Separate names with a comma.
Discussion in 'The Mainboard' started by BamaNug, Nov 4, 2019.
10k with a buddy throwing down 10k.
I'd try to get some more then cause that sounds like a really good investment.
Gonna buy at least 1 more in the next month or two. Plan is to keep adding until they don't pay for themselves anymore. I want to own a fuckton of them.
Doing strictly short term ABNB/VRBO type rentals I assume?
Mine is really seasonal. May-April I'm 2-2.5x. June - October I'm at 3-4x. Nov and Dec it tails off a bit, back to 2-2.5x. I also don't rent it from Jan-March so it's zero income. Comes out to about 2-2.5x annually.
My new property will be year-round, and also my first 2-bedroom, so hoping for a lot more dough. Applied for building permits yesterday.
No lie -- I'm going to try and buy a place in Mexico within the next 2-3 years. Mazunte, Oaxaca coast specifically.
I really want to do all mine solo, but probably going to partner up for a US one in the next year or two to expedite things. Less money in my pocket, but another stream of income. And someone else to deal with day-to-day stuff.
…what type of places are you getting for $20k?
Wouldn’t you like to know. Really there are lots of cheap places in dinky towns that happen to be destinations for reasons.
Is that 20% down?
You're buying $100K rental homes? Fucking A man.
There are tent sites at Joshua Tree for more than that.
I can tell who doesn’t live in the plains or B1G states.
You can get cabins on water in Minnesota for ~100k-150k depending on the size and lake. When everything is on water shit is cheap and you can rent it for cheap and keep high occupancy by undercutting everyone.
Are you buying them sight unseen
What do they rent for per night?
Get out of the west coast and they’re everywhere. My first three places were sub $75k and are actually in B and B+ neighborhoods.
I love the Midwest for this reason. Long term I want some places in Montana, Utah, etc. but they don’t cash flow anything like what’s available in the Midwest.
yea but the west coast is fucking amazing.
What about a $1 Italian fixer upper?
$100-120. Per night average is $139 for Jan currently.
The Midwest must be a wild place. Can’t imagine anything for $100k around me. Would be a literal crack house or meth den. Real estate in Florida is insane rn
Found based on 5 minutes searching. Could prob find one substantially cheaper with a little more looking.
I bought two cabins on the river in Oklahoma for $325k and they rent year round
That's 1/2M in WA.
And getting torn down.
We are working on a 3/2 with 8.5 acres right now for an Airbnb. Curious how it goes. We got a hell of a deal on the home
The rental I just bought was 59k. Though to be fair, that's a long term rental on the sketch side of town in a non-destination city, so not comparable.
Bought our airbnb for 392k. We'll gross $70k this year with 36% occupancy. Not sure our final net yet due to some improvements we recently made, but it's cash flow positive outside of those costs for sure.
We plan on buying another but taking it slow and steady. We bought before the real estate run up and prices are bonkers right now.
Where is it
Found a 3/2 1600 sq ft on 2.75 acres in between two bodies of water with a creek running through the property for 200k today. Could use a little updating but
Anybody host with VRBO/HomeAway? I have a 1099k from HomeAway (which is VRBO as I understand it) for a property I was looking at buying. Is the “Gross amount of payment card/third party network transactions”. The total amount of money that was paid out to the owner, or is that the total amount of money paid by renters? Do I need to subtract cleaning fees/taxes/transaction fees from that to see what the NET revenue is?
Wife and I just bought this apartment right outside of Medellin for $50k. Going to put it up on AirBnB soon. Just need to buy a queen bed for one of the rooms to make a main room/suite. The other room we’ll probably keep two bunk beds. Should sleep 6-8 people easily.
I started the host application with VRBO, and it was way more intensive than Airbnb so I never finished it.
I have like 80-90% occupancy with Airbnb, so not sure I'll list on both. Do they offer a service where the calendars are integrated, so you can avoid double bookings thru different platforms?
Oh I don’t know. I don’t have any properties, was just given a 1099k for their 2020 rentals as part of the listing documents and wasn’t sure what I was seeing from it.
Yea, you can link your calendar to each of them. It’s really easy and updates quickly.
Also, I know you’ve done well with Airbnb but you really should list with VRBO. It’s like 2 hours of your time, one extra rental makes it worth it right there.
Total amount paid by renters. "The 1099-K includes the gross value of transactions processed on Vrbo’s website without reduction for:
Other applicable fees
Refund transactions "
What would you all say is the current best smart lock from a short term rental property perspective?
I’ve used Wyze and Schlage smart deadbolts and I haven’t had issues with either as far as issuing guest keys. The Schlage has virtual keys and you can also create a guest code because of the pin pad. That flexibility would probably be more ideal for this application.
I was looking at those but then saw some mentions of new locks that make assigning temporary codes even easier. Maybe some that even tie directly to the airbnb website?
N Cascades got 5-6 ft of snow past 2 weeks, had a full week below 10 degrees. Pipes in the house were good, but the pump to my well had a burst pipe. All in all not too bad for a once-in-20-years snow front.
That's why I cant really rent it Jan - March.
Agreement signed on place #2 today. Have some work to do on it but
Has anyone ever tried a hard money loan on a fixer upper, then ReFi'd with a traditional mortgage?
My buddy just finished his 3rd and is about to quit his job. Very intrigued.
Chumbolone for some reason I feel like I've seen you post about this?
I used HMLs a lot earlier in my career when I was flipping homes/trying to build capital to fund my long term rental portfolio. I personally never refi’d after an HML, but some do.
Today, assuming they’re using an HML to finance a reno, I would be a little cautious/conservative in assessing valuations in case home prices come back in line + ensure supply chain/logistics issues irt to the reno are secure - I had a friend who got hit pretty hard bc turnaround times, materials, labor were pretty much guesses during Covid.
Just bought a house a few months ago for 63K in a suburb of Detroit. Put 10K into it and just got it rented out for 1,150 per month. Midwest pricing is amazing for great cap rates.
Trying to convince the wife to convert our nice condo in Ann Arbor into an Airbnb. We have rented it out the last 4 years as a long term rental and doing ok with it, but I think it could do better in that area as an Airbnb. Need to lay out some hard numbers for the wife to get her on board.
Is there nothing in the HOA against this? My HOA strictly forbids anything but long term rental.
TikTok bros love Kansas City
Also being section 8 slum lords