When I was analyzing my first few deals, I made a mistake a lot of new investors make:I relied on gut feeling and back-of-the-napkin math.I’d hear things like “this deal cash flows $400/month” and think:“Great, let’s do it!”

But, excel is totally fine in the beginning (in addition to your PM software to capture transactions outside of the properties).Our bookkeeping firm uses QuickBooks Online exclusively for all of our REI Clients.

The information contained in this post is not to be relied upon.

Do not rely on it for legal advice.

The information contained in this post is not to be relied upon.

It’s not impossible, but success in this space usually requires building direct relationships with owners and brokers rather than relying on a traditional wholesaler model.

Until now, I have primarily relied on traditional financing methods, but due to my current financial situation, I am eager to explore alternative funding strategies.

It would be hard for me to reasonably rely on something that’s probably no more accurate than my magic 8-ball

I've always found the background check services do not do a thorough job so I always overlay that service with my own gumshoe due diligence  (talking directly to immediate supervisors, ensuring the previous "landlord" owns the property, checking social media, etc.).Never rely exclusively on these services. 

Now one of those owners is listing their home and we have $100k+ of future reservations on the books that would amount to probably around $20,000+ in cancelation penalties.I think Airbnb/VRBO really need to come out with an official and very public policy about how this affects PM's, otherwise it seems like they could be quietly making an entire industry that they rely on (property management) unfeasible, because as managers the properties are under our account, but we don't fully control them.And that's just the fines.