All Forum Posts by: Peter R.

Schlage keypad deadbolts and a Nest Thermostat.  You can also lock the nest to +/- 3 degrees if you really want to keep guests from getting too extreme with the temp but I wouldn't recommend that.

Hey @Brent Bowers I'd be interested in hearing what you have.

That's really interesting, do you think overall the closing costs, fees, etc that banks are likely to charge drive up the entire cost of the deal to near the levels you're paying in the private market?  Or are you finding some fees/upfronts in private loans as well?

@Jennifer Rogers are you not able to find a policy for short term and seasonal rental insurance for property insurance or liability or both?  

I've always sourced my insurance from local brokers that shop multiple companies. I've never had luck going directly to the source for this type of coverage, usually a good local independent agent is what's needed. And you want to speak to the agents that handle the commercial side of the business, not the residential side. 

All my policies state seasonal and short term rental as a part of the underwriting declarations. 

Also, if you don't have it yet, a PERSONAL umbrella policy is always a good idea.  $1MM umbrella should be less than a couple hundred a year.  A lot of people, myself included, get it from our auto insurance companies.

You can name them that way if you want, it's not necessary. I do that about half the time but one LLC has a name that just amused me, another is named after an internet protocol. You can be creative. The only real criteria is that the name isn't already taken.

So if that's what is holding you up from creating the LLC, don't sweat it, name it something else.

It is very possible if it is something you want to do, not everyone likes that part.  I self manage units and don't mind it, a little time on the front end with renter emails and getting them information goes a long way towards a successful reservation.  Then have a cleaner come by after the renter and send you notes about any damage, etc.

@Michael DeYoung I hope I didn't come across as unhelpful, just trying to respond based on your questions.  With a multi-parcel deal and a few unknowns I would really recommend a lawyer in your area versed in Real Estate.  Just my two cents.

That is a strange thing.

We all say that at first, seriously.  Before we get jaded and crusty. :p  If you do not say that at some point you aren't really an investor so I'd say you're right on track.

That is also a strange thing not because of the rental but because the rental seems to cross the property and parcel lines you've already described, and also because you mention owner occupied, as in owner, are these not the ones selling?  This is much more of a strange thing that the first strange thing I mentioned.  There are now at least two strange things.  You should begin to beware if you haven't already.  BP doesn't let me post images as responses so I can't fully express my internet feelings but I'd be very skeptical about this deal right now.

Yes. The City has objections about parceling the property. You don't quite know all the facts based on just this post.  There are current tenants that may or may not have claim?  Lots of unknowns.

@John D. much like a seller presented with an inspection report they hoped to avoid, I concede your point and it is well taken. I will no longer post images without comment, as much as a post might be funnier that way. 

@Matthew Thompson I do apologize for the slight thread derail, my other two cents would be to take inventory of your friends, family and business contacts.  Who do you know in the local banking industry that isn't working for BofA, Chase, etc.  You really want a loan officer (they sometimes go by VP of Something.)  They are your points of entry into portfolio lending .

I see BP has no sense of humor for the finer points of single image reactions. So I'll describe my removed image instead:

I agree with @John D. regarding the bank slowing your roll if you can't take a 25% haircut and still do OK by posting an image from the American Sitcom "The Office" of a character named Ryan pointing at the quoted post described above in a whimsical manner oriented vertically instead of horizontally to enhance the amusing nature of the image itself. 

Because that was way easier than just allowing the image. :p