All Forum Posts by: Denis Ponder

I have the moderate cancellation policy through AirBnB, and our guest did not cancel 5 days out, so they are being charged a fee.  Based on the policy, I understand that.  However, the nights they cancelled have already been completely filled by other guests, so I didn't really lose the opportunity to generate income.  The nightly fee was higher when the original guest booked due to how far out they booked it, but that's not a serious amount of money.  I feel bad taking money from the guest who cancelled when those nights have been booked and covered by other guests.  Would you refund the guest who cancelled (claims it was due to illness), or take what the cancellation policy allows me to take on top of the money I will get from the nights being booked?

We wash everything between every guest.  You never know what could have gotten on them!

Wash and replace all towels, linens, comforters, bath mats, regardless if they look used or not.

Your insurance company can help get you into the correct product if you explain what you are working on.  I don't believe a standard rental policy is adequate, but your provider can provide better info.

I would suggest following the laws in your area and asking your insurance company what they require for your home/property to be covered by their insurance.

You have a few different strategies going on here.  OPM, seller financing, and off market deals aren't the same thing.  Seller financing can be a form of OPM in a sense, but you still need a down payment and other funds in many cases.  Off market deals are generally better, but make sure you know your numbers.  Sometimes off market deals suck, you have to know what works and what doesn't.

Network to find people with a lot of money but not a lot of time.  Show them what you do and how they can benefit.  Offer to provide them value for the use of their money.  Determine what they fear the most and work to eliminate or reduce that/those fear(s).  I am just starting down this path myself, I have connected with a couple people who are interested in doing a deal together and testing the waters.  I'm looking forward to it.

If you are buying the property as a consumer and not investor, then none of that will really matter.  Buy the house you like, that you can afford, and enjoy time with family/friends.  People can "what if" their situation to death.  Make a decision.  If you don't like the way that decision turned out, make another one.

You can find lenders who will loan you an amount under $150k, so I would explore those options wherever you plan to invest.

If you can afford the increased housing payment from the refinance, I would seriously explore that.  Right now, it's about getting in the game and letting time work to your advantage.  You can make moves down the road to reduce your debt if that is a concern to you.

It all depends on your goals and how quickly you want to achieve them.

It doesn't cost anything to put it up there, so why not?  90+% of our bookings come from AirBnB, but I will take them any way they come to me.  AirBnb is easier to navigate as a host with regard to the app, but it's still worth the time to list on both.

Nice spot to be in.  I would keep looking for something, for sure.  Keep submitting the offers that make sense to you.  You never know when the sellers life situation might force them to alter their plans.

People devote time and resources to what they find value in and prioritize.

How are you going to find these better deals?  Are you able to save a good chunk of your income due to your current situation?  Can you manage that for a bit longer and continue saving?  Can you afford the $600k-$800k?  Can you afford the $2k/month?  Can you get a duplex that needs work and benefit from the value add rather than pay retail for it?

I prefer to own, but not to the degree that I can only afford to be in my house all the time with no discretionary income.  If you can afford the duplex and the monthly cost, that's what I would do.  If not, stay and continue saving.