Craig. You need to put a manual timer on your modem. Then you modem will reboot everyday. You also need to put manual timers on your security cameras. It saves a long drive to to unplug and replug your modem because it stops working. You also need a programmable keypad door lock on your entry door so that it can be programmed for each guests, house keepers and anyone who needs to get in.
@FlyingWheels Agreed on all of above, especially the doorlock; expensive lock, but you give each tenant a one time passcode that you remotely delete at the end of their stay; another passcode for cleaners, etc... system log shows when each user uses their passcode. Service guy needs emergency access, just unlock the door remotely for them.
Craig, Having watched this video, I really think it’s time for you to take stock and rethink. I’ve been a subscriber for a long time and there’s no doubt that you’ve been very successful and have achieved everything that you have through your own hard work. However, I often hear you talk about your properties being your retirement fund. I understand that we all want to be comfortable in retirement but who knows what’s around the corner? What’s important is enjoying the journey, as you never know when the ride is over. Too often I see you overstretching yourself, and being surrounded by things that may ultimately make you money but bring you stress and unhappiness along the way. What if, God forbid, you never make it to retirement. Accidents and illness can strike any of us at any time. All that stress, and time lost with your family cannot be bought back with any amount of money. Ask yourself … how much money is enough? If you liquidated everything now, how much would you have? My guess is that it’s enough money to live really comfortably into old age. I’m not saying you’d want to do that, but saying that you’ll be forever stressed out by a paint stain on the side of your vacation lake house is an indicator to me that you’ve lost touch with what’s important in life. I know that you have huge respect for German. He has followed happiness over money and I’m sure you’ll agree he’s the richer man for it. I love your videos and have a lot of respect for what you’ve achieved but my advice is slow down and enjoy today.
We got into triple net commercial properties 19 years ago. Convenience stores rented to 7/11 for 40 years. Absolutely zero landlord responsibilities and the rent is always paid on time. No maintenance, no insurance expense, no property taxes to pay. Stay away from residential rentals, you’re just buying a job. Love your videos.
Did you build any brick and mortar stores to rent out to nationwide brands like 7/11, or did u just find these commercial properties and rented them to 7/11 and they renovated it how they like. Im interested, thanks.
@@kyushka. we built these locations in the 80s/90s and operated them for 20 years. 7/11 approached us to purchase the locations but we didn’t want to sell all that we had worked for. We worked out a lease agreement with them instead in 2004. There are many similar locations currently for sale on Loopnet throughout the country. Unfortunately with the current over priced market and high interest rates it seems cash buyers are the only ones out there purchasing. If you have cash then these deals make sense currently.
@@tuck6464 no, we were independent operators and our locations were branded Texaco, Conoco and Fina. We bought the land and built the stores ourselves. Once 7-11 took over they remodeled and rebranded as Stripes Convenience Stores which is their brand in Texas.
1. My lake cabin is mine only. It’s worth the expense. No vacation rentals for me. (And we do get a LOT of rental requests). 2. I’m a home builder. Just pull those few pieces of vinyl siding off and replace them. It’s new enough the color will match damn close and it’s easy to do.
Yea, I was gonna say the same thing about just replacing the siding, looked like ya’d only need about 7 pieces. The covered back porch with the picnic table is a nice addition, good looking house! 👍
Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
There is no greater freedom than handing back the key to a airbnb apartment knowing someone else has to maintain it. If you enjoy renovating and decorating then perhaps home ownership is for you. For me, property is another way we get tied down
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Craig, I'd move that grill away from the house. If they grill where it is currently located, your siding will melt/warp. My cousin did that to our new siding.
Vinyl Siding Tips: replace the siding with couple new sheets by rearranging them. Also you can try torching the siding and at a"Temprature- sweet spot" it should restore the finish
Hire a property manager and a housekeeping company to handle clean-up if your numbers support it. I also learned the hard way to use LVP flooring for rentals.
I like booking stays on Airbnb and wow I never thought about all of the behind the scene work the actual owners have to do! thanks for the very informative video!
My first AirBNB was 2017 in Texas for Michigan vs. Florida. It was literally like walking into some families private house aside from kitchen and fridge. We were 4 grown up dudes surrounded by guitars, trophies, kids toys, art etc. It was amazing ... things have changed since then. Generally "respect" has deteriorated.
