All Forum Posts by: Bryan Stengel

Hi Marc, I think everybody offered some great feedback. I will sure take some of the advice offered here. At our STR, we do have a fully equipped kitchen with coffee pods. I have gotten inquiries about a slow cooker or an air fryer even. I think the expectation at Airbnb has definitely been elevated to a whole new level. It is not just leaving your house with somebody. It is about creating an experience and really focusing on easily accessibility with convenience. I have added Board Games to my Airbnb. I have not received any feedback regarding that, but I like to imagine it does provide a new level of coziness upon their stay. I will definitely look to add more when I visit next. I'm not a fan of leaving any alcohol at the Airbnb. I think you can definitely run into a potential guest using that against you in the near future and opening the door for liability. We live in a litigious society and people are sadly looking for ways to either get something for free or more. You need to be weary of that and reduce liability as much as possible. I will mention that a hot tub could really increase the frequency of bookings. Make sure to include proper disclaimers. I even have my renters sign a liability waiver upon arrival, which I never had one person refuse to sign one yet. People really value a spa type of treatment and depending on where you are, it could make a real difference. We are in the woods where we really wanted to create another sort of living space outside of the square footage of the home. This wasn't mentioned, but I think focusing on what you can provide outside of the home might make your property stand out more too. This summer I want to add a couple of outdoor games. Finally, I would add allowing pets to your home. Not an amenity, but it will and does increase the frequency of bookings. No damage from any pets yet and you may even charge a pet fee as well.

Hi Kmsuea, it all depends on your commitment to actively looking for and purchasing a property.  Signing an exclusive agreement with a real estate salesperson indicates to them that you are committed to finding a property.  Realtors often put a lot of time and effort into their job, which is why the exclusive signing indicates your commitment to compensating them as they get to you finding a property, getting into contract, and officially closing.  I would encourage you to sit down with a couple of real estate salespersons and choose one based upon experience as well as knowledge of the area.  I would also say that many real estate salespersons will not be committed to an investor that just tells them to send properties to them that fit their buy box and then never hear from them again.  You will get much further in your search by signing with somebody experienced in the space.

Hi Chris, welcome!  I think this is a great way to connect with other Real Estate professionals.  It sounds like you got a solid plan for your first investment.  I would definitely encourage to utilize all the resources that Bigger Pockets has to offer.  I live in New York as well, but have chosen to go out of state for my investments.  Feel free to reach out any time.

Hi Kevin, I would encourage you to maybe consider outside of New York in the future. The tenant laws in New York make life as a property owner way harder. In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. Unfortunately, I do have a property in an HOA, which often comes with their own set of rules that you'd have to follow of course. Every HOA is different, but they significantly affect your cash flow. The fees also tend to go up every year as well. If you could avoid an HOA, I'd advise to do so. I'd also advise out of state since you can certainly generate better cash flow too.

Hi Cindy, I am not familiar with Citizens.  I would contact the insurance company directly and explain the situation.  They will definitely have no issues reinstating you as long as you indicate that you were trying to send them payment.  I'm surprised to hear though that they do not have an online payment option though.  That would make the process easier moving forward. 

Hi Zachary, I am not sure how it is area by area, but I have been told them a similar thing by my Property Manager in Scranton.  You may be profitable, but I'd prefer to avoid the possibility of having to do unnecessary repairs or not holding my tenants accountable for damage when I know their actions might have caused any unforeseen damage.  However, I have had colleagues of mine do Section 8 housing in New York and have success with it.  It really depends.   

Hi Brett, I would opt to utilize a HELOC. The great thing about a HELOC that you are not making interest payments until you take the money out. You may safely wait for the best deal to come your way. I'm not a big fan of HELOC toward a down payment unless the numbers make sense and vacancy rate is low. You don't want to put yourself in a position where you are paying down two forms of debt for one property unless that property consistently cash flows to meet those numbers and has a low vacancy. Unless you make a significant down payment with that HELOC and your monthly payments are relatively low. I have to agree that a 1031 exchange may not be the best strategy. You'd rather get a whole new depreciating asset that resets at the 26 year term. When you do a 1031 exchange, the next property you buy continues down the same depreciating term. Let's say you had the previous property for 6 years and were depreciating each year to get the tax benefits. With the new property that you acquired through the 1031 exchange, you could only depreciate 20 years worth of the property. I would definitely take out the equity of your home through other means and keep the solid rental.

Hi Victor, I got a chance to look at your photos.  I think the time of the year certainly plays a role.  I am learning that firsthand as well and honestly, you just have to take it for what it is.  Are you marketing this property yourself?  I would suggest maybe seeking the assistance of a real estate salesperson who could give you accurate market comparisons for the area, add to the description, and most importantly, take photos that will better highlight your property.  You will definitely get more leads this way that will certainly put the right tenants at your door.  That is important too.  I may not offer $500 the first month's rent.  This may invite tenants who may negotiate the rent further down with you and you don't want to be put in that position either.  It's one thing to fill the vacancy, but it is another thing to get a quality who is committed to staying at your property by paying on time and not put you in any uncomfortable position.  

Hi Christopher, I think Jonathan is absolutely right.  It is best to go to local meetups for several reasons.  One of which is to get a better sense of where other people are investing in and why.  Partnerships are earned through trust first especially when you are ready to put any sort of money down.  The last thing you'd want to have to do is manage your future partner since you question their decision making or experience and you've already invested with them.  By doing these meetups too, you will more importantly learn what doesn't work.  In the meantime though, I'd try to just actively build your platform here on Bigger Pockets and just casually connect with people.  I have recently started utilizing this platform for just that and I've already had some great conversations with people here.  The relationships you start now will help build the foundation for what you seek later.  

Hi Puneet, I currently work with a property manager and there seems to be so many moving parts within this business.  My property manager I don't think has a chance to relax, but she does have systems built around her to free up the time when it comes to regular maintenance and rent collection.  It could be quite lucrative and hands free as long as you have the right systems in place.  She is in a good position with the contractor who appears to be in direct contact with the tenants in terms of minor fixes as they arise.  Overall, you might find that you enjoy property managing.  I would say though it could be an extension of your brokerage too.  They do so well especially when they need to fill vacancies too.  I turn to them to list the rental, which just means another form of payment for them.  I think it is an absolute necessity for out of state investors and a great way to build relationships as well.