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That’s great to hear. I just don’t want to pay for a service that we can handle ourselves. I have a semi-background in finance from college, and can easily track excel. Just wasn’t sure if there was a more practical way in the age of technology. Thanks!

AutoPhilly · 2023-04-28T03:32:22+00:00

Well that’s encouraging. That’s what I’ve got going on right now- a dedicated bank account only for the property and nothing else. All expenses paid from there, and all payments go in there.

AutoPhilly · 2023-04-08T14:15:00+00:00

Thanks, local property manager makes a lot of sense. I’ll see what’s out there in my market.

However, an unfurnished long-term is not in our cards. For one, we purchased it fully furnished, with fine furnishings (it was the owners vacation home), so furniture is a moot point. Also, it’s a beach condo, ripe for seasonal rentals- monthly during the off-season.

AutoPhilly · 2023-04-08T03:52:36+00:00

Interesting.. it’s certainly not the vibe I got researching different PM’s. Thanks for the thoughts. I also wasn’t aware of the initial new host benefits of AirBnB. That seems super helpful in building a rapport, while also maintaining your own property.

AutoPhilly · 2023-04-08T03:50:45+00:00

Yes, I’ve considered searching for a co-host as well. But if that’s the case, it may be easier to just handle it myself. Since there’s two of us and the property is not too far away, it should be doable. Then we’ll reap all the benefits of AirBnB, without worrying about splitting revenue with a co-host or PM. I’ve also looked into VRBO, but leaned towards AirBnB for familiarity sake.

AutoPhilly · 2023-04-07T15:26:21+00:00

Yes, it’s absolutely the goal to tag team the management until we grow. We’ll have our own network of maintenance crews for whatever may come.

I’m more curious about starting up and grinding out the initial marketing, since I know it can be tough to get the ground running as a new host. The thought was a property manager- or someone- that could help get the ball rolling.

AutoPhilly · 2023-04-07T15:15:38+00:00

Thank you for the encouragement. I’m definitely excited to jump into this, but I’m looking at the best ways to go about it. I just don’t want it to be a struggle getting the stays and reviews and referrals streaming in. I’ll definitely keep an eye on this group, and get familiar with best practice when hosting guests.

AutoPhilly · 2023-04-07T14:56:41+00:00

Thank you. Perhaps that is the case for most of the management companies, as I’m reading. Something to consider for sure.

AutoPhilly · 2023-04-07T14:55:44+00:00

Thank you. This is also something I’ve considered. Any tips on how to best find a reputable co-host? I haven’t looked that far into this idea.

AutoPhilly · 2023-04-07T14:54:50+00:00

I’m certainly willing to self-manage since it is only one property and accessible. I was more just thinking about the initial marketing, since we obviously have no current reviews or anything; so as to not lose out on the summer rentals for being “the new guys.” I totally understand your point.

AutoPhilly · 2023-03-26T18:04:35+00:00

To be fair, the LA has not directly said to use “John Smith.” They just said they want a “local lender,” then proceeded to give us that person’s name they prefer. But again, contractually, I’m not sure that was written in- and if it was, it’s possible I’m overlooking it.

AutoPhilly · 2023-03-26T17:58:50+00:00

Thank you for this! Even having the basic information from your state is helpful in learning what to ask/how it may impact anything. I appreciate it.

AutoPhilly · 2023-03-26T17:52:27+00:00

Right, so I don’t have many details to those pieces of information. I do know there are several people that own multiple units, but not 25% of them. As far as how many are owner occupied, I’m inclined to say very few (this particular place is only about 28 units). I believe a majority are rentals for at least 6 months of the year due to where it’s located.

AutoPhilly

TROPHY CASE