All Forum Posts by: John Cornelius

Hello everyone,

Has anyone sold their working STR as a business? Meaning, a buyer would get the property PLUS, furnishings, supplies and the Airbnb/VRBO listing itself.

I was thinking someone could sell the property/business for a cashflow multiple instead of just the property for market value..

I believe as of last year you couldn't "transfer" an airbnb account to a completely new person, only add a co-manager.

@J Brendan  Yea LA and California has a bunch of regulations. I lived there for 13 years but just moved (for the time being) to Florida to buy some properties..

I'd check into Monterrey Park and Alhambra, the regulations might be a little more business friendly than in K Town, also the Ontario Airport just added a trans-pacific flight so there should me more people flying into and staying in that area (assuming that flight route survives the corona).

Hi Jesse, as long as the rates/terms of the re-fi loans are favorable, I say go for it. One of my properties should qualify for 80% LTV on a cash out re-fi but now since COVID only qualifies for a 70% LTV, while the NOI is unchanged!!

Hey everyone, one of my STRs located in Florida has been receiving a huge increase in attention, inquiries and bookings. I'm wondering if my fellow Floridian STR owners have seen the same. The inquiries mostly break down into two groups..

1) People looking to book for parties. They're either upfront and honest about it (respect), or somewhat vague and elusive. Since I don't use "auto book" I can ask for more information when needed. I don't allow parties at my property unless it's a family type of gathering spanning multiple generations etc.. 

2) Friends who live in different cities looking to vacation together and don't want a hotel. 

I use a professional cleaning service and made it a point to advertise such in my listings. My goal for the properties is to make the guests feel like they're the first people to ever book the property. 

For the STR owners still on lock-down : I have faith that when your lockdowns are lifted you will see bookings come roaring back!

Wondering if these guidelines also apply to "corporate" tenants? Might be worth looking into office/corporate/industrial real estate instead of residential. That way you could still invest in Seattle without being exposed to these goofy laws. 

Roscoe

$9000 a month in net cash flow from my properties. Then I'll re-group and set another goal.

I'd look around the Turnpike between I-4 and I-75. 

I'd be much more concerned if your family WASN'T giving you weird looks. The only hints/facts that will sway them is when you start making cold hard MONAY (pronounced MON-AEEEEE).

Then they'll start asking you for help with their bills, cousin Geoffrey's student loans, aunt Carol's court costs, brother-in-law Greg's rehab fees etc..

Great decision! While others in SoCal are guffawing about "maybe someday investing in Real Estate" you'll be adding doors like a savage.