All Forum Posts by: Jeff Minc

Hi all, I'm doing research into purchasing a short-term rental in Scottsdale and came across the city regulation requiring the name and contact information of a person designated as an emergency contact who can be on site within an hour of a complaint. I live in CA and would like to manage this property myself from out of state. Is there an easy work around besides having to pay 20-25% of gross revenue to a property management company?  I'm just curious to hear how any out of state investors who self manage have handled this requirement. Thanks.

Hi all,

I'm just starting my research into purchasing an STR in Scottsdale. I live in CA and would like to self manage if possible. Reading through the city website it says you have to have an emergency contact person who can respond within an hour to complaints (I assume this means in person?). Is there a work around for this, or as an out of state investor I basically have to hire a management company?

Hi @Mark Grozen-Smith I'm doing a little STR research myself and trying to find some ballpark numbers, or quick rules of thumb. I was curious to hear how it's going? I'm in Santa Barbara so probably not as expensive as SF, but not too far off I'd imagine. Thanks for sharing.

Thanks @Marvin McTaw I haven't heard of that before. I need to start making calls to local lenders and see what's out there. I'll let you know what I find out.

Hello,

I've been with the same management company for about 3 years for my 6 units in Bakersfield CA and it's time to make a switch. I don't want to speak negatively about them but I think I can find a better manager for hopefully close to the same cost (roughly 4-5% of rental income). Can someone recommend a good one in the area? Thanks. 

@James E. I was thinking about that but where I live is extremely competitive in terms of finding new deals and I'm confident rents and values will continue to rise. I'd like to hang on to this one and use the equity to buy a multi family out of state.

Great feed back. Thank you. 

I could pull out a little less cash and still keep the condo cash flowing. 

Quick question in regards to the HELOC. My plan is to use this cash for a down payment on the next one. Can I use cash from a HELOC for a down payment? For some reason I was under the impression most lenders wouldn't take what is essentially borrowed funds for a down payment?

@Cortney Jones@Christopher Phillips I don't think those first two links worked

* it would not be a problem to hold a little more cash

Thanks for the fee back.

@cortney jones

I currently own 4 properties total and hold cash reserves for all of them so it would be a problem to hold a little more cash.

My goal is to quit my day job by building up a portfolio of cash flow property. I'd like to accomplish this within the next 5-7 years or less.

@Christopher Phillips

Why HELOC over a refinance? Current equity is $211,394 with a market value of approximately $525K