There was a house near me where ONE GUY rented it for a party where he invited 2,200 friends...AND COMPLETE STRANGERS over and they DESTROYED the place. Bullet holes, graffiti...TRASHED. Make certain your insurance is adequate.
My family owns /manages a Lake House Airbnb. Few general comments/tips: 1) find a local cleaning crew to handle all the cleaning [then pass on the cost as a cleaning fee to the guests]. It's well worth it, a good cleaning company will totally make/change the management experience, along with hopefully bringing in good reviews regarding cleanliness. Usually the cleaners help with minor home maintenance as well, or at least tell you what needs attention, without you having to be there 2) over time, you will find a process that works, and thus finding an good balance between renting it out, and being able to enjoy it for yourself. It's well worth it in the long run.
@@ASoberBear Cause everyone wants Joe Bidens left nut as their friend. I assume you are located in Xi Jinping's pocket. Not sure how you are getting on the internet from that pocket and through China's locked down internet.
I was thinking the same - it's an additional cost and I did notice that Craig did say during the video the cleaning crew did not notice the stain. Is that part of AirB&B cleaning or did Craig already have a cleaning crew.
This video is giving me flashbacks....lessons learned early on with rental properties...Vinyl plank or tile flooring only and always order an extra box of siding.
What I’m thinking happened with the paint on the vynl is a painter fell for a scam. As a painting contractor myself we get a lot of texts by fake phone numbers saying they want their house painted but they are out of town. The scam is getting the contractor to give a quote and they’ll send over a hot check with more then the estimated amount that will bounce within 3-4 days. They then tell the contractor it was an accident or that they need to pay someone else (lawn guy, roofer, etc) and have the contractor send the overage amount to someone. By the time the check fully clears they contractors bank tells them the check bounced and they are out on a loss. The scammers usually pick Airbnb properties/rentals/houses for sale. I’m not sure how they fell for the scam or if they engaged with the scammer on the phone, but they probably told them to provide a sample to try legitimize the transaction. A home owner not being there and it being a Airbnb property should have been a red flag for any contractor. Sorry to hear about your situation, Keep up with these vids!
You're not alone. Apparently everybody and their mother has got into airbnb during the last few years and now that demand is softening and profits are down, these properties are no longer paying for themselves.
Seems like the kind of area where the neighbors would dislike you for building new/having airbnb. My thought it they got a free quote from a painting contractor and acted like they owned the home
The best way to do it with these rentals is to find a good management company. They take care of everything and make the whole rental process much easier
I've been doing this sort of thing since I was basically a kid. The biggest thing to know is that the "headaxhe" doesn't double with the houses. Once you have one you have a headache, but if you get another one, as long as it's in close relative proximity it isn't twice the headache, maybe just like an extra 20%. The distance is key though. Keep rentals close together so if you have people doing maintenance you can minimize the number of individuals doing your work.
You can have a carpet guy cut out the stain in your carpet and replace it with a piece of carpet from a closet. You can also swap the siding that was painted with the piece closest to the ground.
@@formosan2823 As far as I know, vinyl siding is color homogenous, the surface though has a different texture. He might bring back the color with a careful application of a commercial product. Nothing is fool-proof or perfect.
He has forgot to mention with buying the property disposing of the old building building a new one he's roughly $400,000 in debt if not more... So does make sense to Airbnb it
Hi Craig. It's Liam from Ireland again lol 😊 Great Video. It goes too show you how things work there and in Ireland. It Seems too be alot of stress for you and your lovely Wife. I ❤ the way your so Honest and always tell it like it is. So well done and Chat soon 😅
We are planning on a rental house in Florida when we retire, with a garage apartment. We will live in the apartment so we will be "on site" landlords. Good luck with it Craig!
Thank you so much. Not only have you saved me the headache of starting an operating a used car sales business you have also saved me the hassle of purchasing a vacation rental property. We live in Atlanta and my wife is looking for a jeep. As soon as you get a Wrangler four-door with a manual transmission - WE'RE BOOKING PLANE TICKETS !!!
I have one rental property. It is not passive income. Rather, it is hard work. Just paid $600 for a new clothes washer and $1000 for a plumbing repair. I use to have two rentals, but I sold one. It was too much work. I do this on top of a full time job and my wife also works full time.
