All Forum Posts by: Dale K Poyser

Quote from @Rehaan Khan:

To those of you who are experienced, what’re some good ways to manage out of state rental properties & how much does it generally cost to have a good system or manager in place?
Please do not comment if you’ve never personally experienced managing rental properties. 

Peace & blessings!

For LTR, MTR and STR - Best way is to get a good handyman and have some automated property management software in place to help you manage interactions with the tenants.

For LTR, and MTR - smartest way is to get a good property management company and let them manage your properties, especially if you want to scale.

For LTR and MTR - Cheapest way is to manage it yourself and use software to automate the process. 

Bigger pockets. I'm curious if anyone knows of a way to track/view where the corporations are building in the US. Basically, is there a site/resource where you can view a state/city and see what companies are based there? Particularly fortune 500 companies.

Is there a central location that will show you if 

1 - A new facility is being built.

2 - How many fortune 500 companies are based in that city

3 - Average salaries for that city

4 - Current and future developments underway for that city.

I think this metric would be good to identify up and coming cities for real estate investment.

Quote from @Bruce Woodruff:

Quote from @Dale K Poyser:

If google decides you are not following their rules, they give you a "google slap" which knocks you off the search engine pages and effectively destroys your business overnight. Youtube (owned by google) has similar practices where if you violate their "rules" you get demonetized and effectively "cancelled". Instagram has similar practices.

And now it seems Airbnb has similar practices? 

Looks like it, huh? But this just draws out the competition doesn't it?  VRBO/Booking.com/Trip Advisor. And on other fronts; Rumble/TruthSocial/Parler/Proton/Etc. And they're all growing pretty rapidly.

I find VRBO to be growing as far as my bookings are concerned and a recent thread seemed to confirm that.

The beauty of a capitalist system :-)

 @Bruce Woodruff agreed, this is why I am pro capitalism. 

You don't need a membership on FurnishedFinder to determine comps. You can see current listings in your city to determine the average rates. You can also check the "furnished" listings on other sites like Zillow, corporate housing, etc. Add those properties to your favorites list so you can track.

1 - If the properties are renting at or above what they were listed

2 - How long it takes to get them rented

These will give you an idea of comps and demand.

From the responses it sounds like midterm a trust or partnership is the way to go. Short term a cohost would be best. Also sounds like Airbnb is becoming more authoritarian than usual now that people are more dependent on them. Reminds me of how dependent on google a lot of internet marketers are, and is one of the reasons I gave up internet marketing.

As an internet marketer, if you are ranked number 1 for a keyword you get all the internet traffic. If google decides you are not following their rules, they give you a "google slap" which knocks you off the search engine pages and effectively destroys your business overnight. Youtube (owned by google) has similar practices where if you violate their "rules" you get demonetized and effectively "cancelled". Instagram has similar practices.

And now it seems Airbnb has similar practices? Ultimately, this should be a lesson/message to Airbnb hosts to be as independent from these platforms as possible. The more options you have, the less vulnerable you will be in situations like this. 

Sorry this happened to you, hope you can figure something out.

Definitely worth getting additional estimates,  I'd try Yelp for starters. 

A couple years ago LVP was about $5 per foot including materials. I would recommend you look into SPC type LVP. It is stronger and a lot cheaper so it would be a win win. I got a quote of 7300 for my 850sqft condo and your place is more than twice that.

You can paint an entire house in a weekend if you use paint sprayer.  an entire room can be painted in 20min or less.

@Jake Hill It would be a very good idea to get the HELOC while this is considered your primary residence. You'll get cheaper interest rates and have more options available to you. One thing to keep in mind is that most HELOCs are variable, so with rising interest rates your HELOC rate will go up. If you shop around you should be able to find a HELOC with a FIXED interest rate. Alternatively you can get a home equity loan.

Fixed rate HELOC would be your best option for sure. You won't affect the first mortgage and you can draw on the HELOC as you need it.

Quote from @Madison Wilson:

Interesting! I have yet to run across a rent to own experience. I find it very intriguing for buyers that otherwise have trouble qualifying for a traditional mortgage. That is where the concern would come in, is vetting your tenant/buyer to be trustworthy to not default on payments. I am not sure if your mortgage company allows loan assumption, or your loan program specifically, but it could be a safer option if so. I would definitely take your time to research and continue to gather information from others who have tried it first hand, to see if it seems like a good option for you. Also, there could be no harm done if a lender could give them an idea of what they would qualify for traditionally, to see if it matches your property criteria/value. 

@Madison the tenant would not be getting a deed to the property until they purchase.  So the due on sale clause would not apply.  They would be treated like a regular renter and all risks associated with having a renter would apply. You might be think of "subject to" where the buyer would get the deed to the property but the mortgage stays in the owner's name.

It all depend on your long term strategy for the property. It can add additional streams of income for you, and rent to own tenants usually take better care of the property since they have a strong sense of ownership. Couple points to consider:

1 - The non-refundable deposit required to make the option valid (you get that upfront)

2 - Tenant takes greater pride in the property

3 - You can lock in a sale price now. 

4 - Most lease +option tenants still won't qualify for financing when the option period is up so they will do a new contract (new deposit, new negotiated sale price)

5 - Good hedge against cooling prices. If prices cool maybe the tenant wont exercise the lease + option contract and you keep the deposit

I'm in the portfolio building phase and have some emotional attachment to my properties. However if I had multiple properties I would consider this for some of them. Imagine getting $5k - $10k in addition to your cashflow every 3yrs.

Quote from @Mike Rodriguez:

@Dale K Poyser I'm in CA as well with a few properties in Little Rock. I just moved a few properties over to Century 21 from Evernest. I had a bad experience with Evernest.

Hey @Mike what was your experience?