All Forum Posts by: Joshua Messinger

Hey @Aaron Snyder! 

Welcome to BP! Love the mindset of wanting to attack and get into everything so quickly. I would recommend taking a step back and thinking about what other options you have. If you already know that there are reoccurring expenses that you will need to maintain over the life of the property and that you would need to update things why not consider getting something where you won't have to worry about that work and you can immediately start renting? Or, go to the opposite side of the spectrum where you can get something for cheaper but fix it up to solid quality and rent it out or sell it. 

Either way, looking forward to hearing about you getting into everything! Don't hesitate to reach out if you ever need anything! 

All the best, 

Josh

Hey @Dale Bertrand! 

I would eat the extra costs and move on from this one. Usually, if we figure out that there is a party at one of our properties as it is happening then we will evict the tenants. But, if it is after the reservation then we just want to make sure that we get a great rating for their stay. 

Next time just make sure to set up noise awares to track how loud the party staying at your property is being, or outdoor cameras so you know when things are getting out of hand at your property. 

I hope you get that five star review for being great! If you ever have any more questions don't hesitate to reach out! 

All the best,

Josh 

Hey @Brandon Craig! 

I would take the signs that you have already been given and ask yourself if this is the right investment? Given this is a 600K 2-story home I would take into consideration how long this would take to make your money back if used as an STR or LTR with extremely conservative rates/occupancy. Also, already knowing that Dallas is going to place an ordinance in place banning STRs and your main intention is to use the home for Airbnb I would not recommend purchasing this to use as an LTR. We had the same case happen in Philadelphia where only properties that are zoned CMX-3 or above can be used as STRs and we would never recommend anyone just to buy an SFH to use as an LTR unless you have done it before and know it will work.

If you have any other questions please don't hesitate to reach out! 

All the best,

Josh

Hey @Hunter Gibson! 

If you ever need help with anything don't hesitate to reach out! 

All the best,

Josh

Hey @Isabella Romano! 

It sounds like given the situation of how close your property is to the hospitals/med school/university I would recommend using a furnished finder as your main marketing platform. But, I would also advise on still listing on Airbnb/VRBO with a minimum booking length of 1-month so you can focus on consumers looking to rent on a medium-term/long-term basis. 

Also, another recommendation I would have is listed across other rental platforms like Zillow, Apartments.com, or Turbotenant. These platforms usually target consumers looking to rent on a medium-term/long-term basis. 

If you have any more questions don't hesitate to reach out! 

All the best,

Josh

Hey @Herb Lau! 

The linked above ordinance is specifically for the township of Tobyhanna which is in Monroe County but it is not for Tobyhanna Township. But, I would expect an ordinance to also be put in place after the township of Tobyhanna's is put in place since it will be very easy for them to replicate in Tobyhanna Township though. 

I hope this helps! 

Best of wishes,

Josh 

Hey @Sam Booth! 

1. I wouldn't trust the calculator as it is all algorithm based so could be only showing speculative results and you wouldn't even know. I would use Pricelabs, Airdna, or Rabbu's data to come up with your own estimates on the rates you will have. 

2. We outsource mostly all of our cleaning to out-of-house cleaning companies. But, we make sure to double-check to make sure everything was done properly before check-ins. 

3. Set some clear objectives that you want to hit and write down what you really want. Whether that be having more time for yourself, or do you just want to make money? You can do everything by yourself and not use any PM company, or cleaners and take home 10% - 30% more if not more than that. Or, you can outsource everything and make this as passive for yourself as you can (I would never expect having STRs to be 100% passive though).

4. I would check with multiple lenders to figure out more information on this.

If you have any more questions don't hesitate to reach out! 

All  the best,

Josh 

Hey @Herb Lau! 

Yes, there is a difference. 

Tobyhanna Township is a township in Monroe county that covers part of Lake Naomi/Arrowhead Lake and covers Pocono Lake entirely into part of Blakeslee.

While Tobyhanna is a community in Coolbaugh township which covers Pocono Farms, Pocono Farms East, Lake Carobeth, Dresser Lake, etc. 

If you have any more questions don't hesitate to reach out! 

All the best,

Josh 

Hey @Patrick P.! 

@Joe Villeneuve really blessed us with some wisdom on this one. "Remember, how much income you get isn't important. What's most important is what you keep." 

So far based on my experience with helping investors using cash for deals vs traditional conventional financing methods, either type of route could play a huge role in different scenarios. If you are facing a lot of competition on a deal and there is a highest and best scenario for a deal then I would recommend going the cash route. But, if you are looking to get a deal and there is no other competition on it I would recommend working with leverage so you don't have too much capital going into the one deal and can get more. 

If you have any more questions please don't hesitate to reach out! 

All the best,

Josh

Hey @Robert Reynolds! 

Given this is your first STR and you are located around the area you are buying I would recommend self-managing. 20%-25% management fees really can take a ton of cashflow away from you if you really don't need a PM. Save your money, then continue reinvesting until you get a couple properties then I would consider having a management company take over.

If you have any other questions don't hesitate to reach out! 

All the best, 

Josh