All Forum Posts by: Steve Triano

I have a property in Fort Wayne that I own free and clear.  I just remodeled it and am looking to rent it and pull about 50k out of it.  The property is worth about 120k now.  What kind of loan product should I go for?

I'm wondering what software others use as a lead management system?  Either getting leads from a list or from a website... I want to track follow-up dates, next steps, notes, etc.  There are many CRM's out there, but I'm just wondering what the people doing wholesaling are using?

I see this is at home depot...but not really where?  I know there is Ouzo and Feta.... I think a Vietnamese restaurant... I think there is a bar in that center as well. 

lol...nevermind...I now see #12.

Quote from @Lisa Graesser:

I offer a golf cart with each of our rentals. I have golf cart insurance and I have a golf cart waiver that each guest has to agree to prior to making the reservation. Fingers crossed in 7 years I have not had to test my coverage, but in the area of my rentals a golf cart is expected with the rental.

 Can you possibly share the waiver & insurance that you got?  I just bought a place on a golf course and would like to offer the option of having one with a stay if possible.

Quote from @Collin Hays:

Quote from @Steve Triano:

Do any of you offer a golf cart in your STR? If so... do you make the guest take rental insurance or something? What happens if the guest crashes the golf cart? I'm in contract to buy a place on a golf course so curious about offering a golf cart as part of the stay.

The question isn’t if the guest crashes the golf cart, but when, and who is injured or killed.  Golf carts can kill.  Read my blog entry Risk Management for the Self Manager.  https://www.biggerpockets.com/...

 Great points to consider.

Do any of you offer a golf cart in your STR? If so... do you make the guest take rental insurance or something? What happens if the guest crashes the golf cart? I'm in contract to buy a place on a golf course so curious about offering a golf cart as part of the stay.

Quote from @Eric Goldman:

@Steve Triano without some type of boots on the ground I cant wrap my head around doing a long distance brrrr. I know alot of investors do it and are successful. 

Having a solid team and game plan is 10000000% necessary. If using a PM, you can give them the guidelines of what you want done (paint color etc.) 

Looking at pictures and video only go so far. accountability is also a huge factor right. I hope you are successful and can report back the good and the bad!

 Ya.... I think you completely understand my questions then.  This is where my disconnect is at.

Quote from @Brad Jacobson:

Hey Steve,

You should definitely read David Greene's book, Long Distance Real Estate Investing.  He goes into great detail on all of this.  Here's a quick summary of what I can remember from the book:

1. Get a professional inspection done and FaceTime the inspector in the "walkthrough"

2. The punch list comes from the inspector's report and findings

3. You can order the materials direct from a local Lowes or Home Depot and have them delivered to the worksite.  That way, you're only paying for the labor.  The PM won't be active until after the rehab is complete so these finishing details are done between you and the GC

I'd recommend contacting a few high producing agents in the area you're looking at for inspector and GC recommendations and get to work!

Good luck!

 Ya thanks...I have read his book.  The punch list can't come from the inspector as the inspector would have come and gone by the time the contractors work is almost done.  I don't understand your #3 in reference to my #3 question...thanks for responding though.

I am looking to do some long distance BRRRR's but have a couple questions.

1.  How do you determine what to rehab from just the pictures?

2.  I have done rehab's before but I have always been there to create a punch list for the contractor to fix... and also to sign off when something is complete.  Who does this if I am remote?  The PM that I choose? 

3. Who defines the detail to the rehab?  Color/Materials, etc.  If I'm not there... does the PM take are of this?

I'm assuming that the PM is probably the answer....and if so... I'm worried...as my PM's on my other properties are good with renting the property but wouldn't say they are good at interior design.

Thank you for any advice.

Steve.

So property is in Indiana.....not the same appreciation as CA.  The property cash flows about $300/mo....or has anyway... the rehab is a roof and kitchen so about 7k.  At $300/mo...that will take about 2 years to get a return.  If I sell...I could potentially make money off the property today...I could potentially also refinance to pull the cash out & then have the next tenants pay down the note.  Just thought I would throw the question out here to see if anyone else had other ideas.