All Forum Posts by: Erica Calella

This week I received my first negative review from a guest.

I understand that this is part of the business, but I'm just wondering what coping mechanisms does everyone revert to when this happens? Do the airbnb review descriptions really matter? I'm just starting out with my first STR so I'm really relying on good reviews and guest experiences to get more exposure on the listing platforms!

Edit: I'm removing details regarding my opinion of the guest/ review from my original post. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $512,500
Cash invested: $170,000

https://abnb.me/mpMoPNV2NHb

https://www.vrbo.com/3891105

https://www.carolinadawnproperties.com/listings/248134

I think it depends on what your goals are.

I currently have a really nice airbnb cabin that isn't cash flowing the way I'd like, but I do expect it's value to go up materially within the next 10 years. So now my next purchase is going to be solely with the goal of cash flow in mind to help offset what I'm currently paying out of pocket. This is typically how I approach my investing since I'm more in it for the long haul than short term rewards.

This sounds like someone who is just difficult in general and probably has this attitude towards a lot of things in life. Any reasonable host would be understanding to the importance of pet disclosure, for so many reasons beyond just cleaning. Hoping for the best for you in this situation!! And if it does go okay, there is also the silver lining in that now you have an improved listing description!

Courses are great if you are looking for high-level "paper experience," but the best way to learn is to jump right in. Start with a small plan and work from there. You can buy lots of affordable books online (Short-Term Rental, Long-Term Growth is a good one to start with) and I would also recommend subscribing to podcasts, publications etc. Even a media outlet like The Wall Street Journal to keep up with market trends and other macro factors affecting real estate.

I agree with the above post. I would not send him anything and distance yourself. There are so many other ways to prove ownership, like a RET bill or something. He may not have ill intentions, but it's better to move on and not find out either way.

My policy is to hire them for small projects, it's an easy and somewhat affordable way to tell if you really have a friend or not! If they are good at what they do, then that friendship can grow into a partnership. 

Planning in advance for a 1031 exchange is crucial. Once you close on the sale of your relinquished property, then the clock to ID a replacement property starts ticking. 45 days is manageable but the time goes quickly and a lot can happen in that time. It would be best to atleast have an idea of what home/market you have in mind, so doing that research now will greatly benefit you. 

Using a good/responsive qualified intermediary is also really important. I did my first 1031 exchange with First American Exchange and they helped me through the process to ensure I was following all of the exchange rules properly. The qualified intermediary will also manage all of the funds during this transaction, so you want someone trustworthy and reliable in that aspect too. 

 Patience, patience, patience. I wholeheartedly agree. I was starting to worry because I don't have a high occupancy for summer months yet, but am noticing that the majority of guests are typically booking 3-4 weeks in advance.

 If you have a contract in place, then I think you should gently push back on all of his extra requests and reference the language in the contract when doing so. But like you said, you want the work done quickly, so keeping him motivated is important too. I had a situation similar to this once and I used words like "working towards a common goal" "I have a check in hand ready for when this project is completed" and that seemed to help a little bit. You know him better, so use your intuition to determine the best way to have this conversation.

Silly question, and maybe I am just naive, but don't most contractors bake these admin/reimbursement costs into their total quote? I'm not sure why he would be asking you for more.