Several years ago I bought a small house as a rental property investment, thinking as you did that it would be a way for it to pay for itself. My parents owned a few rental properties and always did well with them. It is a lot of work. I was fortunate enough to get a renter (2nd one) after I had owned it for about 9 months who purchased the home from me, leaving me with a fairly nice profit. Lesson learned.
Hey Craig, I have a lake house property in Sidney Maine. It’s not as big as your place but it sleeps 10. I have it on Airbnb for $379 a night plus I charge a $200 cleaning fee. With washing the blankets & sheets for 8 beds plus cleaning is definitely time consuming. I know in your video you said you charge $200 a night. I think you could charge a little more. It looked like a good sized home.I am super lucky though that I met an amazing couple that I trust that does everything for me since I live in CT. Well wish you the best.
Be nice to the dog he was sitting on the floor and you yelled at him and he ran away. There's more to life than money you can lose sight of the important things.
I have been doing an Air b n b since 1999. Its a beach condo and it can be a giant pain... when things go wrong .. such as the A/C not working and the repair people don't have the part for a few days....when an appliance stop working, trying to deal with cleaners who leave the property and leave the lights on or miss cleaning areas etc. Thank godness I only do it for the summer and some weekends in the fall. The biggest problem is I work full time and live 4 hrs away from the property. I am constantly spending money to repair and upgrade the place .. so after expenses I never made any money on it .. but do use it at times.
Love your videos and good to see this one. We, my wife and I retired early (bought property in Florida and do Airbnb's) We have been doing them for going on 7 years now and the market is a lot softer now than it was a couple of years ago. Everybody and their brother thinks they can do it and yes, they are a PITA with people who use and abuse your property. You are 100% right that the property is not yours, but a business. Ours, we don't ever use, because we live within 20 minutes from them. ( thank god for that, because the boots on the ground - mgr of property, cleaners, repairman all make the hassles of owning an airbnb a business and is by far the most important part of being successful) My wife does all of the internet, booking reviews, automation etc, I fix what I can, and my kids clean 2 of our 3 units and actually fight over who gets to clean, because its good money. BTW. I flip cars on the side, buying private party, driving, fixing them up, mostly cleaning and my son is a mechanic who does some work for me. I hope cars become profitable to buy again, and would love to continue, but at this point, not much success with cars right now.
I feel you brother. I've been enjoying your channel. As an Airbnb host who has rented almost 20,000 nights across four doors for six years, the allure has faded. No longer can you have beige walls and a cheap price. If you don't have an arcade in the back yard with 50 of the latest Stern pinball games, a salt water pool and a mini-golf and gokart track then you will get 0 rentals. I shut down three of my four. We will see how the last one performs over the next 6 months.
Dealing with residential properties is a bunch of BS headaches. I would probably turn around and sell the property at peak time take the money and run. Once you are committed to such a big responsibility like what you have the 2-3 weeks a year that you use for will never make up for all the headaches that it will bring you. I'm talking from my personal experience with residential properties that I had years ago. Every one is different though. Good luck my friend I hope it all turns out well for you
Hopefully you'll get some repeat renters, and ones that take better care of your home. Our family (23 of us now with all adults and kids) has stayed at the same VRBO for the last 8 years, the same week. We've gained the trust of the owner, and if stuff breaks, we fix it, we call him and communicate. We expect if we use all the TP or paper towels that we should buy more and not complain about it. For your Internet, put the router on a timer so it reboots weekly, or every few days so you're getting that power-cycle in to make sure it stays online. (I have to do that with my WINK hardware still). You've got a beautiful place, people need to show a little more respect!
