All Forum Posts by: Michael Greenberg

@Ethan Cooke I tried to post a note to you yesterday but it looks like it rejected my attempt.  Anyway, hopeful you received my email.  @Jeff Piscioniere I setup a SOLO 401k with check writing through Fidelity.  I can send you specifics if you want to PM me, BP won't allow it on the dashboard.  @Justin Windham you are correct :-)

Mike

@Matt Kauffman I like this idea and it would be great to have a blank slate to design from.  Based upon your profile it looks as if you're a real estate agent, so I will assume you've done your cash on cash due diligence for this addition to your new home. Make sure to check your local municipalities for any legal issues/challenges.  I would also do your homework in regards to rental rates and what I like to call "KPI's" (Key Performance Indicators) for your venture.  Look to a tool like airdna.co (not .com) for Airbnb occupancy, rates, etc. Once you complete these items and feel confident about this addition to your home, then comes the design phase.  How much square footage can you build over your garage?  Since you are near the HOF, is your demographic families or individuals?  You mention Smuckers and Goodyear - so are business people a target audience as well?  Are you planning to be an active or passive host, e.g., greet your guests or give them private access?  Is the garage attached or detached from the rest of your home?  I'm sure there are many more questions and answers to be had, but this might give us some additional details.

Mike

I think it depends on the lender, however I have purchased two additional properties using conventional lending.  The 2nd  unit was at a slightly higher rate.  I did disclose that they were rental properties but there was no where in the application to decipher between short term and long term rentals (and no one asked).  As with any closely held business, I view it as being a business owner and it comes with some risk and the banks are going to secure your personal assets against any investment.  So far, so good.  I then spun an old 401k into a Solo 401k and have been using these funds to buy property with cash - all costs and proceeds flow in and out of the 401k.  A very cool way to create future retirement wealth by controlling your own interests.  

Mike

@Luke Carl I will have to check out the Lyric.  Thanks!

@Luke Carl I do have two nests in two of my properties and so far, so good.  I don't get bothered too often.  Unfortunately Nest only allows you to control two thermostats with one account.  A bit frustrating, so I went with a Sensi on my third home and it is a much simpler setup.  I'll likely use these going forward.  It's good to have some remote control when it's 115 F in AZ.

Hi @Luke Carl!  I am staying away from the Wi-Fi locks for now and installing the Schlage keyless deadbolts and sets.  They allow up to 19 codes and when I send confirmations to my guests I advise them that this is their "unique" code for their stay and then once every few months I change the codes.  I keep the same codes for all properties consistent so as to not mix them up.  The only challenge is replacing batteries, but I schedule it for once a year along with my smoke detectors.  I just saw the deadbolts online for $89.  Pretty darn good!

Mike

@David McErlean - great question and from my own experience it appears to be somewhat location specific.  I use both platforms and the majority of my bookings come from Airbnb, however I know others who are more successful with VRBO.  I would recommend trying both and seeing how it goes.  You don't have to pay the $399 to VRBO out of the gate to test market your property (they will take a higher percentage of a booking fee) so you can see how well their platform will perform in your area.  

Best of luck!

Mike

I would suggest contacting Airbnb again for a different response.  If they continue to refuse I would seek some legal advice from an attorney.  

I do 10 to 2 and try to accommodate late check-in/check-out requests when possible (but it's rare).  There have been a few times that I have suggested to a guest to just book another night at lower rate if they request this prior to booking.  Recently a number of guests have just stayed late, up to an hour, so I implemented a change to my house rules to charge them for every 15 minutes they stay past their check out time.  Seems to have stopped this behavior.  My cleaners usually show up right around 10AM and are done in 2 - 2/12 hours.  

It is difficult to acquire more than (3) homes using conventional lending.  There are a number of successful people like Eric Moeller as @Valerie Rogers mentioned who have not only "released" properties, but are creating master lease agreements on a larger scale.  My word of caution would be to approach carefully and make sure you can hit your financial targets prior to approaching the business this way.