All Forum Posts by: Dale K Poyser

Typically it would be the tenants responsibility to provide access. The handyman would reach out to the tenant to coordinate availability, then coordinate with you on the issue and fixes needed.

The Smart locks are a game changer. You can lock/unlock the door remotely. You can program individual access codes to work only during a certain time frame. This works well if it's an MTR or STR type situation and you are in control of the lock. If it's long term and you have control of the lock then you can do the same.

@Elizabeth Rose Zillow might be a good place to start. Try adding a filter like "furnished" to your search and this could turn up positive results. I assume you could take a similar approach with Redfin, Realtor etc etc.

There are STR sites like Rabbu that present deals regularly but not sure if these are sold furnished.

Also you could joins some STR groups on Facebook.

How does the tax assessment compare to the comps for your property? If the assessment is lower than the comps that may be a tough battle.

 Yes vs carpet. But I would recommend luxury vinyl plank (SPC - stone composite) with a high wear layer, or wood look ceramic tile. Hardwood flooring is expensive and scratches easily.

 Agreed, good location with slightly negative cashflow is the way to go. Unless its a fixer upper if you make high cashflow out the gate it's likely to have high turnover.

 I know this question was directed at Grace, but I can offer my .02 on this. Most PM companies do self showings. THe prospective tenant provides their driver's license and other info and you can give them a code (if you have a smart lock w/ Wifi) that they can use and you can change afterwards. This is actually very common and something you might want to look into.

Don't run numbers based on STR or MTR, run the numbers based on the worse case scenario which would be LTR. If you are comfortable with those numbers and you can wait it out until interest rates improve then go for it.

You could also consider putting down a larger downpayment. There are downpayment assistance programs in CA that are in play. One of these programs will give you funding up to 150k toward the downpayment. That program coupled with some other incentives (like rate buydowns) may move the needle in your favor.

The program is called "dream for all"

https://www.calhfa.ca.gov/dream/

Thanks for the reply, how easy it that to do when you are an out of state investor? The showings and such? Do you leverage your handy man or some other "boots on the ground" person. Or do you use a combination of something like a ring camera and schlage lock?

This is definitely intriguing to me, my two points of contention are showing the property and managing work orders.

What tools do you use/recomment for

1 - finding tenants (screening, renting, etc)

2 - Managing vendors/work orders

3 - Evicting tenants

4 - Showing the property

You can rent by the room. If you log on to some of the popular sites like furnishedfinder or Airbnb you will see that they have "rent by the room" options. This is definitely possible unless there are some HOA restrictions that you have to work around.