All Forum Posts by: Bobby Paquette

In much of the research I have done I have been struggling to find rental properties that are going to be able to cash flow well in this economy. I am looking at investing for the long term and am okay with getting into a property that only breaks even or only has a small cash flow. At this time I don't have the capacity to try and work on a BRRR or other rehab projects and I am looking at investing in a turnkey property. My main questions are:

- What are your opinions on turnkey properties? 

- Are there any markets you would avoid?

- Do you have any helpful tips you would give to new investors?

I considered it in Myrtle Beach, called around to some units and decided against it. The management takes such a large bite of your top line revenue (40-50%) that by the time you pay your mortgage, $850/month HOA and other bills there often isn't much left. Some will allow you to self manage and bring in your own cleaners, but if you do that then your guests might not be allowed to get towels from the front desk, use the pool etc because you are no longer paying their fees. Requires a lot more DD than a standard SFH purchase.

I didn’t see the upside. The Vegas one I looked had a 2 week per year personal use limit. It’s like buying a business where you don’t control any of the costs or the income. 

@Bobby Paquette you have some good posts above.  I wrote an entire post on this topic specifically that you can find HERE.  There was a time when "cash flow" didn't happen until year 3 when you invested in "buy-and-hold" properties.  We are back to that level again. Read that post and see what you think.

Oh, and the “constant fire in the fire place” aka the pilot light. 

“We dont feel safe so we shut the gas off” and decided to do it late on a Friday night. 

In the process they shut off the gas to the hot water heater so they got to go without hot water, the kitchen stove, and the fireplace until I was able to get someone over to turn it all back on for them.
I also didnt make it a priority and charged them a massive maintenance fee for turning it all back on Saturday evening. 

Had a guest say that the photos made the place look more ¨down to earth¨ online.  They requested to check out when they arrived because it was too fancy lol.  Can´t make em all happy 

A young lady from LA came over to Prescott for her honeymoon. When she checked out I asked her if she had a good time...? She said it was awesome, but did I know I had ants? 

I ran over to the house after they left because we had never had ants or any bugs for that matter. Guess what I found....yep, she had left their wedding cake out on the counter the whole weekend. Covered with ants.

So I guess she was right, my place did have ants....ya can't make it up... 🤣

Cabin in Wears Valley on the edge of the Smoky Mtn National Park at 2000ft elevation.  You actually have to drive through a part of the national park to reach the cabin.  4 star review.. there was a bear that came out in front of the cabin every day and they didn't like that.  boom 4 stars!

The craziest request I got was hey can you check the footage on your ring camera?  Our motorcycles were damaged and we think bears did it.  We need video to show the insurance company.  We checked cameras and sure enough two bears took bites out of their motorcycle seats.

 It was concrete jungle idiots from Dallas. They actually said they are looking forward to getting into the great outdoors and exploring nature in their message to me after booking. Well, you got nature and you lost. They will not fair well during the apocalypse. 

@Bobby Paquette I use Patriot Software. Very easy to use, calling into customer service is no issue and they are 100% us based.