All Forum Posts by: Stone Jin

 Not sure I’m the right person, how about @Christopher Abele.  He knows people.

@John Morgan. 400k house would generate $2200 in monthly rents. Very difficult to cashflow in phoenix metro unless you have some niche or large down payment.

@Carrie Foley did we meet at a meet up when I was in town? If so, congrats on taking action and I wish you and your husband many successes.

We have 4-8 units that we lease to a professional baseball team to house players.  It's been over a year and so far so good and looking to grow.  I'd be wary of companies that want to use your house for sober, senior, group living.  I've gotten many messages from those types of companies and I've declined them as I see it as an active business rather than a rental.   You lose control of who will be living at your property once you have a middle man company placing tenants.

We self manage locally and out of state now.  With systems the actual maintenance of a rental is minimal (tenant texts me and I text vendor and I get bill).  I've used 2 different companies in the past for management, I had a terrible experience with 1 and the other which did a good job but was pricy (which is fine because I didn't have any systems in that market).  

It really just depends on perspective.  If you don't want to deal with the daily grind then hire it out, but understand that the cost is usually higher than the 10% monthly fee.  In my head, I do the mental gymnastics of how many new roofs/acs/mistakes I get free passes on since I don't pay 10-15% of my gross to a management company.  

I use BBB Garage in Mesa AZ and have been for 6-7 years.  Replacing a garage door and motor should be around $2000.  $500 for the opener and $1500 for the door.  

@Joon Lee we have Mf in Phoenix area but in Toledo it’s all sf.

@Wences Lopez

Honestly since you are in a weird situation, a conversation would work best. Just tell them that their time is up and if they want to continue renting then they have a 1 year at X rate 6 month at Y rate and month to month at Z rate. If they don’t like any of the options then tell them they have to move out by X date.

Do you have a lease in place? Do they have money in escrow being held back that they would lose if they are not out?

@Joseph Abbott

Honestly you should sell it if you can. 50k to rehab a house where the neighborhood only supports a 70k comp. managing a rehab from out of state. No extra cushion in case things hit the fan. These are all red flags. Take whatever money you can squeeze out of it and start fresh in Oklahoma like your original intention

@Cody Gray cleaning companies are not your employees. You pay them when they are done cleaning your unit. As for finding them, referrals and trial and error. The STR business model relies heavily on reviews, so having a clean unit matters. If you find a good one, pay them well, the renters are paying the cleaning fee so think of it as a profit center for you rather a pass through to your good cleaning crew.