All Forum Posts by: Denis Ponder

Thanks for all the replies.  I have my first "back to back" booking on the calendar.  Luckily, it's a Saturday check out/check in so it won't be an issue.  I'm glad I changed though, it's a 3 day booking I wouldn't have gotten if I still had the restrictions.

I have timed myself a few times and I can get it turned in about 45 mins; so I'm optimistic I can make this work.

I also have 2 backup cleaners secured and I'm getting a 3rd set of bedding/linens/towels/etc to make it easier.

Thanks again!  I really appreciate this community!

If you have a PM, they would have the back-up.  If you are self managing, I would say whoever is showing/leasing the property for you when vacant could have the keys.  Or you can use a lock box like real estate agents use and keep a backup key in one of those.

I suppose you could give the back up key to the tenant in the event the locks don't work but you would then need to consider changing the lock when they move.

Beware of these!  I have them on my house and there is no key backup on these.  They are somewhat tedious to set up but adding guests and changing codes is fairly simple.  However, I would not purchase these for a rental since there is no key back up.  Makes me nervous even having them on my house but they have held up so far.

It depends on the market you are in.  The 1% rule doesn't work in my town unless you put down more cash.  But, you can find 1% deals, or better, in other markets across the country.  It all depends on your strategy for investing.

I'm shooting for a balance of cash flow deals from other markets and break even appreciation deals in my current market.

Thank you for your replies!

I am planning to use the lease for MTR as well so I wanted to make sure the language was appropriate.  It sounds like it should work perfectly.

Good morning,

I am reading through the BP Residential Lease Agreement and I have a question.  The .pdf version allows me to fill in the dates of the lease but uses the phrase "on a month-to-month basis".  Is that typical?  Does that mean I can ask a non-performing tenant to leave mid lease with the proper non renewal?  Or is that language standard to communicate something else?  Thank you.

I appreciate all the responses!  I made the adjustment to my listing last night so I will see how it goes!

I'm working on a couple of back ups at the moment.

I appreciate your perspective for sure.  And some day, I will be there.  But right now, I don't have anything else to do with my lunch hour where I could make more money so it makes sense to knock it out.  Plus, I get a little cardio in and it forces me to skip a meal which isn't the worst thing in the world for my weight.  :)

But I do understand the idea of delegation and trusting other people.  I have to do that when it comes to handyman services, I'm not mechanically inclined and don't have any real skills in that area.  But I can pick up a phone and make a bunch of calls and ask questions so I put that to work for me.  I have a few people I can call for help which has been nice.

Thanks for all the replies.

It has been a mixture @Account Closed.  Some visiting, some staying for work, some passing through.

Yes @Michael Baum.  I'm being selfish right now and trying to keep all the money for myself to fund more real estate purchases.  I might have to bring in some help though.

For the first month, we are/have booked 19 days in our STR. I'm very pumped about that, good start.

My question is regarding preparation time. Our studio is 400-500 sq ft, so it's not massive or difficult to clean. I can turn it myself in an hour or less. I currently have 1 day preparation time but I am contemplating removing that restriction to open up the calendar even more. I would establish an 11am check out and a 4 pm check in. That would ensure that I will be able to come home at lunch and turn the unit to have it ready for the next guest. I work less than 10 mins from my house and this STR so it shouldn't be a serious challenge. I currently grab all the dirty linens, towels, bath mats, etc, along with the trash, and take care of that during my lunch break prior to sitting down and eating.

Is this a bad idea?  Or is this something worth trying to see how I like it?  I can always turn the 1 day prep time back on if it's too much.

Thoughts?  Ideas?