All Forum Posts by: McKenzie Stouffer

Thank you @Jaycee Greene! Great question! I am continuing to buy residential properties. Keeping my eye on the worst houses in the best neighbors that need some reno that I can turn into STRs or LTRs. I currently manage a portfolio of 17 STRs, some are mine, but a majority for other owners. I am actively expanding my STR consulting business! This project I expect to have fully complete renovation wise in 2 months and am coordinating alongside my full-time PM support. :)

Hi Jayce, we got the seller to carry back the portion of the down payment and the bank to finance the 1st position on the rest. Very interesting closing! The seller was willing to take a secondary position on other property assets and provide a 3yr 4% interest on his loan. We only needed to pay earnest money and a portion of the closing fees bring upfront investment to 12-15K. The goal is to complete renovation within 6 months in between guests and then refinance in the next 1-2yrs to pay off the seller in full! :)

Hi Thu, I have not purchased any properties that require permitting yet. If are confident you will receive a permit, then somethings to think about...

#1 I would call the city rentals department directly and ask if the seller's license will remain active until the day yours becomes active. Be friendly :), it's always good to form relationships with the city. 

It looks like according to the county site (sbcounty.gov) they require all renter payment go to the active owner. You could wait to close until you have your license and rather rental arbitrage the unit from seller until then. Rent it from them and re-rent it out until you own it (see link). You might be able make your own listing & keep profit while the owner has the license. You could form a month to month lease with a just a days notice to vacate so you could end it as soon as you get your license ready to close, the seller might be open to it.

https://www.hostaway.com/blog/rental-arbitrage-joshua-tree/

Or, you could continue to list on the seller's Airbnb and you could become a full-access co-host on their account - handle all communication, pricing, etc. Airbnb came out with a new co-host option where you could get paid for your services to assist owners by selecting % of rents...maybe have him pay you 99.9%? Payouts would have to be set up from the sellers primary Airbnb account and you would want a contract written. You definitely would want to read through the county laws again.

If you don't want the extra load up front, best to wait until you get the license. If you're confident on closing and your numbers rental arbitrage could be a good option for you.

I own and manage a portfolio of STRs across the US. I purchased existing STRs that cash flow! I closed on one in SC last month and just completed this future booking conversion process.

Firstly, I would like to double down on everything Andrew Steffens mentioned 1000%.

One incredibly important question, how are the reviews from the current listing and is there anything with the existing furniture that would give you a bad review? If not, negotiate to buy it, get future cash flow secured, & take the next couple months to do the updates in between guests then get updated photos. P.S. Get a signed bill of sale including the furniture at closing for tax depreciation.

Communication is key! I would recommend matching old reservation rates and offering free gifts to secure good reviews and booking momentum. After you've completed some updates & have reviews start to increase your rate.

Feel free to reach out anytime if you have questions :)

Investment Info:

Single-family residence other investment.

Purchase price: $900,000
Cash invested: $15,000

6BB/3.5Bath 4000sf on 3.4 acres near several wedding venues. Fun reno project scheduled!
Rent goats to clear woods and create romantic lit walking path
Refinish floors
Add modern master bathroom
New deck and firepit hangout area with hot tub and outside bar
and....STYLE! :)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $65,000
Sale price: $140,000

First complete renovation all but reframing--new electrical, HVAC, plumbing, complete bathroom and kitchen demo and remodel. I outsourced many different local vendors and received 2-3 quotes for each piece of work. Lots of learning! Decided to BRRR instead of sell based on higher ROI to keep. I can't wait for the next one and to share my experience for anyone who is interested.

I live in the Greenville, SC market and it is very hot with new construction and renovation projects. I would recommend looking on zillow of recently sold homes filtering for 'new construction'. You can typically see seller builder names listed then you can research the LLC and get a contact via google or county parcel search. Also, local realtors will know the builders who have better finishings and sell faster in the area.

Here is my primary profile!

Which background check sites are used for hiring employees rather than tenants? Ideally this would be a service that charges per individual background directly to the applicant before hiring.

As a side note, these are individuals who have already completed a video interview with me and consented to paying for a background check for the position and provided references. Since I am no longer in the area and do not have referrals for employees, this is my main driver for knowing more about the team I hire.

I recently moved states for my primary W2, and I am looking for an on-site part-time PM for my short term rentals (property walkthroughs, inventory check, emergency support). I am curious what background check sites are used for hiring employees rather than tenants? Ideally this would be a service that charges per individual background directly to the applicant before hiring. 

As a side note, these are individuals who have already completed a video interview with me and consented to paying for a background check for the position and provided references. Since I am no longer in the area and do not have referrals for employees, this is my main driver for knowing more about the team I hire.