All Forum Posts by: Pat Mulligan

For example let's say you have an older home with plaster walls, your contractor will replace them with drywall at a fraction of the cost but the insurance covers the cost to replace with plaster which could be thousands of dollars more.

A public insurance adjuster works on your behalf to dig into these details and get you a larger payout. I also believe they typically take a cut of whatever they get. So, if they offered you $28k and the public adjuster gets you an offer of $38k, that the adjuster just takes a cut of the $10k extra they negotiated for you.

I just had my general contractor do the same thing as a public adjuster would do. Took a long time(3+ months), but they got the insurance to pay $42k for a new roof and some protrusion damage. If i had been paying out of pocket and supervising the work, I could have done it for $13k, max. I got my damage fixed, but you know that contractor make a pretty dime. Also, the negotiation process took so long, the insurance had to pay me $22K in lost rent.
THIS is one reason insurance rates are so high-- Contractors/homeowners trying to get as much as they can for repairs.

3 Votes

Quote from @Candice Cervantes:

Thanks for your reply. Every REI Podcast I've ever listened to will suggest something like the brrrr strategy so your answer seems to further confirm that. To answer your question, it's really hard to tell where this neighborhood is going. The growth is slow, and houses around are very much behind. There aren't even sidewalks yet.. so while I think appreciation is certainly possible, I'd be concerned the growth would take very long and rent value would take longer. While the other would always have strong rent potential potentially reaching into the $3k if it is heading toward CA prices, seeing how Californians are moving here in herds. But I still see what you're saying!! Thank you for your input!

Nothing scientific, but I never buy in a neighborhood with no sidewalks. I also have never seen an older sidewalks were added. (I'm a RE Broker these past 40 years). I think the older home is the better buy for appreciation, but I would keep looking.

2 Votes

My only 4-star review was from a guest who wrote a glowing review about the place, the host and the neighborhood- then gave us 4-star, lowering our rating. What can I do with that?

2 Votes

Quote from @Andrew Steffens:

I manage a few properties in coastal NJ and the season is 3-4 months. If you are good at managing a budget I think this is fine.

I am also in coastal NJ. We do fine, especially when we rent off- seasonat a much cheaper rate for MTR.

0 Votes

Quote from @John Underwood:

I've not done that remotely, but it could be done.

I have a handyman that gets used appliances all the time and installs them in my rental houses when needed.

It would take some trust or coordination on your part but could save you some substantial money.

I'm sure you could find someone on the next door app that was handy and had a truck to go pickup stuff. Maybe find an estate sale where you could buy a bunch of stuff at once.

Might be worth a trip to your property to save 10k or more.

IDK long distance. Nothing looks as good as the pics. I have picked out all of my own buys
Sometimes I get there and have to pass based on the condition of the piece. I don't want my STRs to look like grandma's house. That said, you can get a pickup/mover through Task Rabbit.

0 Votes

Quote from @John Underwood:

I would say 30k would be a good amount.

You could spend alot more or substantial less.

You can save some money by buying quality used furniture off Craigslist or FB marketplace.

We have furnished 3 STRs last year. Budget will depend on the size, specifically # of BRs, # of living spaces. We averaged $10k for our 2 BRs (including kitchen appliances). We used a combination of Wayfair, thrift stores and online second-hand sale sites. Used stuff is much better quality for hard furniture. Cheap but good decor can be found used, too. Just keep in mind that thrift shopping takes time. Which is more important to you? Time or money?

btw, dont listed to any "guru" who say you can furnish for a couple thousand- that is a load of bull.

0 Votes

Quote from @Nathan Gesner:

Current platforms already offer most of the administrative support you refer to.

It might make sense to use a "semi- pm" model instead of paying for the various online platforms one would need to do these tasks. Depending on the cost, I could see a benefit in the idea.

1 Vote

Besides being a clunky platform, FF promises a high-maintenance rental experience. I get my MTR filled very easily with Airbnb. The same properties through FF get "shoppers" - people wanting an application, lease, etc and then change their minds about 6 days later. Even though the Airbnb price is higher, they stay rented 100% on that platform. I have never gotten one guest from FF.

0 Votes

As an Agent- Investor, I think a good agent can set you up on an mls search, do sales and ARV markets analyses, a rental market analysis, write-up your offers, including low-ball offers, and negotiate on your behalf.

Personally, what I won't do is, "find you a good deal." You better have some parameters as to price point, location, size, degree of rehab. Otherwise, you're just getting an eye- roll from me.

I do know how to dig deeper for off market properties, but if so, I'm looking more than a 3% commission on a $50k house ifyouknowwhatimean.

0 Votes

All Forum Posts by: Pat Mulligan

Pat Mulligan has started 1 posts and replied 41 times.

Post: What is your biggest struggle in the STR world right now?

Post: Neighbors tree fell on my roof

Post: Deal Analysis New Construction V. Older

Post: How do you handle unreasonable reviews?

Post: 6 month STR season

Post: Renovation/furnishing costs of an STR

Post: Renovation/furnishing costs of an STR

Post: Question for PM's, Self Managers

Post: Does anyone have experience with renting with Furnished Finder?

Post: First BRRR not going well, Need Advice to find New Agent