All Forum Posts by: Gerald Pitts

Self management in STRs is mostly answering a few texts and emails here and there. The rest of it is hiring good cleaners and repair techs. 

I second this idea.  I prefer using leverage to scale my business.  It has gotten my out of my W2.  Can I ask why pay with cash? 

I stayed in a great Airbnb on lake Michigan in Rogers park recently. However, I prefer vacation rental markets to Metro markets because STR laws aren't as likely to change.

in a Metro market, I would think you would want to have a backup exit strategy of renting it as a long-term rental.  And I've heard tenant rights in Chicago are superior to landlord rights. Just make sure and do your research.

 Your Porter for PMS, Price Labs for pricing tool, Hostfully for guidebooks. Airbnb, VRBO for listings.

I have a PM for one long term rental, but self manage 3 short term. Software makes it a breeze.

Another fan of Roku tvs. Bring your own login. No complaints. Cable is dead. Everyone has streaming accounts of their own. One older guest in 2 years called asking how to work the tv. He alone isn't worth paying $100 more a month.  Just experiment. Can always add back cable. 

I've done exactly this strategy. I say run the numbers and go for it. Just be ready to go over asking with an appraisal gap 

Ticket sold.

I typically buy mine fairly turnkey, and then for smaller repairs, I just ask for a repair concession in the form of them paying part or all of closing costs.  Cashflow is typically good enough that it will pay for its own repairs as you go.  As @Avery Carl says.."Let the property pay for the property".  

 Indeed! Under contract on#4 presently.