All Forum Posts by: Sean Walton

@Dave McEvoy in @Michael Quarles generally you don't do anything to spruce it up because you want it on the MLS ASAP and a lot of times you are trying to minimize disturbance to the occupants who let you list it before you close. You are targeting other investors who may want to fix it up as a rental but also owner occupants who can't afford a fixed up place and don't mind fixing it up themselves. Again it is what is the highest and best use of your time managing painters and contractors or finding the next deal.

I have been using CBIZ for about 18 month on my STR per another BP user's recommendation. So far no complaints but I haven't needed to file any claims. It is about $950/yr for a 1/1 condo which I think was about 50% more than my old homeowner policy but still not too bad.

If you are submitting drawings to the city they will need to be stamped by an AZ licensed architect.

A friend of mine recommend Gene Goldstein BP won't let me post his email so PM me if you are interested.

@Joey Saah you may want to consider selling it and if you are underwater sell as a short sale. Even if these improvements pay your mortgage there are a lot of other expenses. Insurance, maintenance, taxes, capital expenses (new roof), vacancy, utilities & furnishings (if airbnb). 

There are companies that manage airbnbs but not sure if there are any in your area. You could install wifi smart locks and get a good relationship with a cleaner to handle turnover. If you develop systems as other have on this site it is probably possible to manage most things remotely and pay your friend to handle things you can't remotely. 

@Francisco Arango I've had 2 different bookings of people in town to be in plays, several moving to SF for tech jobs, some only in town for a set work term and the place is booked by their company. Those are the 3 main types I've had. 

Originally posted by @Francisco Arango:

@Sean Walton why do you only do 1-4 months? How's that working out for you income wise?

Because of San Francisco regulations if the host doesn't live in the unit/house at the same time as the guest you are limited to 90 days a year unless you do longer than 30 day terms. It means less income than STR but better than 1 year leases

I don't know @Michael Quarles you seem very perky at 1.5x I signed up for your coaching program so I guess I'll find out soon.

I can't find the article anymore but there was a pretty ingenious setup a guy made near downtown LA where the front door had a keypad and each individual room had a keypad. With wifi enabled locks you could change the codes for each new guest. Then you just get a good trusted cleaner that is flexible on if it is 1 or 7 rooms that need to be cleaned each day. Start your price low and as you get good reviews gradually raise it. Make sure to give rooms special touches even though you won't great people bottles of water, fruit, bag of chips can go a long way for a hungry traveler.

Welcome Jourdan Charles ! I would recommend offering something in return for mentors such as being a gopher, driving for dollars etc. Or at least taking people to lunch. Also be more specific about what kind of investing you want to do. If you're not sure listen to all the bigger pockets and Michael Quarles podcasts then decide. (Pro tip 1.5x speed is still inteligible and you get through them faster) Good luck and enjoy the warmer weather.

There's a lot of great info already said. 

One thing I can ad is that people may be getting more booking from one platform or another because that is where they have the most reviews or most positive reviews. That affects how high you how up on the page in airbnb. Your speed of response and whether you allow for instant bookings also affect your search rank in airbnb. So it may be a self perpetuating cycle of only using one because that is the one that gets you the most bookings.

If people are just getting started it is good to set your price below your competitors to build up a few good reviews then raise rates.

I can't speak to the other platforms as I only use airbnb and homesuite for 1 to 4 month typical rentals.