All Forum Posts by: Tim Ryan

Need to find out what your insurance deductible is ... might make paying out of pocket a no-brainer. 

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Consider this example scenario: right now you have, let's say, a one-year lease with a tenant who is keeping the place up and making lots of money for themselves. They decide to leave after a year to own their own place and make more money. In the meantime, people living in the same apartment building, or on the same street, get fed up with the parade of non-stop strangers and move out. Now there are multiple vacancies on your same street, and when you go to re-rent you end up taking less money.

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FWIW ,  I've been renting a property via Airbnb for a couple years.  Transients, crack-heads and bums don't have the means to drop a couple K on a credit card for a few nights stay.  Heck even my long term tenants can't do this.  Easy to see a win-win out of this one.

Increase the rent to make it worthwhile ... short term renters insurance is easy to get.  Mine is with Foremost.

I can think of much bigger problems than a paying tenant hosting "guests".

I have SF where the property taxes are 3 months rent ... only an eviction costs me more.

I pay $125 per cleaning for 3000 sq ft house ... linens included.  But I have a double washer dryer to beat the time down.

Charge $150 to the tenant per stay ... no matter the length of stay. 

.... my point is - you'll have an "easier" time than we did.  Booking somes ones house for a vaction is now the "in" thing... save a few bucks and have all the amenities of home. And  people are no longer "afraid" to book from online sites.

When I started homeaway didn't exist ... vrbo was the "senior" player.  Now I am on at least 10 sites.  Homeaway has 1/2 dozen "sister" sites (including vrbo).  But lots of competition from:  Airbnb, glampinghub, flipkey - to name a few.  Just be prepared to part with 4% to the site ... doesn't seem to matter if  I pay annually or by the booking ... it's 4%.

@Derreck Wells

... I hear you ... just sharing what my licensed deleader did (of course no cuts are made in the property).  Never spent more than 7k to delead a SF.  Never had a problem.  It's a better "look" than coving with luan.

BTW wasn't aware those Mass Housing Finance loans were still being offered.  I am still paying on 2 of them ... what's not to love about 3% fixed for 20 yrs !

MA has the toughest lead laws in the country ... I have plenty of de-leaded units.  Most of this can be DIY:

Replace windows and door

FLIP moldings after running the edges thru your table saw.

Carpet stairs

Replace ballisters

Now have it tested and treat as necessary.  Most states now allow an encapsulant ... I have not tried this (yet).   

I have a vacation rental on a small lake.  Plan on 3 years to get established.  Repeat cutomers and good reviews are everthing in this business.  You'll have none starting off.

My first few years gross income ramped like this:  7k, 15k, 20k, 23k, 30k.   Been grossing 40k the last 2 years.  Those first years were PAINFUL ... negative cashflow.