All Forum Posts by: Michael Greenberg

@Lily Ardila I have a homes in AZ and reside in Colorado.  I don't use a mgmt company as I was able to find an excellent cleaning crew using the Nextdoor website (crazy but it worked).  I also have a handyman for emergencies and have tracked down HVAC and plumbers that are reliable as well.  One thing to make sure of is that whatever you buy is mechanically sound.  Last thing you want is an A/C unit, Furnace, or Water Heater failing on a guest.  Also, good reliable appliances are worth an extra few bucks to avoid costly repairs later.  If I were local to my homes I wouldn't worry so much about these things, but since I'm remote I make sure to spend a little extra in the beginning to save later.  I tend to venture their about every three - four months to check things out, so plan on doing so and factor that into your cost of operation.  I have a good friend who has invested in the panhandle of Florida and knows that area very well.  PM me and I can connect you with him as he is not on BP.

Mike

@Lucas Carl I am currently looking at an offering from Allstate that extends my liability policy on my primary residence to my investment homes.  Pretty cool!  You may also check out slice.is (website).  They are an up and coming insurance offering, very unique and I'm considering this as well but they are not in my market just yet.

Mike

@Luke Carlundefined

Yes, majority of my guests book via Airbnb.  I would check out airdna.co (not .com).  You can register for a free account and look at their very cools.  They capture Airbnb data and sell it to hosts. Once piece of advice, just buy their raw csv data for the past 12 months sort it yourself so it's usable/meaningful.  

Good luck!

Mike

As @Thomas S. mentioned, this is a "business" so my advice is to treat it as such.  Hard to do I know, but I would explain that this is your business and unfortunately I cannot accommodate your request.  Remove your personal feelings from it.  @Jon Crosby has sound advise as well and I too provide discounts to close friends if they book directly with me (not through Airbnb, VRBO etc).  My true friends always offer to pay, full price and I am more likely to discount to those that don't ask or expect it.

@Kevin Coggins At this juncture, I would check the local municipalities (city, county, state) for restrictions and then ask your realtor to check with the seller for a copy of the CC&R's and advise you of your risks, advising them that the offer is contingent upon receipt of them.  Many of the clauses in traditional CC&R's are no longer legal or binding unless they have been changed or amended.  

I'm a numbers nerd too :-)

Mike

Hi Kevin,

1) The answer is "it depends". Many older developments do not have CC&R's (the doc containing what you are referring to) that prohibit or allow it. For instance, all three of my STR's have older docs and it does not specify short term vs. long term rentals. It might reference "transient" but how do they define that?

1a)  If you put a property under contract to buy, you will receive a copy of these documents.  Very doubtful they would just provide you a copy of them without that contingency.  

2)  Airdna rocks!  I have no affiliation with them I assure you, but I buy their data at least once a year.  However, I would recommend buying their raw data (csv format) not their report.  You can then compile and sort exactly how you want to study your area.  Don't be afraid to negotiate either :-).

Best of luck and happy to follow up if you want to PM me or respond to this note.

Cheers,

Mike

Hi Eric,

I too live in Colorado, Denver as a matter of fact and this legislation is unfortunate. I haven't found a way to quickly decipher "restricted areas" for STR's. There are tools like airdna.co and rented.com recently released an article for 2017's best and worst short term rental locations. I also recently found an article on Skift.com titled: 5 Charts Showing State of Short-Term Rental Regulations in U.S. Cities but it was from March of 2016.

Hope that helps to point you in the right direction.

Mike

Hi @Chris L.

You've got a lot of "loaded" questions.  Personally I got started by accident.  Purchased a second home and took a chance trying to rent it occasionally as a VR.  It has now turned into a lucrative business.  I think you want to start this process by some financial proforma work.  I use a tool  at airdna.co (not .com).  It's a really great tool to estimate the rents you're likely to receive by zip code.  Just create a free account to capture some initial data, or you can always buy their data (don't buy their reports, just buy their raw data).  Starting out I would not hire a rental manager, just locate a really good cleaning service and handyman that can help out in emergencies.  If you're buying in a HOA controlled community make sure to check the CC&R's.  Also check with the local municipalities regarding any regulations.  As for marketing websites like Airbnb, VRBO, etc... the fees you pay are not excessive, but you'll definitely want to do your research.  

Best of luck!

Mike

I know they just received 11 million in venture funding this week and are growing rapidly.  They are in my backyard, Denver, and I have met with them.  They are the real deal.  On another note, I do believe, but cannot confirm, that they have been quietly obtaining properties themselves.

I have received random email requests but when I log into the website they are not there, so I ignore them.  Pay attention to the email address they are coming from.