Thx for sharing - yes, income property can drive anyone into the poor house and strain anyones mental health. I do have a comment and these are just suggestions for you to consider if you are keeping the property. Your area probably does not have fiber internet yet, but if it does consider it as the better alternative if available. Cable modems are notorious with monthly updates that require a hard reset of power to load the update. Fiber is more reliable, faster, and stable than cable. Easy to say but if you are in an area that has fiber check it out. Fiber will save you the reset modem issues. Also, those security cameras may need to be reviewed - this is easy to say but consider this as an better suggestion. ( yes, more money I know but way less problems) A POE (power over ethernet) camera system going to an NVR - you can run RJ45 data cables and run a secure data closet space inside your rental property. This would prevent anyone from tampering with the USB type you currently use. Data cables can be run that power the cameras and hidden in walls. Just a suggestion regardiing the data piece - By the way, love the lake home. I think this is worth the fight to keep but that is just me and thanks again for your candor and sharing. Beautiful lake house -
Have you considered installing a thermostat you can control from the internet? When the house is unoccupied, you could turn the heat down to just high enough to keep the pipes from freezing. When guests lock themselves out of the house, you could unlock the door for them remotely if you install a digital lock connected to WiFi. Is there room in one of your locked closets for a second refrigerator where you could keep your own drinks and food when you're not there?
For your vinyl siding mismatch, I would buy a few larger planters and put an arborvutae in each one to cover it up. They stay green year round and grow tall and keep a pyramid ahape. They'll cover it up.
What about building a boat garage next spring with a little office/studio? Something you can lock permanently away from guests and also fit an exotic car in. Maybe a few generators on a small slab for those cold winter outages. Would likely offset any investment you make with tremendous added value.
As smart as this guy is in all matters cars, I find it hard to believe he didn’t do his research before diving into this kind of investment. If it’s for clicks I dig it and support it cuz it’s not click bait. I’d recommend robot vacuums to rid yourself of one headache off the bat.
Smart in all matters cars? Lol. This property is on the same level as his car repairs and sales, he's had the grace of a hot car market since covid, made his job look easy. He's an average car salesman and a below average contractor/property manager. Lots of leveraged rental properties across the country like this are in a lot of trouble, prices coming down is going to put a lot of people underwater + less renters.
Wiring for POE cameras should have been installed during construction hard wired back to locked telecom closet and an AP (access point) in central area of house. Sprinkler controller as well with remote internet connection should have been placed in same area. Use internet connected August door locks on 2 doors to ensure automatic door codes and remote unlock. Smart tvs with apps etc. it’s about planning to reduce issues. This is doable but there is a learning curve. Feel free to reach out.
Hey from Regina, Saskatchewan! (yes, its the city that rhymes with fun from Deadpool, its does exist lol) A couple of suggestions: 1. You might be able to shoot a satin clear coat on the siding to reduce the fading section that was painted yellow (what a piss off that must have been) 2. Have you considered replacing the carpet with LVP and area rugs? Loving your vids on your business! Keep up the good work! Cheers! 👍😎
My sister mentioned us buying a house and Airbnbing it out. I said “hellll nahh” lol just seems like the troubles outweigh the reward to me. Thanks for the confirmation.
You need a full service vacation rental manager who is local. They will take care of everything and take 15-20 percent of gross revenue. Your house will be rented every day for maximum revenue. The will build and bring return customers. Your headaches will disappear and you’ll probably still pocket the same amount even paying them. I run Lovely Properties a vacation rental company in Maine and if you want advice I’d gladly audit your property and listing for free if you like. I recommend adding a hot tub if you want to stay rented in Winter.
Get rid of the carpet and put down nice vinyl flooring. You can put a coded box in a special spot around the exterior in back with a key to the house and change the code after each guest.
if you can get a small piece of siding you can take it to sherwin williams and they can scan the color and match it then mix paint with a sheen to match.
If that paint square is too annoying. If you have a small piece left over from install. Take to a Sherwinn Williams for a quart/color match of a good exterior paint. Just do a very light blend/coat and might look better and less annoying to the approach each time. Have painted vinyl and years later it still looks pretty good to my surprise.
Craig, I realize it's too late now, but always canvass your neighbors to see if they have ring doorbells or security cameras when you have a dead spot in your security footage.
My wife and I have two homes to take care of summer at the beach up north and winter in Florida Hard enough to manage that for the two of us and our grown children and young grands who may visit. I can’t imagine doing what you are doing. God bless. Hope it all works out for you
Suggestion for your modem. Purchase an old school timer. Set it to 24 or 48 hours and then plug your modem into it. Every 24 or 48 hours your modem will turn off for a set period of time and turn back on after the timer is complete. Set it to turn off for 2 minutes every other day. Then after two minutes the power comes back on and the modem reboots.
