All Forum Posts by: Michael Lynch

Thanks everyone,

I really appreciate your great feedback and comments. I like the thinking that RE rentals is a bond/fixed income. I believe we will go ahead and long term rent the home and see how that works out for us. We have to do a serious background check and move forward. The home is in 5 star Airbnb condition just sitting. I didn't want anyone in it until we were sure what we were going to do with it. We do really love the home and neighborhood.

Thanks Guys, 

I really appreciate your great feedback so far. :)

Hi,

We flipped a home last year for $300.000 and used the money to purchase another home for $296,000 that is way better in all aspects. ( age, layout, location, looks, yard, etc. ) We decided to give Airbnb and VRBO a try. After all of last year we have a 5 star rating, but it was a lot of hands on work. ( cleaners not doing a fantastic job, unauthorized guests and pets in home, Airbnb and VRBO would not try to help us get rid of the with the extra guests and pets. They would not pay us enough for the damages, etc. )

This home is now worth about $350,000 to $375,000, but all of the long term rentals around here of the same size, value, location, and amenities are renting for $1,800.00 to $2,000.00 per month. We have no mortgage on the home. We are located 3 miles from Holden Beach, NC, so a 5 minute drive to the beach. How much money should the home make per month, in a perfect world, going by the numbers and “Percent Rules”? …. I figure about $3000.00, right? Some might say, why don’t you flip this home. The problem is, if we sell it, there’s not much to purchase around here except cheap slab homes and triple wides in the $350,000 range. If we sell it we might not be able to buy something as nice as we have now. We could put that money in the Stock Market. I am no longer working due to a recent surgery and disability. My wife still works.

Here’s the point of this post….You can do the same thing and most likely get the same results that I did this week.

I got on YouTube and typed, Rental Homes or Stock Market Investing. Lots of videos of this exact subject will show up. I was really surprised that at least 65% of the hundreds and hundreds of comments were for Stock Market Investing. Most people said that Real Estate is too hands on and time consuming….. We really do not want to sell the home because it is pretty darn nice. We are both going on 60 years old and want to make the most money for retirement. We are trying to figure out why we should keep it or why we should sell it, and are leaning towards selling it unless someone can change our mind. Please let me know what you think or why you would keep it and deal with the overhead, renters, and home maintenance issues or why you would not go the Stock Market route instead.

Thanks!

Thanks Everyone! .... Great Information,,, I really appreciate your help. :)

Thanks Guys! ..... I really appreciate it.

Hi,

We tried Short Term renting our house last year. It's just way too slow in the winter. We would like to try long term renting. What is the best company / software to use for a background check? Someone told us that the potential tenant pays for the background check?

Any information would be great.

Thanks!

Thanks,,,, I appreciate your feedback.

What to do with home worth $300,000?

We tried Short Term Rental this summer. It is way too much hands on and working with Airbnb and VRBO was terrible due to the huge language barrier. Long term we could get around $2000.00 per month. We are on the fence as to rent it or sell it. If we sell it, we will invest the money into something else, but we are not sure what else could bring in over $2000.00 per month yet….. Any ideas?

Thanks!

Thank You..... I really appreciate it. I will check it out. :)

Hi,

My wife and I purchased a home last August and set it up for a STR. It did pretty well this summer as far as generating revenue. We had major problems with Airbnb and VRBO not covering damages to the home after many phone calls and being on hold for hours switching back and forth to many different people. We took photos, made videos, and were told that they generally do not pay for electronics like TV's, electronic ice makers, and Air Conditioners since it is hard to prove who did the damage or when it was done. Instead of placing money in our account, for one pay out, they took money out of it. It took another month for them to place the money back in account, after a bunch of phone calls and loss of work.... It has not been a good experience at all and very time consuming. Many of their people can barely speak and understand English. That was the major problem....... It seems that things work pretty smooth until something bad happens to the home, then it can turn into a "phone call" nightmare really quick, and it did.

Now, we are thinking about long term renting. We live in North Carolina. Should I try to do a background check on possible tenants or let a company do it? Are there any NC Landlords on here that would be willing to point us in the right direction as far as links, great Attorneys, etc.? Some people say that we can do it and others say to let a company do it.

Thanks!