All Forum Posts by: Mike Shemp

Hi Robert,

1 - All of our rentals are 7 hours away.  Some days I wish they were a little closer, but it's fine.  We leave at 5am and we're there by noon.

2 - This depends on the market you are buying in.  You need to analyze the deal and get as accurate as you can with the revenue and expenses.

3 - When you buy make sure you have an emergency fund specifically for your rental.  If anything is missed in the inspection, something unexpected happens, etc. then you can fall back on the emergency fund.  Helps to sleep better at night too.

Mike

Everyone has there favorite blend of software and automation tools they use.

For me it's Hospitable (formerly SmartBnb).  I may evaluate some others in the future but so far I like this one a lot.  I also have some custom Python scripts I wrote to help automate things a bit too.

Mike

For us...we close on a house and do some improvements, and wait for the 6 months to pass by (some lenders impose a waiting period), we then put a HELOC on the home. Then when we see a deal we want to move on, we have cash available to make a deal quickly if needed. At some point in the future I anticipate refinancing into a fixed term.

Mike

I think it will depend on which state you live in and the length of stay the guest booked.  My understanding is that STRs fall under hospitatlity/hotel laws, and not landlord laws, depending on the guests length of stay.  For example know some states consider the guest a tenant once they stay over 29 days.  You would need to research your state and local laws for the market you are interested in to confirm though how they view short-term rental guests.

We personally don't accept any bookings over 29 days, and also have strong language in our rental agreement that every guests signs on how they can be evicted during their stay.

Hope that helps.

Mike

We run 3 rentals remotely that are 7 hours away.  Here is what I would do if I were  you:

1. Go on Facebook and look for any STR groups in the market you are interested in and join them.

2. Introduce yourself on the group and ask any of the STR owners if they could recommend a cleaner, handyman, plumber, electrician, appliance person.

3. Contact the people that are recommended.  Observe who responds fastest as it may indicate how hungry they are to do good. They might also be a newer business looking to get more clients, which is not a bad thing.   Also be aware if may be that no one is using them due to poor performance, which is why step #2 is important to have other owners approve of them first.

4. In the future for anything that comes up, keep using the same people over and over to build a professional relationship with them.  Pay them the minute the invoice comes in for their services.   Pay it same day if possible.  Don't forget to tip them at the holidays.

Hope that helps!

Mike

We live in New Jersey and have two STRS in White Mountains of New Hampshire (7 hours north) and one STR in the Outer Banks of North Carolina (7 hours south). We rarely ever talk to anyone on the phone to our team. The entire operation is run by text and email.

The key is finding the right team. We have met face to face with every team member (handyman, cleaner, plumber, etc). Some of the best ways to find a good team is to see if there is a STR group for your market on Facebook, and connect with the other homeowners to see if they can provide recommendations.

Hope that helps.

Mike

We have a log cabin and a cottage in the White Mountains region of NH.  So far they both have been great.  Just be careful as several towns in the White Mountains are having discussions on short-term regulations and/or bans.  

The slow months are April and November, but we still get bookings during that time.  In the winter people come to ski/snowshoe/winter hike and in the other months they hike, raft, tube, and swim.

Hope that helps.

Mike

Hi Christopher,

We have 2 rentals in the White Mountains in Bartlett, NH.  It's about 5 minutes from North Conway.

One thing to be careful of is the entire area seems to be going through growing pains and as a result STR regulation discussions are being discussed or are in place by Jackson, Madison, Freedom, Kearsarge Lighting District, Conway, Albany (I think), and now Bartlett.

So far our STRs in NH have been great, and we will continue to invest there assuming the area moves toward regulation instead of banning.

Hope that helps.

Mike

If you are beachfront, you should also budget more money for maintenance.  Proximity to salt water will increase your maintenance costs (paint, deck, woods, HVAC, etc).

We have an STR in the Outer Banks and we learned this lesson our first year.

Mike

Some areas to be careful of right now are Madison, Freedom, Bartlett, and Conway. All of these areas are in discussions for STR regulations.

We have rentals in Bartlett, and so far it has been a good experience.  

The slow season is November and April, but people still rent.

Hope that helps!

Mike