All Forum Posts by: Luke G.

@Mark Miles

My plan if the entire house is rented is having a full day between guests and the normal turnover time if only half the house is rented. Great point.

@Patricia Taveras that was another thought.  I have considered making two listings, one for the full house for large groups and one for just the main portion and linking the calendars so they both block when there's a new booking.  

The biggest thing if I do two different bookings is trying to make sure it's clear that they're actually different units and not have a group book the half house and think they're getting the entire thing.  I'm trying to figure out the most efficient way to word this and set it up via the online platforms; if its through one listing and an explanation or through two different listings, thanks for the tip!  This may just be the easiest route as then the different cleaning fees and additional guest add-ons will likely be easier to set up this route.

It would be only two listings, I can't separate anything outside with any expectation of privacy and I don't want to change the foot print of the exterior as it works well for my large family (I'll be using it some).  

@Luke Carl, I'll wait for Julie to chime in, but it sounds like she's got experience there.  Thanks again for chatting with me earlier this summer, you gave me the nudge I needed.  

@Jon Crosby appreciate the reply, logistically for the exterior there's no reasonable way to split it and give each unit the privacy required outside (this also wouldn't sit well for how I'd like the property for when I use it personally as well).  The main cabin has all of the desirable exterior amenities. Splitting into two official units would make zoning more of a PITA as well.  I won't need a rooming house license even with that size, only a short term rental license for that county.  I never thought on the corporate rental market though and think that might be a solid option as well.

@Paul Sandhu I would agree with the actual split unit idea, which is why I'd be making it 1/2 the house of the entire house.  

The exterior set-up has the main part of the house opening to a screened in-porch with the big views with an attached sun-deck, it has stairs down to the large (2000 square feet) main deck area. I think giving guests access to the entire exterior, while making it still marketable to smaller groups will have the highest ROI long term. I don't need it to make me a ton of money, this was my first "fun" real estate purchase that wasn't completely based on a return. More so seeing if anyone has done this and what was the most efficient method.

So I currently have 65 long term units that I own and I recently purchased my first property that I'll be going the STR route with.

Basically, I just bought a large (4300 square feet) cabin on Lake Superior that is essentially "split" into two different houses that are connected via a door through one of the bedrooms.  One unit will sleep 8 people comfortably, and the other unit will sleep an additional 10 comfortably.  I'm beginning to decide on my strategy for renters and marketing.  For ease sake as well as cost I was considering making my base rate on 6 people staying, then charging additional for each person with the expectation that if they have more than 8 people they will then gain access to the 2nd half of the cabin.  I was simply going to have an electronic lock on the dividing door (there are 2 separate entrances), and give them access based on # of people.

I don't plan on renting them out individually, it'll simply be either access to only the main part of the 1/2 cabin or the entire thing with the number of people.  It's in a more remote part of WI directly on the lake and I'm attempting to save on cleaning costs/time/maintenance costs by going this route as well as make it more marketable to smaller groups.  Anyone ever done anything like this?  I was considering using my maximum number of photos on AirBnB and VRBO and then make it very clear in the description that you'll have access to the first x amount of pictures etc of the cabin if you have 8 or less people and attempting that route while still maintaining the flexibility to go up to 18 people in the house.  

Any advice I'm all ears!  The main cabin has all of the desirable traits if you will, views of the lake.  Other than room for more sleeping there is nothing on the side of the house that would be a main selling point for a renter.  

@Rebecca Jensen, I know some broker's in the area but don't know any flippers, sorry I can't help...

I went to high school at Clear Lake and have a few student rentals in EC.  @Rebecca Jensen; Clear lake has a population of like 1000 people, why would you chose that for a market?  It's 60 miles from anything of size, I'm sure there is a flipper or two there but you're not going to make a ton of money in that market.  Especially being remote.  I grew up there and my parents and siblings all still live in the area, but I wouldn't touch it with a 39.5 foot pole.  

@Luke Carl I'd talk to the lender after closing. I've done it before and they didn't have a problem as long as I was the only one owning the LLC; but I'd first check and make sure they're ok lending to an LLC (with your personal guarantee still present).

In terms of poking the bear a lot of it is how is your relationship with them?  I've got a couple banks where I wouldn't have a problem asking and others where I'd just assume wait until after closing.  If you're not "close" with them, wait until after closing and they likely won't care.  

My experience is they don't really care as long as your personal guarantee is still tied to it.  I sold a property this year and seller financed 100% of it and they were fine leaving the mortgage on it and I set up the balloon for the seller to me to be 3 months prior to my balloon being due.  Not the exact same situation but similar, they didn't care at all. 

Im 31, I own 65 units. Everywhere from SFHs to 4 plex’s. Mix of student rentals as well as working class tenants.

My first rental was a SFH at my alma matter that I successfully BRRRd and jump started my REI career around 3.5 years ago. Paid 85k and put around 10k into it and refinanced at 130k getting 1500/month in rent.

I still have a normal W2 job as a physical therapist and my wife is an RN. I close on a shirt term rental on Lake Superior at the end of July that I will also be using occasionally as well.

91% of May rents have came in so far in my 65 units.  Pretty happy with that, we will likely end up with a few more sprinkling in throughout the month as well.

@Arthur Voskanyan

Absolutely- look up house hacking on these forums. Tons of excellent articles on it. Live in one unit. Rent the rest out, live for free basically (or cheaply).

A cop isn’t going to knock on your door. But if you follow through with lying on a mortgage application it could come back to bite you in a big way. Its a heck of a lot easier to just be honest on it and live essentially rent free for a year and repeat the process.