this case, they didn’t trash your place which is a plus. Maybe just a few people drank 300 beers? Lol.
Reviews are important so I understand your concern but I say chalk this one up as a learning experience and focus on making future guests aware of your policies regarding parties or large gatherings. 

Congratulations on the purchase @Kate Budroe without knowing other factors about your property, purchase, location etc., 20% CoC is good baseline.

I use Schlage encode smart WiFi locks. Will run you about $250.00 but they’re hard to find. Try Home Depot, Lowe’s online or direct through Schlage’s website. Installation is easy and the app works well to set & send codes for your team. This model does not have a camera attached.

I purchased a Lifesmart LS350DX 5 person 28 jet hot tub with an ozonator. Bought it primarily because its 110 volt(plug and play). It does require a dedicate GFCI outlet. Got it online from Home Depot for $3k but I’ve seen it as high as $5k. 

I use Schlage Encode WiFi locks. It will run you around $250.00, easy to install but different to find. Be prepared to shop around whether it’s online or your local Home Depot/Lowe’s 

@Joe C. It's my understanding that once in place, it will only count towards your DTI once you've used part of the 200k as @Brian G. mentioned. In this scenario, if you went to a lender today for a loan and didn’t use any of the available 200k, it’s not a concern to the bank. However, you use 100k of the available 200k then the monthly payment you’re making on that 100k is looked at by lenders towards your DTI from an underwriting perspective.

I've used the Credit Union for (2) HELOC's and posed the same question. I was told the HELOC's are "viewed differently" by lenders during underwriting. I'm sure a lender or UW can explain in more detail but that's been my experience.

@John Underwood nailed it! #4 Pentagon Federal Credit Union https://www.penfed.org/ has great rates and a very streamlined process for HELOC's

I like the idea of a gameroom/bunk beds if you decide the bedroom & bathroom combination is too costly. You can spend money on the initial renovation and upgrades you mentioned while focusing on managing the Airbnb efficiently to start.

Once you’ve made some money, you can revisit the bed/bath combo downstairs. If the location and current layout is solid, you may not need the additions. Having time to evaluate the situation could change your perspective down the road. Best of luck! 

I agree 100% with @Carlos Garcia, the monthly cash flow is low. Perhaps double check your numbers and total expenses and consider managing the property yourself as @Courtney Radmall mentioned to maximize your return. I know a lot of people who work demanding full time jobs and use automated tools to assist in managing their STR. It could be a good option.

I agree with @John Farkas, @Bruce Woodruff & @Michael Baum, I'd consider a LVP or Laminate flooring. I just purchased a STR near the lake and it has beige carpet purchased and installed by Home Depot. The carpet is mid-grade but has #8 padding for added comfort. The carpet is in good shape but I decided to continue the LVP flooring from the kitchen throughout the rest of the house.

The LVP is a brushed oak taupe that’s roughly $2.19 a Sq ft. Labor for me was $3.00 a sq ft for the garage, living/dinning and 2 bedrooms. Add transitions, carpet removal/furniture removal it cost me about $7k. I’m sure you can do better with the labor expense to lower your overall cost.