All Forum Posts by: Conrad Legé

Quote from @John Underwood:

A Co-host is not a property manager. A Co-host is likely not licensed and insured.

If I were to get someone else to run things it would only be a legitimate local Property Manager. 

Let me clarify. I am not referring to a property manager, strictly one that manages short-term rentals, not necessarily the whole building. I believe a PM and STR have different management fees as the job is more hands on and involved. But sounds like you would like to work with a licensed PM and manage the whole building. Makes sense.

What would be a fair management fee? 

Hello all,

I‘ve been a host for a few years now and recently started my own STR management company. had a few questions for you other hosts:

1. What are your expectations when working with a co-host? Responsibilities?

2. Do they need to be local to your area?

3. What are your biggest headaches/challenges with hosting?

4. What do you consider a fair management fee?

5. What has been your experience so far working with a company?

6. What are your personal reasons for not working with a co-hosting company?

 Always looking to improve. Any insight appreciated. 

Great info. I’m about 90% Airbnb 10% Booking.com. Definitely would like to strike a better balance in my channels as well as build a channel for direct bookings. What is your source/strategy for getting direct bookings?

Quote from @Mike Bator:

I'm genuinely curious – why aren't real estate investors proactive? For instance, with STRs, why won't an investor spend an hour on AirBNB for their area to identify listings that:
1) rank the highest
2) occupancy 95%+
3) ADR $750+
4) hosts have 2+ properties
5) listings are branded with 20k+ Instagram followers
etc

Then, reach out to those top operators; as many don't have the time or gave up on cold outreach, yet they've done the hardest 90%, have skin in the game, and outcompeted thousands of listings nearby.

Agree, however you can’t reach out to the operators via Airbnb. That’s considered soliciting and can get your listing/profile removed. 

I like to give my units as much exposure as possible. I would list additionally on all other rental websites such as Craigslist, Facebook Marketplace, Apartments.com etc. As far as Airbnb for MTR guests, I wouldn’t  underestimate it; some of my most profitable MTR bookings have been from Airbnb and I have had 0 issues thus far with any of the guests. I would certainly have them sign a short-term rental agreement prior to them checking-in however to protect your self from tenancy laws (not sure where you’re located). Harder to do a background check however I give that less emphasis personally due to the fact they are paying for that whole reservation in full upfront. I think if they were looking to stay 90+ days I would probably try and figure out a way to do a background check & screening.

Quote from @Matthew Nosal:

Investment Info:

Single-family residence fix & flip investment in Chicago.

Purchase price: $74,500
Cash invested: $36,900
Sale price: $206,000

Rehabbed 3 bedroom 1 bath property on the South Side of Chicago.

What made you interested in investing in this type of deal?

Size of property, location, simple rehab

How did you find this deal and how did you negotiate it?

Wholesale

How did you finance this deal?

Finance of America

How did you add value to the deal?

Remodeled the property: New windows, refinished hardwood, new kitchen, new doors, vinyl plank flooring, stainless steel appliances, washer/dryer, quartz countertops.

What was the outcome?

Flip- Profit

Lessons learned? Challenges?

Simple is key. The easier the rehab the smoother the process

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Finance of America

That’s a great deal. Great margins. Im looking to complete my first flip this year in South Chicago & these are the kind of properties I am interested in. I have cash as well as good lender options. I see you’re a contractor as well.  Would love to connect. 

15-30% in my market. I recently started my own STR co-hosting business and charge 20% which includes everything from advertising unit on multiple platforms, turning over the unit, guest communication, dynamic pricing, etc. A few value-adds as well such as photography & interior design.

Self manage for 6 months, learn the business. You’ll then have a good grasp of how you want your property managed and set better expectations should you still want to outsource.

Hello all,

Looking for some insight here. One of my tenants just informed me that signs were being installed for permit parking on the street on which my rental property is located. This was news to me.

A few questions: 

1. Does the city not provide notice before installing permit parking for owners? 

2. Am I responsible for providing permit parking for my tenants and guests? I have a LTR tenant and an MTR tenant whom both utilize street parking.

3. What is the process of getting a permit should my tenants and or guests ask for one?

Thanks,
 

Hey Shaun - when I house hacked I relied on Craigslist, Aparments.com and Facebook. Surprisingly, Craigslist yielded the best results as I found my first tenant whom has renewed twice already and has never been late or missed any payments. Where in Chicago are you?