All Forum Posts by: Matt Groth

@Lee L. You got some really great suggestions. Reviews are key. I would also add this. Our str has been a great investment, but not always smooth sailing. One thing I would like to add, and take it for what it's worth, is the title of your post....you need a more positive attitude. "Failing " is a pretty tough word, and I wonder your demeanor when you interact with guests. In the beginning, the bank account would run low, and I honestly believed an inquiry would show up.....and they did. We went in too low on cash reserves, but persevered, and stayed confident. Use all of the suggestions above, and do whatever it takes to make it work....good luck.

@Joe Splitrock totally agree

@April Robbins You could also look into debt management companies such as greenpath. Not the best scenario, but they deal with your creditors, reducing the rates, and you will be paid off in 5 years or less. You still pay 100 percent of the debt, at reduced rates, sometimes 0 percent, and the accounts are closed. Your credit takes a bit of a hit, but will recover. Doing it on your own is better, if you can get it done quickly, but this is probably a better, cheaper option than rolling it into your house.

@April Robbins I do not agree with all of his teachings, but listen to Dave Ramsey. Moving unsecured debt to your house is a bad move. As previously suggested, selling a rental would be a better idea. Moving debt from one place to another is not getting rid of it.....trust me, I know from experience. Good luck!

@Dennis M. there are people that still have the newspaper delivered by a kid on a bike?

I don't know your area, but I just rezoned a property here in MN. There are only a few reasons most municipalities will do it. Error, important need for the public good, etc. You might have a hard time convincing them that buying a property with an unpermitted building meets the criteria. Mine was a pretty easy process, but we had a public need issue, with no other available properties.  Can you subdivide the lot instead, and have 2 R1's? Is the current use allowed under a conditional use permit in the R1 zone? Good luck

It depends on the level of quality you are looking for. I've been a carpenter for 20 years, and have seen a few homeowners doing good work. They just tend to be really slow. Your time may be better utilized doing something else.  It would be a good learning experience if you think you will do it again, unless you are trying to get top dollar on a flip. I can usually tell when a homeowner does their own work. There are also some pretty bad "professionals", so choose wisely.

I've been a carpenter for 20 years. I hear this story all the time. If you don't trust him, don't hire him. Simple. If you want the low bidder (they are usually the low bidder for a reason), that is the risk you take. Put yourself in his shoes....a guy you've never met, that lives 8 hours away, wants you to work for free, and "promises" to pay you on time. Would you do it? If he is licensed, he isn't going to risk that for $3000.  If he starts the job, for little or no money, and he needs to put a lien on the property, it can be a really long time before he gets paid.  Do right  by him this time, and your terms will likely be different on the next one. 

What is your ideal 4-8 unit building? Square footage, amenities, etc....or, what do you despise in your buildings?

We have had some issues in the past with VRBO. We get the second payment 30 days prior to check in. I wouldn't do any less than 15 days. You want all of the money in your account before the guest arrives.