All Forum Posts by: Paul Cox

When we started our first STR over a year ago, we hired a couple that was referred to us by both our realtor and lender. I had no checklist and still don't. My thought is that unless you're close enough to go behind your cleaners and see if they checked every box on your checklist, then you have to trust that they know how to do the job that you are paying them to do. The proof that they are, is the reviews that will come from each guest. As @Luke Carl told me, your cleaners are pretty much in charge and are your eyes and ears and will be in large part responsible for you earning those super host and premier partner ratings from AirBnB and VRBO. If the reviews fall then you fire them and bring on new cleaners. I set my expectations with our cleaners when we first hired them, and then let them run. Just my experience though.  All the Best

Paul

@leora merrell,

Picking up a 4BR/2BA over in the Massanutten resort area. It's a cosmetic fixer upper for the most part. Should be closing on it at the end of the month...got it for 287k 2nd Home Loan at 3.62%. Need to put some mini split units in, rip carpets up and put new flooring in, some new windows, paint and furnish. Hope to get it ready to go by June, but we'll see.

We used the cash flow currently to help our #2 STR property until it's sustained itself. Currently in the process of closing on #3 and will do the same using some of that cash flow on the Down payment.

Paul  

Ditto to what John said...My wife is queen of the excel tracking spreadsheet. We also just signed up for Stessa a last month and i've been pulling in expenses and rent from our properties in there. So far I'm liking what I see and maybe it will make it easier when it comes to tax time again.

Paul

@Michael Baum

Mike, could you send it my way as well if you find it. We're having a direct booking website built and I figure it might come in handy on there.

Thanks

Paul

@Aaron Henricksen

Courtesy of the rock star @Parker Borofsky who gave me this link when we went through the process in 2019...see the link here:

https://therealdeal.com/2019/0...

I guess it requires a subscription now, but at one point this is where Parker pointed me to...@Parker Borofsky do you have this in an attachment that you could provide here?

Happy Hunting

Paul

Thanks for sharing...What would this business be without all the stories :)

See Enemy Method by @Luke Carl here in the forums. Best of Luck

Paul

@Meredith Mihm...Cleaning expenses are passed on to your guests via the cleaning fee that your guest pay on the booking sites. You set the cleaning fee and should cover what you pay your cleaners. If you find a management company for 10% then let us all know :) Our second STR in Branson which is currently under PM for the next 2 weeks before we take it over was paying 40% in management fees, so yeah...Self Management is the way to go which is what you'll overwhelmingly find as a recommendation on this forum. Good Luck. We Love the STR game!

I pay via PayPal...It's quick and easy from my phone or computer.