All Forum Posts by: Doug H.

We do 2 inspections a year. The spring inspection is the light one focused on mainly smoke detectors. The fall inspection is a 10-15 minute check of smoke detectors, angle stops, caulking, etc

John D. - what's the brand name for the mattresses you found? I'm in San Diego, and that sounds like a solid deal to me.

Garry C. - thanks. That's good advice. I also found a great article on the Vacation Rental Managers Association website. Thanks google.

Okay, we are getting ready to launch our new vacation rental business. This is the point where I'm getting ready to start furnishing. I'm looking for some tips on: 1) what mattresses and from where? Do high-end mattresses get better rates? 2) a bedbug cover/protector to buy? 3) a bulk-buy linens source? Do higher thread-counts get better rates? 4) feedback on blankets? Anyone?

David Hays I would love some names of PM systems to research.

Lesley Resnick There are a number of articles on bigger pockets that do an infinitely better job of explaining GRM than I will, like: https://www.biggerpockets.com/renewsblog/2011/11/09/gross-rent-multiplier-–-techniques-to-speed-up-your-decision-making-part-ii/ It's the primary way banks will value your commercial multifamily buildings to determine the loan amount you can take out. So, 6k per year rent roll increase can have a massive amount of building value increase. It's part of the magic of owning larger buildings. Find one being poorly run, buy it, reform the rent roll instantly increasing building value drastically, and take out all the cash you put in to acquire the building. Suddenly, you have a cash flowing building with no money invested. ...on to the next.

Lesley Resnick Well.... That can depend on whether or not you are 5+ units. A 5+ unit multifamily is valued on a gross rent multiplayer, so if the rent raise is enough, it can increase the value of the building far beyond any loss to vacancy. For example, in San Diego, a $500/mo rent increase will increase the value of a 5+ building by over 100k. If your business model involves periodically pulling equity out of your portfolio to purchase new properties, that value increase far overshadows the vacancy loss.

20 yr property manager and landlord..... One of my single best pieces of advice: Don't be afraid of residents leaving. Period. Ever. That fear will both A) put you in a bad negotiating/management position and B) lead to bad management decisions. If you stay in the game, you will have to learn competent leasing skills. When you have faith in those skills, you won't be afraid to lose residents. Also, property management terms are always negotiable. Offer them a slightly higher percentage with no lease-up fee.

Jon S. I usually go with a cedar done in a picture frame design for the interior, sides, and back. The front usually requires solid up to 3 feet with a 50/50 solid (lattice or horizontal fence plank) for 3' to 6' by local code. Also, be sure to check your local code. I usually get stuck with having to set the fence back 3' from the sidewalk.

It probably depends on the market. I'm in San Diego with a climate that lends itself to outdoor living. I frequently modify fencing to create private yards. At least in San Diego, private yards will allow for higher rents, unlike common yards. I go with 6ft solid privacy fence.