All Forum Posts by: Nick Rutkowski

@Parker Larsen

As long as you have a good system in place you can mitigate your risks. I would find a cleaning company to clean. You could self manage from OOS but it’s a bit tricky. You could get locks that pair up to your phone to send individual codes to each guest, use door bell cameras and be responsive. 90% of being a good host is responsiveness to guests - inquires, problems and general communication.

It’s a lot of active work and moving parts, your basically running a small hotel. Keep that in mind when choosing your first one. Good management will save you headaches, you should do it yourself and learn your system. Once you get that down then hire a manager. Good luck dude, there’s much money to be made in STRs.

Hey Everyone,

I was thinking about renting my units out to homeless Veterans or Vets who are looking to acclimate back into society. I was thinking about going through HUD-VASH but never done it before.

Has anyone tried this and what is your experience?

@Alix Cassagnol

I agree with Joe. To add to his response, if the property is located in NY you have to deal with the stricter tenant laws. If you decide to do extended stays you'll have more leeway and control of your property. The property already has everything set up, you won't have to put in as much cash as a multi family conversion. I run Airbnbs in Upstate NY and I make a decent ROI.

@Jav Caprietta

I run Airbnbs in Ithaca and Cortland. I make a decent return in these markets. If you’re curious to know more feel free to DM me.

@Sarah Kartsher

You should ask them that. That’s awesome your bank does that, my bank will do that too under certain conditions. What kind bank are you using, a local credit union?

@Matthew Vedder

It’s a brick building so that’s a plus in my

opinion. Couple pitfalls, commercial transactions aren't as regulated as residential so you'll really have to do your due diligence and negotiate clearly with the seller. Check out the lease for the commercial unit, you'll have to assume that lease as the new landlord. You should look into the commercial forum on BP, tons of info about CRE. Just like any investment, there's risk involved. As far as COVID, I take into consideration how long it will take before everyone calms down again. I'd worry more about inflation impacting the community you're specifically targeting.

Commercial spaces tend to take longer to rent out but your tenant can sign for 2,5,10, 20 year leases. Not your typical 12 month lease for a residential tenant.

@Matthew Vedder

Do your self a solid and look into small commercial 5-10 units. Mixed use preferred - storefront on the bottom floor and 4-9 units up top. I think these are the most overlooked properties. Most of these owners obtained their buildings through owner financing and are willing to part with their property the same way. I think you’ll make your 2500/mo in 1 property if you go this route.

Good luck!

@Ryan Nolan

Negotiate your employee in your deals. Maybe you can do 60/40 and use that 10% for your employee. If the other investor would be willing to go 50/50 and pay half for the employee, that could work too.

@Melania Silva

I’m picking up my first small hotel this year, so getting that up running is a big goal this year. My partner’s job is ending and she’s becoming our new full timer for our business. I run a small construction company, I’m going to add on more guys this season. Lots to do this year.

@Josh Matalon

That’s promising, I figured COVID would still be negatively impacting the industry. I’m thinking between 1-2 years I want to purchase a hotel down in the islands. I have a project up in NY I need to complete to get the equity for the next one. However, it doesn’t hurt to start looking.

Yes, south of Florida meaning Puerto Rico, Virgin Islands, The Bahamas. Any island you suggest?