All Forum Posts by: Trace Adams

Hi Michael, I currently only own my house hacked primary residence in Denver, but Tampa is the place I am focused on to buy my first true rental property. I am mainly looking at the Tampa (between airport and downtown/Ybor) and St Pete (close-ish to beach) areas and am thinking I will do the MTR strategy given all of the hospitals and corporate complexes in both areas. Maybe even a STR/MTR hybrid strategy.

House hacking is never a bad option for your situation. Definitely leverage your W2 income for favorable financing, and maybe you can tap into the equity you have in your STR in St Pete to scale even more.

Hi Michelle, congrats on closing on the new home! As far as what to do with the old house, STR success is highly depending on the area and being close to local attractions and tourist areas. MTR would be something to consider as well, if the property is close to any large hospital complexes, business centers, or universities. You could even do a STR/MTR strategy where you open it up to either, which is what I do with my property in Denver. Assume you will be self-managing given your proximity, which will help your cash flow. You can find a cleaner in that area for which you can pass the cost on to your guests, and you can automate a lot of the communication with guests thru Airbnb. I don't think it really matters if you use the furniture that is already there, as long as it is all in good condition.

For the 3 bedrooms in the new house, I think padsplit (rent by the room) would be a good option, as would STR/MTR but then that is just more furnishing costs. If it helps, here are some Amazon lists I made for furnishing a property:

Hi all! 

I created a furnishing list for furnishing a rental property which includes Amazon links, prices that dynamically update from Amazon, and individual and total costs. It includes everything you could possibly need for a property. Figured I would share here in case it would be helpful to anyone furnishing their first property. It is a google sheets file so you will have to download google sheets and make your own copy of it so you can edit it. Here is the link:

https://docs.google.com/spreadsheets/d/1phAGZjC6Q8icthtcV-17nN-nla0TsGtyRJghxpdc6jQ/copy

Thanks!

Trace

I am starting a new real estate business called Upgrade Real Estate & Moving. We will be offering the following services: full-service rental property furnishing (including "remote" furnishing), home staging (including virtual staging), real estate photography, and STR/MTR cohosting. We will also have a moving business as a complementary offering to our other services and to better monetize the moving truck we will be buying.

We likely won't formally "launch" all of our services for a couple of months because we do not have a truck or storage facility quite yet, but we do have a furnishing list in google sheets that I wanted to share in the meantime - this is a full list of everything needed for furnishing a property, complete with amazon links, prices which update dynamically from amazon, and calculations showing the total cost. I will share that link below (note you will need to download google sheets and create your own copy), and will also share the link to our website once we have that launched. In the meantime, we can do remote furnishing and virtual staging for people anywhere, and can do photography and cohosting for anyone in the Denver metro area!

https://docs.google.com/spreadsheets/d/1phAGZjC6Q8icthtcV-17nN-nla0TsGtyRJghxpdc6jQ/copy

Thanks!

#furnishing #furnishinglist #staging #virtualstaging #shorttermrentals #mediumtermrentals #cohosting #photography #STR #MTR #househacking

Steve - if I were considering starting a STR/MTR property management company but do not have a real estate license, are there workarounds? For example, for any lease-related activities (negotiating terms/pricing, signing lease, etc.) could I just have a real estate attorney on retainer to do these activities? Or have a real estate agent on staff to do them?

Thanks!

Hi all! I am considering starting a new real estate business in the Denver area and would love some feedback on the idea. I just bought my first home in the Littleton area and furnished the walkout basement and am renting it out as a MTR. I have learned a lot over the last ~6 months about furnishing a property, managing/pricing a rental, understanding the ins and outs of Airbnb/Furnished Finder, and analyzing real estate investments generally.

My business idea is to use that knowledge and start a company that does the following:

-Furnishes properties for investors who want to turn their LTR into a MTR/STR, new homebuyers who want to house hack, or just any investor needing a rental furnished. We would offer more of a budget-friendly option which could include FB marketplace/goodwill

-Manages furnished rentals (STR/MTR) for investors. This would include making the listings, setting pricing, finding tenants, managing maintenance requests, and offering deal analysis to investors. One issue I see with this is that I do not have a real estate license so I don't think that would create any issues with STR management, but as for MTR management it seems like there are certain limitations without a license - any feedback on that would be appreciated

-Staging properties primarily for FSBO's as I know properties listed by realtors will typically have an in-house staging offering. This will likely be the smallest aspect of the company but seems like a sensible value add to the other aspects of the company, since we will have a storage unit with furniture/furnishings ready to go

-Photographing properties for FSBO listings, or for clients we get for the furnishing/management side of the biz. Easy value add because my girlfriend is a professional photographer.

Appreciate any feedback on this idea!

 Thanks, short-term rentals are indeed allowed in the city I am looking in. 

Hi all!

I am looking at investing in an out-of-state property that is a 5 BR, 3 BA which is a 3/2 upstairs and 2/1 in the finished basement. There is also a full kitchen and laundry in the basement. There is not a separate entrance to the basement, but the stairs to the basement are in a laundry room in the back part of the house. My thought is if I bought the property I could rent the upstairs and downstairs separately, perhaps the upstairs as a LTR and the basement as a STR/MTR hybrid, or STR/MTR hybrid both upstairs and downstairs. Curious of a few things for those that execute this strategy currently:

-The city the property is in has a no more than 4 unrelated people rule, would that be an issue for me if all bedrooms were full or does the fact the basement tenants would be short or medium term save me?

-How do you manage thermostat and temp difference between up/down stairs (assume basement will be a lot cooler)? 

-How do you manage utilities since everything will be shared?

-How do you manage the general vibe between up and down stairs tenants? I.e. what if one doesn't get along with the other

-Any benefits to trying to officially convert it to a duplex with the city if it is zoned to allow MF? If not, any legal considerations for running a SFH as a duplex?

 Thanks Chad! Can't make it to this one, but would love to join for the next one!