All Forum Posts by: Emily Wilson

Hi Braulio! I don't live in the area and cannot provide a recommendation, however, I recommend joining local investor Facebook groups and searching the group's history to find recommended cleaners. That way, you are getting recommendations straight from other local investors. Best of luck! 

Sarah, I read that advice in your book and promptly looked for appropriate FB groups. I found a number that I thought might have potential, but they are really just real estate groups mostly advertising listings for people doing BRRR style flips. I'm usually pretty good at finding things like that, so either they don't exist in my area, (seems unlikely for silicon valley) or I'm using the wrong terms.

This is a very interesting problem you've brought up with the reoccurring credit card fees for background checks. This is one of those business ideas that has been on my list of ideas. It would be great if we had an easier way to run credit / background checks by having a social profile with all of this information verified in advance. This could be an annual subscription service where you have a pre-approved, real-time stamped approval to share with any STR, MTR, and LTR that can be shared across all platforms. It will be interesting to see who is the first to get this to market.

I have worked in education for 17 years and I can't tell you the number of times I've been finger printed. When I asked why they don't just look at the ones from before, I was told it is to protect my privacy and the records get sent and then deleted. I thought, wait until I commit a crime. I bet those records get pulled up in a split second. So, you might be correct, but it seems as though the privacy laws about keeping this type of information are very strict.

Quote from @Heather Loyal:

Is anyone using robot vacuums in their units? I would love to hear any pros or cons of this idea.

 That's funny. I was literally wondering the same thing this morning. I would like the idea in theory especially because I will allow small dogs and some of those vacuums are really good for that. However, they require floors to be clear and people to empty them, so I talked myself out of it 

Insurance companies? You mean like people have something happen to their home and they need a place to stay while it is being repaired? If one was to build a relationship with those people how do you go about it? Do they have local agencies or is this a nation wide service?

Quote from @Zeona McIntyre:

@Tiffany Cohen The only company that pulls in data from furnished finder on top of airbnb and VRBO is Mashvisor. What you can earn really depends on how much effort you are willing to put in. If you go solely on Airbnb & Furnished Finder you will likely fill up but it may be at a discounted rate. 1.5% market rate. If you spend time building relationships with placement agencies and insurance companies you can get the full rate of a short term rental, 2x market rate. 

If interest rates don't impact your decision, then I am unclear why you are waiting.

My understanding from looking into them in CA is the ADUs are popular and there is a lot of interest in them. 

I'm sitting on cash at the moment, so the interest rate environment doesn't impact my decision making. However, would be curious to hear any other data points/predictions about costs in the upcoming year. Any and all guidance would be greatly appreciated!

Quote from @Mike Dymski:

You're trying to fit a square peg into a round hole.  Medium term is a self-management business model.

 I would definitely self-manage if I was staying in the area, but we plan on going overseas.  Do you have suggestions for how to self-manage long distance?

Thank you so much for taking the time to reply and provide such detailed information related to picking the right property manager. I truly appreciate it! I'll be doing my due diligence.

Hi,

I've been thinking of doing a medium term rental with a small multi-family property in San Jose, CA.  I've started researching property managers and there are tons for long term rentals.  They charge a monthly percentage as well as a fee for placing the tenant.  Since tenants change every 90 days, it seems like that cost will start to get out of hand very quickly.  Short term property managers don't charge for tenant screening other than I think a cursory review of the person behind the scenes in the apps, but they charge 25-30%. That also seems excessive considering the people aren't turning over constantly.  So, what do people use for medium term rentals?

Hi, I'm interested in finding a property manager who serves San Jose, CA.  I am thinking of going medium term, but that's part of what I want in a property management partner is someone who is strategic in helping to figure out the optimal way of doing things.  Thanks for your recommendations and suggesting why you like the person.  If you are a property manager, I would prefer you to post here rather than send me a PM and include information about your work with medium term rentals.