All Forum Posts by: Tomislav Glamuzina

Hey everyone,

Just curious what everyone's thoughts are on out-of-province investing, particularly in Short Term Rentals. I live in Vancouver, BC, Canada. 

Do you guys set up systems in order to manage them from afar? or just bite the bullet and go the headache-free path of hiring a property management company?

Personally, I like the idea of setting up a system and then duplicating it over and over but as I have never done this I guess I am more worried about big potential issues that may arise; structural damage, stolen goods, lost keys, exceeding the number of people, evictions.

lol I'm sure that stuff doesn't happen too often. But since I will be out of province just curious what others have done and what their experience has been over the years. 

@Tristan Gardner That makes a decent amount of sense. Thank you for the example. Think you can provide me with an example for Number 2. ? haha definitely a visual learner 

@Ronald Rohde Gotchya, makes perfect sense as well. 

@Melanie Dupuis That's awesome to hear. I will definitely look into those places as well. I am hoping to have the time this year to plan a road trip and get to explore the area more. Thanks for the recommendation though!

For the Short term rentals that you have set up, did you first start off managing them yourself or did you get a management company?

@Melanie Dupuis haha just realized you are from NorthBay. I was there not too long ago as well, a very nice place I personally thought. Has that market been pretty favorable to you? I was thinking of a vacation home lol

@Jason Regan Thanks for the advice and good breakdown of it. The loan is definitely looking more appealing of course XD.

I am actually planning on buying a condo OOP in downtown Calgary, Alberta. I Traveled there not too long ago and definitely loved the downtown district. The purchase price is also significantly lower, which is nice. 

For STRs that are not relatively near, do most people tend to go with a managing company or try to manage it themselves? I'm sure some good systems can be set in place to make sure everything is all kosher... even if accidents/mishaps happen lol

Also Ronald, would you mind explaining how equity partnerships tend to work? Thanks man

 Hi Ronald, thanks for your answer. Let's say they were equity partners, how does something like that usually work ( I understand there is probably a million different ways to structure it) but would everyone need to put in the same amount of downpayment and have the same amount of responsibility in order for everyone to get equal equity. Or could I just even structure the deal however I see fit?

Hey Jason. I was thinking of doing that initially but since both of my brothers do not currently own any real estate, I figured it would be a good opportunity for them to join in and learn the processes. Let's say I did end up letting them own a part of it, would people usually give an equity % in return for a portion of the downpayment or would they (my brothers) need to put in a lot more into the deal in order to qualify for that. I understand this question probably has a million different answers but trying to figure out if anyone has done this before in this manner and what would be fair or not fair. Haha hopefully this is all making sense XD

Very Cool 😁 Florida, Costa Rica, and Mexico all sound very warm and I love that haha. Did you have any issues figuring out how to manage STRs from a distance with a company or did you manage to set up a system to do it all yourself?