All Forum Posts by: Jack McGraw

I'd recommend you check out the Short Term Shop's content on youtube, podcasts or their BP book "Short-Term Rental, Long-Term Wealth" by Avery Carl. To me, it's like the holy tome of STR self mgmt and from reading it, you should be able to determine if you want to spend the time to make more by self mgmt vs. using a PM.

Also some tax benefits of STRs to think about if you self manage vs. use a PM, but that's another animal. 

@John Underwood that would be my preference as well but per @Nathan Gesner's thought, it would be a tricky thing to manage, especially if the seller isn't cooperative. 

Have either of y'all seen any instances where this type of transition was built into the offer or contract? The more I think about it, I'm guessing it's probably something to be negotiated outside of the real estate contract (i.e. the offer or some type of adendum). However, I don't know what I don't know (which is ok, it'll be easy to fail fast and learn assuming we get the property). 

Hi BP Family, 

Long time lurker, first time question regarding STR offers & transition of ownership. We've read a couple books and listened to several dozen hours of podcasts recently from BP, The Short Term Show, etc. so we know enough to be dangerous but some of the finer details are lost on me...

My wife and I have set our targets on our first STR property here in TX and have some questions regarding how people have handled the transition of ownership. Our thinking is to ask the future customers to cancel all future bookings and ask them to rebook (once the contract closes). Is this something that the seller should intiate as they have all the contact info/contracts or should it be a team effort? If so, should we addressed that after an offer is accepted? Should there be language in an offer letter (my gut says no, right?) or something addressed after the close?

Some listings won't be able to be re-booked as the city requires re-permitting for STR properties (which we've already discussed with the city and don't expect any problems outside of a 3-4 week approval lead time).

I'd be grateful for anyone who can share their experiences or point me towards a resource to digest. 

Cheers!