All Forum Posts by: Mark Grozen-Smith

Awesome thanks so much for the help on this topic. I agree this approach has some risks, so we'll need to evaluate before going all in on it. But it could be really convenient, so we'll experiment with one unit!

Oh that looks so simple and very versatile. I'll look into it!

Mark

Have you ever converted a small apartment complex's laundry to a digital paid system like some sort of mag swipe or even like an apple-pay type of input? Any learnings from that? Was it worth it or were there more troubles than expected? Any brands you recommend?

My partners and I are managing our units ourselves so we're thinking optimizations like this will be important to avoid emptying the coin trays every few weeks. This way we can simplify the process and create a better experience for the end tenants.

Has anyone ever used digital locks for long term rentals? Any learnings from that? Was it worth it or were there more troubles than expected? Any brands you recommend?

I'm looking to replace the locks in our new units with digital locks. It will help substantially with allowing locked-out tenants and contractors into the unit. We are managing the units ourselves so we're thinking optimizations like this will simplify the process and create a better experience for the end tenants?

Thanks Tony!

We discovered that the value the coverage was based on was the purchase price, not the replacement cost. So that was a large contributor. By lowering to the replacement value (or really, to the amt of the loan), we brought down those costs by about 30%. Great start, but still hoping to get further along! We'll keep looking into it. 

Hey BP Friends,

I'm about to close an 8 unit in CO Springs. The value of the property is just over $1m (aka $150k/unit), but the insurance quote came in at 10k-12k/year. There are no unusual circumstances like high flood risk or anything, so we want to confirm with others that this is reasonable to expect.

What do you think we could expect for smaller multifamily insurance rates? What is reasonable to expect here?

Thanks!

Mark

Hey BP friends, 

I'm about to close on a property in CA which I'll be using for AirBnB. My partners and I bought it all cash and, before we refi, we want to do what we can to maximize the appraisal. The market is hot, but never too hot to try a BRRRR.

I'm looking for advice on how to determine our options for optimally increasing appraisal value. If $20k for a new kitchen would raise the refi appraisal by $35k, it might just be worth it! Especially given the short term rental strategy.

Thanks,
Mark

Awesome, thanks so much Leilani! I ended up doing some palms and astroturf (sorry 😅) but it's been great so far!

Native plants is a great idea though, trendy enough sound to put in the listing too!

This region is nearby Yosemite national park and Turlock, CA

Hi BP Friends,

Does anyone have any recommendations for short term rental property management in Mariposa, California? We are under contract on a property but are having trouble finding STR PMs in the area.

Thanks,

Mark