All Forum Posts by: Kimberly C.

Hi Brittany! Yes, I remember connecting with you last year! LITERALLY before my life blew up and I closed on 2 SFHs for STR on the same day! It's been absolutely insane since then but by and far the single BEST decision I've made. So yeah, now I'm back focusing on that Canton property and my PM is working on the LTR option (as we speak). I agree LTR is the safest and easiest option right now. I was just curious if any other local investors in the area had a different take or feedback. The market has definitely changed a bit in some areas over the past 9 months.

I definitely don't want to manage this myself right now.  My time is better spent expanding my portfolio and closing on deals.

I agree about the 3/1s for SFHs but if you're at all familiar with Ohio, this is just how homes were built (being from CA myself, I'm definitely used to every single bedroom having it's own bathroom but that's not the norm in other states hehe).

As for rental arbitrage, since I'm the owner of the house, yes I was curious how the cashflow would look if I was open to allowing someone else to rent it FROM me for the purpose of using it for arbitrage (and what the difference would be between the cashflow I'd already get for a LTR).

I bought a SFH in Canton Ohio last year with the goal of making it a MTR due to the location (STR is NOT an option due to regulations but it is close to various hospitals) and the 4-car garage (makes for a lot of options).

Long story short is I quickly acquired 2 other properties right after and spent all my focus setting these 2 properties up for doing the STR loophole for tax purposes (which was a complete success!).  Now I'm back to this vacant property in Canton and although I still think it would make a great MTR I rather focus on acquiring another property and putting my capital there.

I'm currently weighing all my cashflow options for this Canton property and trying to find the best balance of additional funds and maximum cashflow.

Here are the options I can think of:

*Let PM take over and just LTR it (no extra capital, minimal time managing, minimal cashflow)

*Find someone to manage the MTR (extra capital needed for furnishings, then either rent whole house or rent by the room, better cashflow)

*Rental arbitrage (no extra capital, better cashflow than LTR?)

*Other option I'm not seeing?

If there are any MTR investors in the Canton area, would love to hear your take on cashflow and options for a SFH 3bed/1bath 4-car garage?

Thank you for the clear and straightforward answer.  I didn't realize it was going to be stirring up the pot here in the forums, that wasn't my intention.  Was honestly just posting a quick question and looking for a quick answer.

Because it's a sunday and I just thought of the question.  I guess I can wait until tomorrow but hey...call me crazy but I like to learn things on my own.  Is BiggerPockets a community for helping others?  Or is it not?

Quick background, last year was my first year of real estate investing and long story short I pulled the trigger on 2 STR properties at the end of the year. Now I'm slowing getting all my tax docs ready for my CPA but I'm confused on how bookings in Dec 2023 affect my 2023 taxes.

So for the bookings that happened at the end of last year Dec 2023 but didn't get paid out until Jan 2024, do I include these bookings/income for the 2023 tax year?  Or will this be for next year when I do my 2024 taxes?

So I actually contacted to Turno to suggest this EXACT type of feature/service and this was their response...

While we do have plans to introduce new project types, the establishment of a Marketplace for various services, such as handymen, is not in our immediate pipeline.

In any case, I will make sure to send your suggestion to the team.
Good suggestions and feedback are always appreciated, so thank you!

Doesn't look like it's something on their radar but maybe someone will see how great an idea this is and start making a roadmap for it.

 Yes! I really want the Turno functionality of creating a checklist, requiring photo documentation (or even video documentation if it's a handyman service request), and scheduling these handyman tasks so that it is timed exactly with a guest checking out of a property...and then span that over multiple properties and calendars.

I've already used Thumbtack and yeah it gets the job done but you spend so much time just making, vetting, and managing a request.  It might as well be the yellow pages.

Turno already has the core elements in place...it just needs to open it up for "handyman service" requests and then build a handyman pool just like the cleaner pool so bids can get to local handyman.

Just like the title suggests, the next evolution for short-term and mid-term rental is for some company to streamline the handyman process.  

Long story short, my 2023 year EXPLODED with some out-of-state investment properties...including 2 STR properties that closed literally on the same day (that was fun and I could probably write a book about the ridiculous situations I got myself into...and then out of while trying to set things up, lol). Wow, that seems like decades ago (and it was only a couple months ago). But I learned so much and at least ANYTHING now will seem like a cake-walk :-P

So here I am, just NOW logging back in to biggerpockets and looking to strike up conversations again with like-minded real estate investors.  I've spent a good amount of time making local connections in the areas I've invested in. I have a solid boots-on-the-ground team supporting me with my current properties but I still see a way for things to be even MORE streamlined.  Especially in the "odd jobs" and handyman service areas. 

Yes, there's always the "throw the job out on thumbtack, taskrabbit, etc" but that still has some overhead involved.

If Turno had some feature to find a "handyman" for a task at a certain property EXACTLY like it does for finding a cleaner to clean a certain property...take my money! Why doesn't this exist?

Thank you everyone for the insight and feedback!

Definitely going with a GE so my next question is…agitator or no agitator?