All Forum Posts by: Cole Simpson

Quote from @David Dachtera:

This thread came up on Facebook in regard to Short Term Rentals (STR):

"What do you all do about your cleaners? Most don’t understand or want to do the short term rental stuff."

My response was:

"When hiring, look for those who have worked in hotels / motels before. They understand the job and the business."

Hope this can help ...

Agree @David Dachtera. They can also get quotes from numerous cleaners on www.turnoverbnb.com., or stay in aSTR while prospecting for remote properties. If the place is well kept, they can contact the cleaner and hire them.

Quote from @Monica Pacheco:

Thank you for that information! We actually just went under contract on a home in Cape Coral. I am a bit nervous since it's our first out of state purchase. But I am seriously considering the Tampa area next, I keep hearing positive things about that city. I will definitely keep you in mind when I'm ready to make my next purchase. 

Congrats Monica! 

Best of luck!

Hey @Anthony Greco There are hundreds of videos where BP will analyze a deal, I would first watch those until you feel good about it. 

For rehab, it depends on the goal. If it's a flip, I'd say the kitchen and bath, as well as the floors and landscaping. Buy and hold- I'd try and get the life out of the roof and HVAC until the cash flow stabilizes. If it's LTR- you can just give the kitchen and bathroom a cosmetic facelift. If it's a STR/buy and hold, you can do the kitchen, bath, and floors brand new like a flip.

Quote from @Eudith Vacio:

Hey @Mike Schorah - Where are you getting this data from? Just curious. 

Definitely cash-flowing on my properties and even if I wasn't cashflowing that much, my long-term plan is to HOLD because can you imaging what will happen in 5-10 years? In my imagination, it's all equity gains and creating a cash cow. 

I'm curious as well @Eudith Vacio
@Mike Schorah I am focusing on STRs because they give the best returns. The market is just getting increasingly better. Even our clients are doing STR in Charlotte and cash flowing 12-18%.

There are hundreds of videos where BP will analyze a deal, I would watch those until you feel good about it 

Not always, but often incredibly fast scaling happens because you stop relying on just your capitol 

Good luck, wish you the best

I mostly look at cash on cash, vacancy rate, and population growth.  Then make sure insurance and taxes won't destroy a deal

All sound like great ideas.  I would listen to the BP podcast everyday for 90 days, and start to learn more.  You are trying to make decisions without a foundation. I am sure you will be successful, but learn to walk before you run.

Also make sure from a zoning perspective you are able to create lofts, definitely need to run that by the city. Awesome idea though!