All Forum Posts by: Craig Glendenning

@Bailey Kramer - Sooooo much low hanging fruit for me here. I have like 50 guests I could market to for repeat, direct bookings. I am

one of those weirdos who actually likes AirBnB’s platform, but I might like it less once I get my direct booking systems set up…

@Andrew Simms - another angle that I had not considered is when a guest forgets to lock the back door(s) - I have no visibility into that but if I had smart locks on all of the doors, I could lock them remotely. Thank you for stimulating that thinking!

…Currently, I just have the front door + lockbox and I change the batteries monthly out of sheer paranoia 😂

Craig

@Landen Reed - You are most welcome. I live in La Verne, CA - Another note on Short term rentals is the often overlooked tax benefits. If you work a W-2, you can easily wipe out all of your income tax by “materially participating” in the operation of the business and doing a cost segregation study (my CPA did mine for $900) - $181k of active losses that offset other active income…for $900? sounds fair :)

Tom Wheelright is the genius here. "The real estate CPA" podcast also - check out the episodes prefixed with "STR"

Cheers!

Yesssss!

Biggerpockets is *very* powerful. It talked to the universe on your behalf and manifested a qualified tenant. : )

Hi Landen!

First off, thank you for your service.

Secondly, you have come to the right place, and your growth mindset will take you far. You will be swimming in information so being intentional is the right approach. First, define your "why" and think about what you really LOVE to do, that you would do for free because you enjoy it so much. That will dictate what asset class you may want to consider, and WHO you will need to rely on for their expertise. Someone who gets burned out because they did not align their natural compulsions with the right activity will never be able to compete with someone who sustainably loves what they do and would do it for free. Be that guy. That said, here are some ideas based on your post:

- VA Loan + House hacking...Yes. 100% YES. David Greene says "You should be house hacking 1 house every year."

- Short term rentals: Read Avrey Carl's "Short term rentals, long term wealth" - it got me started, but I will caveat that "mature vacation rental market" does not equal "no regulatory volitility"...so be prepared to deal with that. local governments of resort destinations are still trying to figure out how to deal with the onslaught of AirBnB demand & backlash from locals. I own 2 STRs...so far. One in City Of Big Bear Lake, CA, and one in Big Bear City, CA. Similar city names, totally different regulatory departments.

- Long term: I am looking into self storage myself...no toilets, no tenants, and if they don't pay, I keep their stuff. : ) Sounds easier than it probably is, but enticing.

- Read "Buy, Rehab, Rent, Refinance, Repeat" by David Greene.

- Read "Finding and Funding Great Deals" by Anson Young. 

All three books are on apple books (and probably whatever Android uses) if you are into audiobooks. Hope this helps!

Craig

Hi Rachel!

I understand that it is scary to not be able to get a long term renter in, you do not feel ready for short term self-management, and along comes a company offering to provide you with what is effectively a long term lease, which feels like it will solve your immediate problem. Here are some questions to ask yourself that may empower you to reveal the right answer for yourself:

- Can I demand a month-to-month lease with this rental arbitrage company, so that I have control to back out?

- Am I ok giving up control over which tenants stay at my property? If not, can I construct the contract with this "rental arbitrage" company that states that I am set up as a co-host (airbnb terminology) so I have visibility into the communication stream and get veto power if a guest seems fishy?

- Is "managing the property manager" going to be stressful to me?

- Can this company provide me referrals that are legit, and not "plants" just there to gush about them?

- If I can get this arbitrage thing month to month, could I simultaneously work on setting up my own AirBnB listing, systems, etc. by asking people (ahem, this Craig guy who self-manages 2 STRs on AirBnB) on biggerpockets how to do it?

Food for thought. You came to the right place, and you are wise to not jump in to a relationship with a "facebook friend" : )