All Forum Posts by: Shona Lepis

@Todd Kimball hello! I’m based in Portland too. Sounds like he would be a good for a lease option AKA rent to own.

Does anyone have any experience or advice using a DSCR loan (debt service coverage ratio loan or asset-based loan) using OPM (other people's money) for the down payment? We trying to creatively solve this for an STR (Short Term Rental). Thanks! Shona

I have them in rentals too on the front doors. I just give my tenants access to the app and pay for the service subscription. I think it's a nice amenity to have at a rental.

@MarieChele Porter I would expand your advertising. Here is the list I’ve been using. A lot of sites will syndicate the listing.

Zillow

(syndicates to hotpads.com & Trulia)

Cost $9.95/week

Notes: good luck with long term rentals but not so much short term ones

Cozy.co

https://home.cozy.co/apply/#!/184752

(syndicates to Doorsteps.com and Realtor.com)

Turbo Tenant

(syndicates to Facebook Marketplace RentPath, Realtor.com, Apartment list, rent.com + more that are not listed)

Zumper

Craigslist

(manual posting but Turbo Tenant will give you code for a better looking ad)

Furnished Finder

(furnished rentals only)

Cost: $100/year

I’m currently using cozy but actively looking into Buildium which seems solid and they offer a small discount to BiggerPockets pro members. I I like that that they are full service from accounting, to marketing syndication and repair tickets and collecting rent....

@Bryan Crawford we run an Airbnb in Portland, OR. A few notes from experience, it’s a lot of work and the cash flow is not super consistent. We converted on of outs to a Furnished short term rental which has worked out really well. So something to consider. They are sites like https://www.furnishedfinder.com where you can list rentals.

Photos

If you go the Airbnb/VRBO route I don’t think I just need any extra software if you’re starting out as the websites/apps work really well. Also, after you get a few bookings Airbnb generally offers photography for a cheap subsidized price and the quality is pretty high.

Bedding

Invest in a decent mattress and pillows. You would be surprised how often guests comment on this! We got this one from Amazon and have gotten great guest feedback on it. Olee Sleep 13 inch Galaxy Hybrid Gel Infused Memory Foam and Pocket Spring Mattress (Full) https://www.amazon.com/dp/B010GO33LW/ref=cm_sw_r_cp_api_glc_fabc_o37.FbWGGS3BV

Insurance

You will need short term rental insurance and for liability a lot of mortgages won't let you transfer the property to an LLC so if that's the case study you can get an umbrella insurance policy to cover yourself.

@Cameron Calvert I have dealt with a crazy Neigbor next to a long term rental. It was very challenging and difficult with many calls to local authorities but I basically waited them out and now their house has is on the market and already sold. We did install a ring video doorbell and ring video which helped with a sense of security for the tenants. Hang in there, it will be with it in the long run!

@Vinh Nguyen I love https://cozy.co! I use their online app which offers background and credit checks as well as ACH rent collections. It’s been a dream to streamline all of that.

@Charlotte Chew hello, yes I’ve had good luck with Furnished finder. We rented a furnished house for a year with a lead off that site.