All Forum Posts by: Phillip Dwyer

@Tina Lee I would let her know that if she pays the rent on time then there won't be any issues with late fees.  

Interesting idea.  There are lots of flaws with the argument though:

1.By nature STRs do not have long term contracts with their "tenants".

2. Depending upon the local laws, it may be possible that any similar property could be a STR just by a few clicks of buttons to post it online. The barrier to entry is low.

3.  If you're planning on financing the purchase, the lender will hire an appraiser.  Part of the appraisal is an income analysis, but the appraiser still has to reconcile the income approach with the other two approaches to value (cost and sales comparison).  

I think the property would have to be incredibly unique to make this argument.  

Have you heard of the term "acting in good faith" ?

What are your qualifications?  Start there.

@Jay Shah I'd recommend running the deals based upon what you could rent the house for currently as a traditional rental, if your plan is not to live in the house for more than a year or two.  Who knows what rents will be 2 years from now.  Also, you may want to think about what your plan B is going to be if you are not ready to move to the next property in a couple of years.  This first property will need to meet your owner personal living criteria and be a potential rental.  That might look different than just buying a house to rent out straight away.  

@Eric Chan I believe @Tom Gimer said skimping not skimming.  Those are two very different things.  But I think he meant you may have been being "penny wise and pound foolish".  

@Kevin L. Nice work!  I wish we could have those opportunities back in this Vegas market!  

I've done a couple small projects (drywall, painting, shower installation) with Fox Construction recently.  They went well.  Give Nelson a call at 702-885-6675.

Look into how your county handles properties of deceased residents who pass without a will or trust.   They should have a process for this that will likely involve probate.

Not every probate is easy.  I recommend chatting with an attorney before attempting to do this on your own.  Every state has its own set of probate rules.  Additionally, every local court system has its own set of rules and procedures.