Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jerry W.

Jerry W. has started 26 posts and replied 4117 times.

Post: Backing out of a great deal because of coronavirus covid-19

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008

Wow, @James Denon, it is possible for a recession to start.  I have seen a about 3 really big recessions, and they can be bad, but they pass.  It appears to me that recessions, much like bull markets are often based in large part on the attitude of people.  The decision to spend or save, to invest in new equipment and expand, or hoard cash, determines how many goods are sold, how many jobs will appear or disappear, etc.  I can tell you that people figure out how to get by.  They quit buying the $8 coffee, they put off buying a new car for a another year or 2, they vacation if the U.S., not over seas, they move in with relatives and out of their apartment, etc.  This will definitely hurt the economy, no doubt, the question is how hard and how long.  There is no answer.  To top it off we were at record high growth in the stock market. record low unemployment, GDP was climbing, housing was up to record highs.  So yes it will decline, but we were due for a correction, this will just be a little deeper than had there not been Corina virus.  I am just guessing when I give you my thoughts, but I think it will let a lot of wind out of where we were going, but it will come back.  Things are going to get worse before they get better though.  People will panic.  there are a LOT of stupid people out there who have never had to face anything hard, they will do things and the economy will suffer.  There also a lot of smart people out there.  They will start buying up deals and making money.  I am impressed at how hard the government is pushing recovery and economic recovery packages, and how quickly it passed.  Lately they couldn't agree on calling the fire department if the capitol was on fire.  Be careful and good luck.  Wish I had better answers.

Post: probate

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008

@Junior Jeune, this will vary from state to state.  Some states will allow it to be checked online, some don't.  You can also watch the newspapers to see posted obituaries and then check those names against property ownership from the courthouse.

Post: Coronavirus Impact on Beach Rentals in North Carolina

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
I have lost every booking for the next 45 days, so far none of the reservations further out have cancelled.  Glad that they are least waiting to see.

Post: Coronavirus STR Data

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
I have lost nearly every booking for the next 45 days.  Most of the later bookings are still in place, but with AIR BnB allowing cancelling at anytime with no penalty I think most are waiting to see how it goes.

Post: Corona Virus and Air BNB

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
I have been having 5 or 6 cancellations a day for the last 2 days.

Post: How are you handling Coronavirus cancellations?

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
To answer the thread question, More and more often.  Probably lost about $2K in bookings today.  I was letting folks get 100% refunds before and have always done it when the roads closed due to snow.  It is painful and thankfully I can afford for now to do it.  I had an unprecedented 6 folks give notice and move out of LTRs in February.  Usually February is very slow for my STRs, but I had a traveling nurse book one for the entire month at a decent discount, and the other rented very well.  It really buoyed up the big hit from losing so many LTRs and the $1,800 in increased utility bills I had to pay.  Thank goodness it was a mild February.  I have purchased 2 properties this year that I intended to make into STRs this summer.  It was unrealistic, it takes a long time to do them right.  As of today they are going to become LTRs as fast as I can.  Maybe next year on the STR idea.  It is funny how quick each side STR and LTR flipped in only a few months.  Lets hope this gets over soon.

Post: Inquiries ... a giant waste of time

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
I have gotten a fair number of them from VRBO, but never from AIR BnB.  I always flag as spam and never hear from them again, no hit to acceptance ratio.

Post: Anderson Business Advisors

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
There are several threads on Anderson in the forums.  Keep in mind that you are likely to never need to massive level of protection they are selling.  One guy posted the cost of them creating 2 LLcs for him was $5K.  Literally it takes 15 minutes and $102 to form a Wyoming LLC.  @ levels of LLcs will likely insulate you from 99% of the liability you can be insulated from in real estate if you run them correctly.  If you are a hands on investor and screw up big all the LLCs won't help.  Example you drive the company car drunk and kill someone you are personally liable and so is the company to an extent.  A carpet layer puts down carpet, it comes loose and someone trips over it, then it is doubtful they could ever pierce the veil to get to your assets.  The difference between a $15K package and a $1,200 package from a different lawyer will be negligible.  now if you are running a bar then get all the protection you can, but real estate is not the same.

Post: Ideas for joint venture arrangements for vacation rentals

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008

@Chris Luth, I have tried the partnership both at home and out of state with different results.  here is my opinion.  First all that you are investing is your time.  if you have a bad year and walk away you don't have any liability that I am seeing.  Your time has a value, but you have no risk.  The only way I would probably be interested as an investor is a deal where I would get my investment and interest out of the deal.  After the investor is cashed out then figuring out the split would be tougher.  Would you get 50% period, or would you get a bit more since you are doing most of the work?  it is easy to say you will make say $38K profit in a year, but what if you don't?  You are not the guy losing his down payment and credit rating.  I would probably do a deal for you to get a bonus after you hit a certain base amount of profit.  there would need to be a clause that if the management of the property was no longer managed by you or if it did not perform to certain criteria that you would not receive any compensation or a reduced compensation until I as an investor at least made a decent return on my investment.  What if you only garnered a 10% return on investment? if you split that the investor only makes 5% on his money and he might be paying 6% in interest on the money he is using.

I put about $50k into an out of state investment once and I was to get 10% return on my money and get my capital back then split any profit.  After 4 years I barely got my capital back and no interest.  While I didn't lose money in actuality I lost the use of the money for 4 years and it cost me 6% as I could have paid other loans down and saved 6% interest.  It really slowed my growth for those 4 years.  Don't underestimate the risk to the investor.  Everyone promises great returns.

Post: Am I paying too much for cleaning?

Jerry W.
ModeratorPosted
  • Investor
  • Thermopolis, WY
  • Posts 4,327
  • Votes 4,008
Gah, I am ashamed to post mine.  I get from $60 to $89 a night for my 800sq ft VRs.  I supply all the supplies in the basement.  Trash bags, dishwasher pellets, kleenex, vacuum cleaners, dish soap, paper towels, etc.  They strip beds, put new sheets and blankets on, chane out towel sets, vacuum, clean bathrooms and kitchen, etc. for $20 per unit.  Takes about 40 minutes to do both sides.  I do not charge a cleaning deposit.  tried it once and got no stays for a few weeks, I took it back off again.  I was charging $20 per unit to clean.