All Forum Posts by: Patricia Baker

Hi I am a short term rental real estate investor and I’m looking to expand into commercial real estate. I am looking for a class or a coach I’m this particular area. Does anyone have any recommendations? Thanks in advance.

Congratulations! I would definitely make sure the management company is on top of maintenance and read the fine print of the contract as well. Some contracts say that anything under a certain amount of money they just go in and fix without consulting you.  You may be able to negotiate that. I had a management company say that charged 28% and after all of their extra fees it ended up being 38% so just keep an eye on the expenses. Also, make sure your photos are really great and bright. 

Hi Everyone,

Thank you for all of your suggestions. I guess my post wasn't very clear. I already have systems in place but I am just wondering if I can streamline them even more. I heard someone on a podcast recently say they came up with a "handbook" that you could pass over to anyone and they would know exactly what to do for your STR. I was just wondering if anyone has done this before or found something online that I could tweak before I reinvent the wheel. Also, I only called them "Airbnbs" because that's the topic on bigger pockets website and when I say STR most people don't know what I'm talking about.

Hello,

In the new year one of my goals is to streamline my Airbnb systems. I want to create a “handbook” of anything and everything to do from purchasing to setup to managing my Airbnbs. The goal is to eventually train someone else to manage the properties.  Does anyone have good resource suggestions?  I currently have 2 airbnbs and want to get things streamlined before it gets out of hand. Any information would be appreciated. Thanks! 

Not Yet.  Going to Florida soon to look in Sarasota and Cape Coral.  We will see how that goes...

Hi, thanks everyone.  The property is doing very well.  I would like to get more of these.  Looking in a few spots now.  I would do lake Harmony again for the right house and price.  Also, looking in TN and FL.  The goal is to have them in all the places I want to vacation, lol.

Investment Info:

Single-family residence buy & hold investment in Lake Harmony.

Purchase price: $329,500
Cash invested: $33,000

Purchased a vacation home in Lake Harmony, PA. It's a Chalet 6 bedrooms, 3 Bathrooms, game room 2200 square feet.

What made you interested in investing in this type of deal?

Low money down, personal use and higher cash flow than a long term rental.

How did you find this deal and how did you negotiate it?

It was a For sale by Owner on Zillow. I used an agent and paid the fees for my agent since it was my first deal. Negotiated some inspection things but paid almost full ask.

How did you finance this deal?

Conventional 30 year mtg.

How did you add value to the deal?

Deck paint, powerwash outside, added fire pit, new hot tub, interior paint.

What was the outcome?

Its cash flowing really well and we use it on occasion as well.

Lessons learned? Challenges?

Would do this again for the right property. Am currently looking for the next AIrbnb.

@Dan Milinazzo thank you! That’s some good information.

@Jon Kessler thank you! I will get that book.

Hi I am looking at some properties that need some rehabbing. Some need complete guts. Is there a way to determine an estimate for repairs before you see the property in person. For instance avg price per sq ft for rehab in a certain area. I’m in PA near philly but also looking in the poconos. TIA