All Forum Posts by: Brad Spuhler

Hey all-

I currently have 3 vacation rental units at the Jersey shore and was lucky to have family help me out with laundry over the past year and a half. We currently provide sheets, blankets, pillows, bath towels etc.

My help is moving out of the area and I can’t seem to find any cleaning services that would also do laundry.

I can definitely scrap providing all the linens and towels. I would have to charge less but just curious if anyone has any suggestions on who they use or how they’ve been able to handle the laundry aspect of short term rentals.

Any help or advice would be much appreciated!

Thanks

@Ruslan Adzhigirey sure feel free to send me a message. 

Hey BP -- looking for a reliable handyman in Cape May County (Wildwood) to provide ongoing maintenance services to an existing portfolio (and growing) of short term rental properties in Wildwood.  Jobs could include: electrical, plumbing, HVAC, carpentry, installations, and repairs etc.  Let me know if you have any recommendations.

Thanks in advance! 

@Kevin Urban Jeff Barnes

Jeffreybarneslaw.com

@Ron Gunning I’m from Wildwood and have vacation rentals there as well. How do you typically rent out your condo? Do you do it yourself (Airbnb) or use a property manager/realtor? Any issues with the condo association when you went to rent it out?

@Cody Z.  I do 3 night minimums during the summer months (May-Sept) and make it really flexible in the offseason.  Most of my stays tend to be 3-5 nights, not a ton of weekly stays.  My units are both 3 bed 1 bath, fully renovated, central heat/AC and probably avg $350/night during the summer months.  

@Lynn Berg  My units are right in Wildwood, not the Crest or North Wildwood.  I'm from there so I know the area really well.  Tougher to find deals right now since anyone who is thinking of selling wants top dollar.  I get most of my leads off market, someone in distress etc.   There's been an influx of bigger developers lately taking down whole city blocks so there's a ton of construction going on right now. 

I own a duplex in Wildwood and use Airbnb exclusively year round.  The winter is obviously hit or miss but the summer rents more than make up for any vacancies in the winter plus you don't have to worry about evictions.  Find some solid cleaners and a couple maintenance folks and you can operate it remotely pretty easily.  

Hi all,

I'm considering making an offer on a mixed use property in the town where I grew up, a summer beach town.  This would be my first commercial deal. 

The property consists of a liquor store, 1 store front that's operating as a take out restaurant, 1 store front that is a nail salon and a 3 bedroom residential unit on top of the store fronts.  The property also has a 17 space parking lot and would come with the liquor license. 

I would look to operate/own the liquor store and continue the leases with the restaurant and nail salon.  I would also look to rent out the unit above.  

I have some of the financials below, but want to know from experienced commercial investors, what else do I need to consider for this deal?

Seller wants $1.9mm

Restaurant pays $45,000 in yearly rent

Nail salon pays $18,000 in yearly rent

Liquor store currently generates $120,000 a year in net income (profit)

Residential unit should be able to bring in $25,000 a year, more if I rent it as a STR/vacation rental.

Property tax: $16,000/ year

Insurance (including flood): $14,000/ year

Liquor License would probably sell on it's own for $250,000

What questions should I be asking and/or what other information would you need to make an informed offer?   Thanks for the help!

Hi BP,

I have a business checking account (for my LLC) and I'm looking to park some cash for reserves and future acquisitions. Curious who other real estate investors are using for high yield business savings accounts? Also, more generally curious how RE investors structure their banking/credit/brokerage accounts.

I have a small but growing portfolio right now and currently have a credit card and checking account in the name of the LLC. Cash isn't earning much right now but I don't want it sitting earning zero in my checking account.

Any insights into what others are doing would be greatly appreciated!

@David Vitarelli I have STR's in Wildwood. I keep them going year round, as much as I can. I looked at AirDNA but didn't think it was necessary since I grew up in Wildwood and have other buddies doing the same thing. Happy to share more about my experience but so far so good!