All Forum Posts by: Blake Dailey

@Zac Boelkow in regards to the lower credit score, that is the only area I will be flexible if everything else looks great, and dependent on each tenant. A credit score is not the whole picture but can give a great lens to view that picture through. If credit is the only low thing and you still feel good about them you can require them to put in a higher deposit or to get a co-signer for the lease. This would protect you a little more and also show them that you are a good landlord and that you mean business.  

@Erin Spradlin I feel like we always hear the worst cases. Its like when someone gives you 10 compliments about yourself and then one negative comment and that one negative is what you hold on to and think about - the same seems to be true about tenants.

What I have seen get a lot of people in trouble is improper screening that is not at all thorough and rather just puts the first person in the unit that can come up with move-in funds. Reading The Book on Managing Rental Properties and Landlording on Autopilot showed me that screening tenants is probably the most important thing you can do as a property owner that manages their own rentals themselves to protect yourself from bad tenants and save yourself a lot of headaches down the road. The best way to avoid problem tenants is to screen thoroughly and be "firm but fair" when training your tenant on how to be a good tenant. 

@AP Horvath I would buy as many cash flowing properties as I could by safely leveraging them 70-80%. I do a mix of short and long term rentals for a balance of increased cash flow and stability in an appreciating market.

I would also consider lending that money out for someone else to do the heavy lifting on solid deals and make a healthy return. Or partner up. You could learn the process while making profits.

I sourced my own cleaners and manage them through turnoverbnb. @Avery Carl gave this tip on the BP podcast which helped me out a lot. I set my cleaning fee to just over what I pay the cleaners so I actually generate a little extra revenue from hiring it out. And I also manage my own listings - it’s really just picking up your phone to message guests through the app. For me that is very easy and takes very little time, it is just important to be responsive. 

@Avery Carl if you are in PCB this month there are REI meetups Wednesday the 5th and Thursday the 20th. Several of us that attend have STRs in the market and are acquiring more and would love to compare experiences. I can share more info on the meetups if you are interested.

@Yankel Raskin if you are going to Airbnb the condo a good way to gauge the market for vacancy and especially rates is to go on the platform (Airbnb, VRBO, whatever you use) and look at your competition. Treat it as if you were looking to book and check their availability on their calendar. Do this for as many listings as you can in your immediate area to see how frequently they are booked. When doing this also note the price of each listing and compare yours to it? Is yours nicer with more amenities? Then you can probably charge a little more. Is yours missing some critical amenities that their place has? Then probably charge a little less. Use that for your base and then adjust a tad lower and you will gain more bookings because STR renters rely heavily on price in most circumstances, all else equal. A good tip a fellow host taught me was as the date gets closer adjust the price down so you get more bookings and in then more revenue - ex: adjust the price down $5-10 a week out from the intended date, and then maybe 2 days until that date adjust it down another $5. That will help it stay competitive and book more frequently, lowering your vacancy and increasing revenue.

@Trey Moore Welcome to the site- this is the best place to begin learning where to start with real estate investing. Look into House Hacking. There are a ton of posts on the topic and is a great way to start out if you are looking to utilize a loan that requires you to occupy as a primary residence. 

@Anthony Andre hey Anthony welcome. We have a really good real Estate investor meetup at Fishale on the 1st Wednesday of every month and another one on the third Thursday of every month at Sharkys. I’d love to see you there and connect.

@Nicholas L. yeah the property originally appraised 40k lower than expected. The lender informed me this one because it was a "drive-by" appraisal where the appraiser just drives by and looks at it from the road without ever stepping inside. I ordered a reappraisal and met the appraiser there this time and provided them with my own comps and and pointed out all the new features and updates. This second appraisal came out 9k higher than originally expected. We then did a 80% LTV loan based on that appraisal with a local portfolio lender.

@Andres A. my partner managed the rehab project and used local contractors as well as another crew from a prior relationship out of Dallas who could do work cheaper.