All Forum Posts by: Dan Thomas

I am very new to the short term rental space and would like some suggestions. I recently had my second guest complete their stay which they seemed to really enjoy. When they mentioned how much they enjoyed it I asked them to write a review and they said they would. They haven't done it yet. Do I remind her to leave a review or just wait? I don't want to be a nousaince but I am very proud of my place and am very excited to start getting some positive reviews. Any input would be appreciated.

@Nathan Williams

One option to add to Jim's response is you can also add gfci breakers in the panel but than you loose the capability of accepting 3 prong plugs. I literally just had an electrician pull all the wiring out of an str cabin and replace last week. It is one story and has a decent crawl space so all in it was like 1500 bucks and I personally would prefer that to one of my guests getting shocked.

@Kyle Wegener

What is the benefit to paying down your principal while you are trying to scale?

@Greg Brooks

I would reccomend working with a property manager before you pick a property. A good PM will help you identify the right property. The manager is way more important than the property itself. Properties come and go. I found my manager 6 mo before I actually picked out my property. I listed two weeks ago, very first tenants lost hot water on their second day. I had to put my coffee down to make a phone call but the rest is history, a good manager will save you a ton of headaches which I learned from my long term properties.

@Matt Moylan

I agree with what others said. It is hard to justify spending your hard earned cash on information that is free and readily available online. I would add that you should surround your self with like minded individuals. I have co workers who I discuss real estate with daily. They push me to to get out of my comfort zone and are a sounding board for ideas....and they don't cost me money. What additional value does a coach provide that makes them worth the money?

@Joseph Leibovitch

Organized and picks up the phone outside of "normal business hours" are the top two in my book.

@Adam Thomas Welu

I've bought three properties from two different turnkey companies, both post on here regularly. I have had a few hiccups here and there but overall it has been a positive experience that has been very passive. My 4th property I sourced and manage on my own, much more time consuming but much more cashflow too. Feel free to message me with any specific questions.

@Roberto Vasquez

From what I understand Fannie and Freddie loans don't allow LLC ownership therefore it would trigger your loan to become due (as already mentioned). I have been told this most often occurs when the bank tries to sell the loan and realizes it is owned by an LLC. I would consider speaking with a good insurance provider for a strong policy in addition to an umbrella policy. This was a better approach for me to limit my liability with only a handful of investment properties, probably different for a larger invenstor.

Hi all-

I am a week away from closing (maybe??) on my 4th investment property, a STR on a lake in northern NH. We waited 6 weeks for an appraisal that came in at half of the sale value. This doesn't bother me because my numbers still make sense and I have several comps on the same lake to prove this. He used comps from the other side of the state and excluded 2 recent sales on the same lake that re-enforce this sale price. My agent / sellers agent/ loan officer were all blown away at the lack of effort...needless to say the sellers are getting cold feet and are telling me that if I don't close by next week they are backing out and taking it off the market. They are not willing to lower price or extend the closing deadline. My agent is telling me that my only way to get this done is to come out of pocket almost 200k which is not an option for me. I am appealing the appraisal but am nervous that will not be done by next week. What options for financing do I have that can close in a week? Will hard money get me financing that quickly? Other options? I'm all out of long lost rich uncles.

@Anthony DalPra

Hi Anthony,

I have been struggling to get any offers here in NH accepted. I started buying out of state properties through because I can't seem to find any financed properties here in NH that make sense. I am looking to get a NH or Maine STR but haven't had any offers accepted yet as this market is nuts and it seems like out of state cash buyers are willing to pay WAY over asking price which makes a financed offer a non starter. Good luck to you!

Dan