All Forum Posts by: Thomas Nordberg

Good Morning BP

I am in the process of setting up my brokerage for the first time, currently just myself, with a couple of agents in the next few months. My previous experience has been with using SkySlope, but I feel like that is a little expensive at my current scale. I have been looking at something like Brokermint, but just wanted to see what backend software folks were enjoying out there. Bonus points if it plays nicely with the Apple Ecosystem.

Thanks!

Tom

Good morning BP,

Just curious if anyone had experience with STRs in the Jekyll Island area of the East Coast of GA there. We have always loved traveling out there for vacations or day trips while we lived in Savannah, but I am a little concerned that the market is too small for a stable STR. Anyone with experience in the area?

 If anything, concerns about laced cannabis seem to be an argument for legalizing it for recreational use (Although noted, legal and "Not enforcing federal statutes" is a grey area for a business). Legal and regulated shops promote the very specific ingredients in their products with much more oversight than users can get in "illegal" states. 

It depends... like everything else related to working with the government. Certain schools or TDY trips "Include" DOD Lodging, ie it's prepaid by the government and included with the cost of your trip. In those cases, DOD folks are largely locked in to the on base lodging. The "Preferred" lodging is just that lodging that is registered with the Defense Travel System (DTS) to allow DOD folks to book through that system.

https://www.travel.dod.mil/Pro...

Looking through the regulations it looks like you can register through the link below? (I have never looked into this, I just followed the how to become a preferred provider on the DOD Travel site, so no idea what the requirements are. Good Luck!)

https://www.fedrooms.com/hotel...

In function, there is on option for government travelers to book outside of DTS (It doesn't work for group lodging well anyway) and, as long as the cost is appropriate, get reimbursed. With the privatization of most on post lodging (It is now IHG on most Army bases at least) service members cannot be required to utilize them.That is the route I usually take for my TDY Trips. Additionally, PCS (Moving) travel is not covered by the same requirements, and is just reimbursed for 14 days, up to the local Per Diem Limit. That doesn't mean those trips are always less than 14 days, I am a week into a 6 week stay at an AirBnb waiting for my new house in Tucson to be completed as I write this. I will just only get reimbursed for 2 weeks, the rest is just housing cost for me, since I still get BAH and don't have a house.

On the marketing side, if your numbers work out that that Gov Rate is a workable cashflow for you, I would include something in you post / description that "We will match Per Diem Rate" or something to that effect, even if your advertised normal rate is higher. That definitely catches my attention when searching for lodging. Government Travelers may need a receipt showing nightly rate and zero balance due at the end of the stay, other than that it should be pretty straightforward!

I have used Navy Fed Personally, and had several clients use them as well. They, in my experience, have decently competitive rates on VA loans, as well as some 0 down portfolio loans (in the event you are running up on the max of your VA entitlement).

The main complaint I have heard is that their closing / underwriting times are long and the underwriters often ask for docs at the last minute. They have been pretty easy to work with in my experience though, and my closings are usually able to close in the 30 day range. 

I can share some insight from the military side, as I have stayed in MTR (through AirBnB) for periods of TDY (Temporary Duty, assignments less than 6 months.). Usually training or some sort of School. I always look for a MTR vs hotel, especially if I want to bring my family. The TDY Rates in the DC Metro area vary https://www.gsa.gov/travel/pla... looks like they range from 172 a day to 258. Military and other government renters will often use that rate as a pretty hard cap (Averaged out over the trip), as going over that daily rate cap makes filing a reimbursement claim a huge hassle. I am not sure if those rates make sense in that market or not.

-Tom

 I am glad that you are still getting the property, and hopefully at the end of the day it doesn't impact your math too much. I think in todays market you still got a pretty good deal, below ask and 5.75% on the rate is not bad at all in a lot of markets. 

The game of telephone that working with a realtor can turn into is often frustrating. A big part of why I got my license was to make it easier to communicate, and skip an intermediary. Good luck, hopefully the rest of the deal goes without a hitch!

I would have her relay to the sellers that there were several things that you are going to need to fix from the property inspection, and you are not asking them to pay for those things, just the points to get the loan, which I am assuming the contract in financing contingent. This (hopefully) creates some incentive on the sellers part to agree to your request, if they are concerned about dropping out of escrow. Additionally, it demonstrated that you could have asked for more, but are already "Meeting them in the middle". 

 Good luck! Let us know what they say for those of us now invested! lol

 I agree, I have 2" blinds in most of my rentals, and although they usually are dirty after a tenant vacates, I rarely have to replace them. The box box brand ensures the new ones will match if / when I do