All Forum Posts by: Luke Stewart

Quote from @Matthijs Pol:

Thanks everyone for the input! The third bedroom isn’t very big so I am thinking of advertising it as a 2/1 with a home office. I think I will have better luck that way. Any thoughts on that? 

 I do this with my place, 3br but 1 is an office with some free weights yoga mat and it does really well. People love the WFH area when searching. 

So my FHA duplex that closes this friday is **** out of luck. But this is excellent news!

Quote from @Eliott Elias:

MTR is a whole different ball game, it is hospitality. My rule of thumb is if the airbnb does not bring in 3x a LTR it's not worth my time. 

 are you speaking 3x cashflow? Or 3x monthly rent? 3x cashflow I can see if youre low on LTR cashflow, but rent no way. I rent a 2br for $3000 MTR, LTR rate would be aroudn $2200-2400. But it takes maybe 30mins a week and that's really only if something happens. My MTR tenants have always acted like long term tenants, very minimal requests. 

This is a great question, my longest rental on airbnb has been 4 months and I did not require a lease or a credit check. I honestly didn't even think about it at the time. To be safe I would say credit check and a lease are good choices. I would love to hear from anyone who does write leases on top of airbnb contract or if its even necessary?

Quote from @Nicole Heasley Beitenman:

Quote from @Luke Stewart:

 Is your security deposit equal to the first month's rent like a traditional LTR?

I have chosen to do a half month. So my security deposit is $1500 since I rent it for $3000 but I have considered going up a few times to $2000 after this renter. Add in my pet fee and its $1750 total with $1500 refundable. Not sure why I decided this but its just how I have been doing it. Initially I did $500 and my very first renter did about $600 in damages in one month. I learned quickly. 

Quote from @Isaac Lane:

Congratulations on the deal! I've completed a house hack in the past and it's a great way to acquire a property with low money down!

 Absolutely! I didn't know about house hacking when I bought my first place or I would have done it then as well. Denver can be tricky to make the numbers work but this one did!

Quote from @John Mullen:

Congrats and I hope it closes as expected!  Good job showing persistence and being ready to scoop it up when the first buyer pulled out.  And it sounds like you have a good realtor.  

 He is excellent, he helped my buy my first place as well. I can't stress having a solid realtor enough, the day we put the offer in he basically laid out how he thought we should approach it, strategy with each step and he nailed it 1000%. 

Quote from @AJ Wong:

Quote from @Luke Stewart:

I walked away from a duplex in denver recently, they had another offer with an "unlimited escalation clause" and "large appraisal gap". 

Seems like a prudent move..always another. 

Easiest decision I have ever had to make.

I walked away from a duplex in denver recently, they had another offer with an "unlimited escalation clause" and "large appraisal gap". 

I currently have 1 door, adding 2 more at the end of the month. One at colfax and 225 and the other havana and florida. I am looking for someone who can hopefully be my permanent handyman for these two and any future properties. I normally do it all myself but have been traveling for work and I would like someone experienced and reliable to work with. Any recommendations would be excellent, thanks!