All Forum Posts by: Bruce Woodruff
Bruce Woodruff has started 107 posts and replied 12026 times.
Post: BRRRR vs. New Construction
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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First....what does 'fairly handy' mean? It makes a huge difference if you have the skills to frame a new addition and wire/plumb it vs just throwing some paint on an easy Rehab. Define your skills and be honest about it. Then you will know which trades you'll need to have on your team.
Basically, the numbers either work or they don't, it doesn't matter if it's a new build or a 100 yr old house. The numbers are the determining factor. Figure out your NET profit on the jobs...is it enough to meet your needs?
Post: Got the team the money and the plan - what's the next step?
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My first thoughts are - too many partners. a) It will lead to too many opinions and possible arguments. b) the $$ split will be diluted.
Unless you are going to only focus on huge, big-money properties, like $1mil+
If you move forward, I would (as @John Underwood said), make sure that you have a solid and very specific agreement that shows in great detail exactly what the expectations and duties are for each partner. No overlap and no ability to share responsibilities. In my experience, the big money guy will want to start offering input on how the framers lay out the rooms, the color of the stucco, etc...then his ideas get rejected and it all starts to go downhill.....
Post: Evaluation of 3 Summer months income against cost of 12 months of mortgage payments
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Great news, John....congrats!! Any tips or secrets for people just starting out in the STR market?
Post: Investing in blue or red states
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Quote from @Remington Lyman:
Quote from @Bruce Woodruff:
Quote from @Remington Lyman:
Quote from @James McGovern:
Is it true that investing in red states when it comes to AitBNB will likely have more regulation. Likewise a blue state will likely have more laws that are anti landlord?
I would think the opposite
blue states are more left leaning which tend to have more regulation and are friendlier to tenants right?
Post: Investing in blue or red states
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Quote from @Remington Lyman:
Quote from @James McGovern:
Is it true that investing in red states when it comes to AitBNB will likely have more regulation. Likewise a blue state will likely have more laws that are anti landlord?
I would think the opposite
Post: anyone else feel like this?
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Maybe time for a host boycott? The only thing these people hear are numbers and money 🤑
Post: Fixing bug problem before renting out
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Call a professioal exterminator and get their help. They will know all of the tricks....
Post: Which one are quailty bath tubs
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Quote from @Gp G.:
Thank you. can you please share $100 home depot bath tub link. When i checked I see expensive at least few times
Well apparently I haven't bought one in a while.....$249 now.
https://www.homedepot.com/p/Bootz-Industries-Aloha-60-in-x-3...
Post: Investing in blue or red states
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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As stated above.....the Red areas are more business and LL friendly. Blue areas are more restrictive and tenant friendly. I believe ths holds true nationally..... (at least in my experience)
Post: New Airbnb Listing Advice
#1 Contractors ContributorPosted - Contractor/Investor/Consultant
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Quote from @Paulina Le:
Quote from @Bruce Woodruff:
Quote from @Paulina Le:
Thanks Bruce! Here's a link to my listing: https://www.airbnb.com/rooms/1455945416456118650
Yes, I have checked my competitors and updated my pricing to be lower than them for the next 30 days.
Good to know about Vrbo - I will dedicate some time this week to focus on that.
Second - For me to book it for a weekend in early August, it would be $265 per night. Based on a (admittedly quick) search, it seems you are on the high side... I would drop it even lower for a while and garner a few 5 star reviews.
Just my $.02
Thanks Bruce! Just checked - for Aug 8-10, other properties are going for $600+ for 2 nights so I set mine at $530 for the weekend. As the dates get closer, if we still aren't gaining traction, I will consider decreasing more, but am a bit wary of going too much lower than $500.
I checked for Aug 2-3, so maybe different....I would recommend going a bit lower for every weekend.....at least for a month or so....