All Forum Posts by: Bruce Woodruff

Price your place fairly and keep it spotlessly clean. Offer more amenities than the competition.

Note - You don't need an LLC to take the tax deductions, any business model (Sole Proprietership) can take deductions.

How are you going to get the loan? And do you have a tight budget for the renovations? What is your number? Remember to add at least 20% for overages and oooops.....

Quote from @David Alejandro Hernàndez:

Hey everyone! I’ve been renting out my 2-bedroom, 1-bath home on Airbnb here in Cape Coral, FL (no pool), and it’s been doing pretty well. The house was originally a 3-bedroom, 2-bath, but the master bedroom had been converted into a separate rental unit.

I’m now planning to reintegrate that master bedroom back into the main house to restore it to a full 3/2 layout. I’m torn on whether I should keep it as a third sleeping area or convert it into a bonus space like a game room, office, or lounge to help the listing stand out.

Given that I don’t have a pool, do you think it’s better to go for maximum sleeping capacity (as a 3/2) or offer a unique experience with a themed bonus space? I’d love to hear what’s worked best for you in similar situations!

My first thought is that you probably can't fit enough cool game stuff into a basic master bedroom. I'm guessing it's about 12 ft by 15 ft or something like that? You really need something more like the size of a garage to get everything you would want in there and not have it feel crowded. Maybe buy an above ground spa for the backyard and keep it as a 3/2....

Ozone may be enough. In a worst-case scenario, you might need to re-prime the walls and then re-paint....

Definitely get an expert to take a look....maybe not a mold remediation company since some of these are just scams - but someone with experience with mold....

And most importantly, you must have adequate ventilation everywhere.....! Not just a fan in the room, but ventilation to the exterior.

Can you get a Home Inspection or GC walk-through? The unknown necessary repairs can be $0 or they can be $100k on that house. You need to know if this property is going to make you money. Period. It can be in a nice neighborhood with cute seniors running around and still cause you to lose your money.

And as @Drago Stanimirovic says.....do a spreadsheet with ARV minus ALL costs expected and unexpected. A really honest P&L.

If it looks too good to be true......

As we always say.....'do the numbers work? '  If they do then you have no problem. I think that most people are lax in their analysis numbers because they really want the property (I know I have been guilty of this :-)

So just be really honest in your analysis and make your decision based on that. But if it seems too good to be true......

Like @Paul De Luca said, put it in writing. It should already be in the State legal contract somewhere. Generally, in my experiences, the buyer must pay for well inspections if desired. But you could negotiate it differently if you want to.

And I would get a Well Contractor to do a thorough inspection. And a low gpm rate like 5 gpm is scary. If that drops a little, you're in trouble. I would aim for at least 10-15 gpm. As an example, my last place had 34gpm...

No they can't legitimately complain. But I wouldn't do this because it looks (and actually is) a case of 'nepotism'. Your tenants can't do something, but your daughter can.....it leaves a  bad taste in the mouth....

Just my $.02...

Did he realy think that anyone would not be smart enough to see that $100k is the same as $102.5k minus $102.5? Yes, he deserved a laugh in the face reaction...