All Forum Posts by: Jim Smith

This is what I'm worried about.  Here's what happens when I try to go through the cancel process now:

Why are you looking to cancel -> my place is unavailable

Why isn't your place available -> I have an emergency

"We understand that emergencies can happen. Situations covered by our policy include, but are not limited to:

• Maintenance issues that affect your ability to host
• Death of a family member
• Serious illness
• Property damage
• Natural disaster
• Political unrest"

So with the property under construction, I will have pictures showing "property damage" and "maintenance issues that affect my ability to host".  And can also provide invoices.

But also in their terms:

Note: If you cancel multiple reservations, your listing will be temporarily deactivated and removed from search results.

I just don't know whether that means I can't book new listings, or if ALL listings are removed and voided, which is killer

So I bought a full gut rehab, 4BR with the plan to move into.

As an experiment, I put up pictures of what I'm designing the house to look like, with the dates open for when I thought it would be done (stupid I know)

I was getting hits left and right, offers for A LOT of money.

The work is now dragging and I don't know if I'm going to hit my deadline

If I start cancelling the first few reservations, can they blacklist me and cancel ALL the reservations I have booked (almost every weekend)?

If I send pictures of the renovations will they be understanding?

I think it's a good business model that I got a little too aggressive with my timeline and don't want to lose all the bookings I have

One deal at a time my brother 

Ok so here's the situation:

I'm on a buying rampage right now, looking to buy as many houses as possible. My typical deal is $25k purchase, $25k rehab, and rent section 8 for $1200/mo. Then I can refinance at 80% LTV

A - I found one lender to do 1 deal with me as a "trial". Only 4 points and no down payment. They won't fund another deal until they see this one go smoothly

B - I have access to $230k cash from a private loan - this money is 100% tied up in a project that will be done in 8 weeks. I won't be able to refinance that for at least 90 days. It's only 5% interest and $0 down. Once i cash out that project I'll be able to use this fund more at a cheaper cost

I'm looking to scale this business - and found a lender who approved me for $500k line of credit. It's $6500 to buy into that program, then 4.5% points on every deal and 15% down.

Pros to LOC:

- Access to funds immediately, can buy 4 or more projects by the time the 2 above get done.

Cons:

- large upfront cost
- with 15% down on every deal, cash will start to get tight until I refinance all of them


Should I be patient and wait for A and B to start rolling - or buy into the LOC????

Help!

That's not a bad idea.  I don't know how much demand there would be in this area for it to be profitable though

All unrelated people with separate leases

@Ethan Giller

10/10 post that was fantastic

I'll work with an attorney, I think my biggest fear is the legal aspect of a tenant trying to claim the lease was never legit and trying to get all his money back

New construction is sprinkler system so everything would be code and rental licenses would be obtained 

Well when I call L&I all I get is ring ring ring...

Any research on the Web says it's a law that they rarely enforce and it's basically don't have the staff to even enforce it

My issue is a sly tenant in which a judge tries to make a precedence of it

But I couldn't possibly know until I got to that point 

Thinking of buying a 5BR house in the city of Philadelphia and renting by room to 5 unrelated young professionals

The house would be 3,000 Sq ft new construction and meet all forms of habitability

Now here's my question - assuming more than 3 unrelated persons in a house is a code violation and worse case scenario that neighbors call or tenants for some reason call L&I

1 - what is my potential exposure with the city.  I'm assuming a small fine (in relation to what I'm collecting in rent).  Could they possibly make me kick people out?  Or since the house Is so big and fully up to code let it slide.

2 - on a legal front, could tenants get sly and say that the lease (everyone on separate room agreements) is actually not valid and try to sue me for any back rents  that were paid to me