All Forum Posts by: Michael Baum

Fun read @Justin Sheley. Sounds like a nice place!

The Midwest is vast. Chicago is just a small part of it so things can really change from market to market.

What works in Chicago might not work elsewhere.

There are some great locations in the Midwest that can work. Broken Bow, OK is one but you like any investment, you have to buy it right.

The severe restrictions in Chicago (plus crime) really make it less desirable unless you live there. Even then it can be hard judging by others' here that have been denied licenses even though they met the requirements.

Hey @Alice Horn, call a few real estate agents. They will all have photogs on call for quick pics for listings.

Plus, make sure you own the photos after they are done. Many don't allow you to actually own the photos you pay for.

Hey @Jorge Vazquez, yeah that is a weird way to put it.

It isn't like someone offered automobiles leaving you with a bunch of buggies.

I haven't seen anything in my market that killed our place but we have one of the nicer places at a reasonable price on the lake.

I personally think that having a nicer place come online will spur an owner of an existing Short Term Rental (AirBNB is a platform) to upgrade their aging property. Bring it up to snuff to compete.

Frankly I am not sure why people never looked at the breakdown when booking.

I always look at the breakdown of where funds are going so I see all the fees.

I guess it is fine. We have never hid anything. We charge a fair nightly rate, a pet fee and cleaning and that is it.

My opinion @Ashley W.? Lose the bar and put in pub tables instead.

I would keep a fridge down there though. Open the place up. New flooring I assume along with decor?

There is a ton of options for that space. Game room would be premium.

Hey @Jon Martin, yeah they all seem to have a light. I do believe that it is required.

The ones I installed are battery powered and have a steady green light. It isn't obnoxious at all.

I am not sure what brand they are. I will check when I head over to the house.

We also do ours monthly or as needed. We have plenty of comforters so it is easy to keep them in rotation.

We have a higher end rental so the comforters don't get trashed.

Plus we use a percale weave sheet and with the Charisma comforters we use, they stick together like you wouldn't believe.

Hey @Blair Ross Jr, yup. Read everything on this forum. Ask questions if you can't find specifics.

It isn't an easy road but BP has all you need to be successful.

Hey @Randy Davis, after reading your ideas and things going on, I don't think a STR is the way to go IMHO.

It looks like this condotel might work OK, but you will need to unload it eventually and that can be a challenge. More so than a standard condo.

If you are looking for pure passive, maybe you look at a real estate fund? There are quite a few out there that give you 9-12%. There are some that are giving 16%.

The only issue is that you need a minimum investment and be accredited.