All Forum Posts by: Sean McDonnell

Another good app to find handymen is Takl. Similar to Thumbtack where you can read the reviews from past clients. 

My wife and I use SmartBnb to help systematize the messaging to the guests and coordination with the cleaners. I would call and interview the cleaning companies and make sure you find one that includes laundering the linens off site. Some of the cleaners we have worked with only would wash the linens at the property which made the timeline tight when we had guests checking out and checking in on the same day.

First off, this is a good problem to have and a great lesson on how if you just buy real estate and wait, it will normally turn out well for you! I would do a cash out refi and use that cash to buy another rental property. If a lender will loan up to 75% LTV, you could possibly pull out close to 100k to use to build your empire.

@Paul Sandhu How have you not got a realty TV show yet?

Generally speaking, I have raised the rates on all my STRs over the past few months because of the increase in demand for people wanting to get away from large cities and populated areas. I would recommend trying to have as many amenities as possible on your listings. All you need in your guest suite is a desk to add the amenity of 'Dedicated Workspace' and you can make you listing more appealing to people looking for an extended stay but still need to work. 

At the end of the day, the property is yours and you are ultimately responsible for the care and maintenance of it. Good property managers will help you take care of it and schedule maintenance and repairs to be done if that is what you want them to do. If the property managers say they will do something and then dont, the best you can do is fire them and find a new one. You should supervise the property managers especially when just starting to work with them so you can ensure they are managing the property to your standards. 

Ed, It really all comes down to the numbers but generally speaking, there is a ton of opportunity for short term rentals in vacation destination markets (mountains/beach). Here are a few questions to help analyze the deal.

- How much cash out of pocket do you need to build?

- What are the monthly payments going to be?

- How much would you charge for a night?

- What occupancy rate do you estimate?

- What would your gross annual income be?

- What would you estimate the expenses to be? cleaning, snow removal, utilities, supplies, ect.

When I start talking with a new client/lead, I try my best to have them define their goals. With investors, it is typically a number of doors, COCROI they want to hit, or a monthly cashflow number. That is easier to understand for me as a fellow investor. With retail clients, often the goals are less objective and more emotionally driven. But still, with retail clients, I try and narrow down the location first. Thanks for posting this forum thread, I find this conversation very interesting!

Great advice @Joe Prillaman 

There is also a lot of opportunity north of Wilmington, NC in Hampstead. That town is seeing a lot of growth as Wilmington continues to grow and spread north. There are some properties on the market now in your price range that would make good buy and hold rentals. 

You should read "The Millionaire Real Estate Agent" by Gary Keller. That book lays out the steps for you to be successful. Good luck getting started!