All Forum Posts by: Od Ntuk

@Eric Greenberg He says people are still booking stays. I was still getting bookings in NYC till I shutdown my listing. It looks like PA is on top of their Corona and he says he is getting bookings from locals or people coming by car.

My strategy is to do STR, month-to-month, and events. I plan to take a look at registering with the film industry as I hear the pay is ridiculous. If all else fails I can always just rent it to a long term tenant.

@Troy Sheets I will have someone on the ground in Philly managing things for me.

@Troy Sheets It would be virtually impossible to manage Philly from NYC. I found another superhost on BP that manages properties in Philly and is also a realtor. He will do the heavy lifting for me. In NYC I managed everything myself and the going rate for a decent cleaner was $25 per hour. That covers cleaning, dressing the beds, throwing our garbage, etc.

@Troy Sheets Services like Airbnb do the job of finding you leads and managing payments. As a host it is your job to furnish and decorate the place, respond to messages, flip the place between guests, and maintain the property. I have been following the Philly market for a while and used an analysis tool that pulls data from Airbnb and VRBO to verify what other hosts are making, with what type of properties, and in what areas. That is how I settled on South Philly. I’m working on setting up a luxury rental.

@Timothy Casallas I am also ready to go in Philly. I own a two-family in Brooklyn and until recently I was using it for short-term rentals through sites like Airbnb. I was absolutely killing it. Now that NYC is clamping down I have turned my attention to Philly. I'm looking for a townhome in South Philly that I can set up as short-term rental since it is currently legal in Philly. If things would change in legality I would probably rent and hold till it appreciates enough for a good sale. Let me know if you want to compare notes.

The other thing I'm doing is creating a self-directed checkbook IRA so I can invest my retirement savings in long-term hold real estate. I currently have $100k that I can invest with. I have been looking at several markets that are less expensive than Philly such as Allentown & Bethlehem PA, St. Louis MO. and Cincinnati and Cleveland OH. I plan to focus my attention on multi-units that I can rent for cash flow and appreciation. Since you have invested in multiple areas I would love to hear your opinion on the markets that you have invested in. I plan to use a property manager and have the properties be pretty much turnkey.

@Joseph Scorese Can you explain how this event works? Do you see rehab homes or just target neighborhoods that are appreciating?

Thanks!

Just bumping this because I'm curious myself.

@Oiluj Lopez Do you mind sharing where you decided to invest? Thanks!

@Cory Iannacone Do you mind sharing how much of your own cash you had on hand when you started investing? I have $50k available and I’m sorting out how to make the biggest impact to hit the ground running in 2020. I live in Brooklyn so I’m looking at other states like PA, OH, MI, FL, and Mizzou. I suspect that investors will not take me seriously until I close a few deals with my own cash.

@Frank Procopio Have you worked with the land bank or home headquarters?