All Forum Posts by: Jon Martin

Will be launching in around a month. I've always hated those tiny bars of hotel soap that barely last a day. With a larger group, you could easily blow through several of them which could add up and create stress regarding how many to make available. An STR I just stayed in fave my wife and I 1 bar for 2 nights, and a baggy with 2 tide pods for laundry. While I understand the need to control costs and that some guests can take advantage, I don't want to be that host, so I want to find a middle ground where the guests are happy but costs are in order.

Therefore I’m thinking of putting dispensers for body wash, shampoo and conditioner and having the cleaners top them off consistently or at least when they get down to the halfway mark. That way there is no concern about there ever being enough, no buying 100s of tiny bottles and bars, and not having the extras I leave out disappear.

Has anyone gotten complaints for going this route? I would also probably buy a bulk amount of shower puffs on alibaba for around 40 cents each, that way the body wash lasts far longer and I think the guests will appreciate that. 

Thoughts? 

Just though of one I forgot to mention. Being too close to a school, especially an elementary school. I passed on a house (as a personal residence) in an otherwise great location because of this. When I went to check it out, I realized that at the wrong time of day I could get stuck behind the long line of cars going in and out of the “cone zone” and the general disruption that this would have at my favorite times of the day. Plus worrying about a kid zipping down the sidewalk from behind the bushes right as I’m backing out of the driveway, or having to be conscious of being shirtless with the windows open.

I realized that the the constant comings and goings of the kids would be a stressor that I just did not want to deal with. That said, I could see how this could be a plus for a family who’s kids would be attending that school.

Another that would not be a dealbreaker, but certainly annoying- being a dog owner on a street with lots of dog walkers! There’s a pedestrian friendly street on my block that naturally gets a lot of dog traffic, and every dog along that route barks at every dog passing by . . . . 

I see it as a buying opportunity. Some markets I’ve had my eye on are seeing more inventory and increased DOM. Especially in vacation destinations that don’t serve a workforce. I could see a lot of recent buyers who got in over their heads listing their properties in the near future. 

I'm not a RE Pro, but the most potential seems to be in adding a bed and/or bath within the existing square footage. Look for homes with extra space that is not well utilized or necessary such as a formal dining room, detached garage, or an extra large laundry room (easy bath conversion or kitchen for extra unit), etc. If you can't do that, updating the kitchen and baths that you do have has the biggest impact. 

Otherwise, cosmetic fixes can help- paint, flooring, drywall (if none there already) etc. Tricky part there is the cost to do the improvement may cost more than the value you are adding, but if you can rent the property for more money per month and defer maintenance it could be worth it. 

I 100% agree about the difference between true beachfront and "near the beach". 2 different universes. 

However you have to look at the ratio of income vs price. It sounds great to pull $1-2K/night but at 65-70% occupancy, it's not as profitable as it sounds if yo are paying a $3M loan and the property taxes on a $4M purchase. The ratio I've heard is to shoot for at least 20% income to price. 17-18% is still good, but once you are getting close to 10% it starts getting tight, and you are missing out on better opportunities elsewhere. 

If you are able to live at home for a while, do it, and save as much as you can. When you are ready to move out (assuming you haven't already), look for a multi family that needs some cosmetic work that you can house hack. Use your time to put some sweat equity into the units and force some appreciation. 

Try to find a day job that is related to the industry. Or maybe get on a construction crew so you can learn some skills that will help you rehab your own properties while also saving the funds you will need for the down payment, materials, etc

Start now, and by the time your classmates graduate from college, you could be 10+ years ahead of them in terms of net wealth. 

Of course, that was kinda the idea ;) We all know that opening up a living room wall or new countertops can make a huge difference, both of which can often be done for <$5K, but are not DIY or handyman stuff. Looking for small things that make a big impact, but yes, recessed lighting is great. 

@Kerry Noble Jr good call on the faceplates, didn't think about that.

@Evan Polaski I like the idea of the BNB or wainscoting. I'm big on landscaping too.