All Forum Posts by: William Anderson

If you are in a beach area or with pools, having a dryer is necessary.  Saltwater beaches mean laundry.  Most of my properties accommodate 8+ and guests seem to want it.  The house cleaners use it for the laundry.

Leslie hit it.  Funny how people will expect some items to be on your property even when they don't use them.  I believe that while they are searching, they may be looking for properties with a higher number of amenities.  I recommend that if your property can accommodate a washer and dryer go for it.  John mentioned the stackables, I have them in a few properties and they work well.  Be sure that the dryer exit vents are cleaned periodically.

Raquel, 

If you need to manage your property, set up a website using a theme for property management such as moto press hotel booking.  You can set up a sync using the Ical template that will connect Airbnb, VRBO, and other sites.  You can manage all of them from the back-end management calendar on your website.

Having your website for STRs is important regardless.  The property management company that I own part of uses this system.  It's far easier to see everything going on at one time than login into each of the other sites.

Keep in mind that your website does not drive prices or others into the 3rd party sites, you have to go there to do that.  You can block out times and days on your website.  Go to the motopress.com website for a free demo.

I strongly recommend that you consider hiring a property manager who manages the calendar, cleaning, etc.  If you want to scale up your business, you should leave these details and headaches to someone else.  Focus on the acquisition and overall management.  

The best place to start is to ask your real estate agent.  If you have been buying without one, get to know one.  Most real estate agents know good contractors, it's what we do.  Almost all homes we go to list will require some work, we need to know good contractors to fix so we can market the homes.

The same is true when we sell one to a buyer, they need to know who to use.  This is without doubt the best way.   FYI, if you ever get next door to the Mississippi Gulf Coast, contact me.

There is one person on BP that I am aware of who makes money with Section 8, I believe he is in Chicago.  The most important thing to know is that the government will not pay for repairs and rehabs of your property when they move out.

They are time intensive, stuff is always happening and it's when something breaks that they fail to tell you.  The extra "guests" who arrive and don't leave.  

But hey, you do get paid on time.  Good luck.

Lynn, 

I have one on the market now. $178,000 it's already being professionally managed as an STR. Located on the Mississippi Gulf Coast. FYI the seller will not lower the price. Key things about this one are a new roof three months ago, a 2.5-year whole house warranty, redone septic system, and well water (no water bill).

https://loganandersonllc.com/l...

This one has generated about $27k since March with future bookings.  I expect to see a few more come on the market as the COVID buyers start to shed their quickly purchased vacation homes.  This is an excellent year-round market if you buy right.  

I am a real estate broker and will be able to pay your 25% of my half as a referral fee with docs signed.  I own an interest in the property management company.  See the listing here:  https://christiesgulfbeachrent...

Dunn, 

You just got caught in the big changeover.  Fewer financial institutions want anything to do with investment HELOCs.  Find a portfolio lender bank.  They carry their paper and are more likely to find a program for you.  The situation is even worse if you are in CA.  I don't have any referrals for CA, the people I work with don't want to do business there.

Dezo, 

Stephen is correct.  It sounds like you have several moving parts here.  Better to consult an attorney, spend a few dollars and sort this out.

Regarding getting a loan, it's easier to get one in our own name first.  If you are working with a lender on commercial paper and want the business name on it, there is little difference between the corporate forms.  Corporations issue stock and have a different agreement that conforms to state regulations.  If all of that is done, you should have a little problem with an experienced lender.

Kevin, 

Set up an LLC for each property. As Kevin mentioned you can register as a foreign entity in any state. If you open an LLC in for example Mississippi, the owner of that LLC can be a Texas LLC. There is a cost to creating an LLC but in doing so, you are protecting your assets. Just as you purchase insurance for your properties this is like purchasing a policy to protect your other assets. A small cost in the long run.

You are most welcome.