I bought a beach house in Gold Beach Oregon. I also bought two commercial properties in the center of town. I was incorporated, although I purchased the house as a private individual. I leased the house to the Corp. The corp. remodeled the house and property to suit the needs of the Corp. which is a write off. It worked for us while I developed the Commercial properties and secured long term triple net leases on the Commercial properties in town. That is the only way it could work for us. When I finished the properties and the house, the Corp. vacated the home lease and used the expenses as a loss write off.
I have an Airbnb in Vermont and I completely agree with you . I no longer enjoy the property every time I’m there it’s a project to work on and then cleaning for the next guest and become wired trying to make sure everything is perfect. Also , I can control my heat from my cell phone which helps!
Craig. Get 4 news pices of siding. Them can pop off and go on pretty easy. Once you get the top piece off(with a tool they sell or just use your fingers at seam). Easy fix. Prob $80 for the material.
Honestly this sounds like a nightmare. I legit can’t stand people 😂 Hope you and the fam have an amazing time this summer in it to make all the headaches worth it.
One thing I was was a bricklayer for 32 years and I built houses I could tell you got the newest Wall Systems on the exterior which is good I used to have five houses in Florida I lived in Illinois I used Century 21 to rent them out two where weekly rentals they took 10% they dealt with all the headaches best thing I ever did
Coming from the siding business, you should have warranty on the siding. At the very least you can get a few of the siding pieces from the same place you purchased it from (should be dirt cheap) and reinstall it. It would take an installer 10-15 mins tops.
@@BornIn1500 Yeah you are correct. My poorly worded point is that those pieces of siding are going to be dirt cheap if not free. They always have a lot of pieces left over after doing a job. He can go to any siding place and ask for the 3-5 long pieces and they'll sell it to him or sometimes even give it away if they have a few left over. Frankly I'm a bit surprised they didn't leave a few for him, just like a roofer leaves a few shingles after.
Great video Craig. I would replace that siding. That's the best thing about vinyl siding, it comes off and on with ease. A small replacement like that is easy because your siding is still new and not faded at all. It's generally more problematic to match old colours and faded siding on older homes. Any siding guy around the area should be able to sell you a small section of siding from a previous job.
@@formosan2823 I’ll bet Craig could grab a 6 foot remnant of siding from ANY siding company in town for $50. Siding companies all have left over material from previous jobs. He could change the siding in 20 minutes with little to no experience.
@@subaruamazon Yeah, It would be an exact match. The vinyl factories use exact formulas to keep consistent colours so that builders can do large jobs using multiply boxes of siding. The house is less than a year old so the siding will not be faded and that particular color is more than likely still in production.
As a side gig my business partner and I had 11 long term rentals ( covid turned great renters into bad) We converted the rentals we could to Airbnb and sold the others. Plan to buy more now but I think for now we will stay away form ones we would want for our selves. Thanks for sharing
Been there, done that. Never again. Soooooo many more less stressful ways to make your money work for you. You know how you always beat on a rental car during a business trip? Multiple that x10 when it comes to a BNB house. Good luck my friend, remember your blessings in life! (BTW, is that a red Ferrari I spied in your front driveway? Sweet!!)
Hey Craig sorry to here about your Airbnb issues. For When people keep locking themselves out. Put in your house rules that if you lock yourself out there will be a 200$ fee to get them in to the unit again. Just the mention of the 200$ fee will prompt people to be more aware. Hide a key somewhere on the property When they call send an Airbnb request for the 200$. Have them pay immediately. Tell them where the key is over messages. This will solve your lock out problem and save your mother a trip. Good luck
You can paint vinyl. They do make special paint for vinyl. I have painted my entire house since it had faded over the years. I live in Montana similar climate as NH.
I love your videos. And if I ever need a used car, I would definitely go to your dealership. But it's hard to sympathize with you on this one. (1) the paint job would have happened anyway. Renting your home as an Air BnB had nothing to do with it. (2) The complaining about the various damage left by renters...well, what did you think would happen when you open up your home to strangers? (3) You are making money off of the rental. Eventually, the renters will help pay off your mortgage. Soooo.....what's the problem. Most people cannot afford to buy, or build, a home at Lake Winnipesaukee. You're a very fortunate man. I'm sorry, but this is just a whine-fest.
a whinefest of his own doing. bought a house sight unseen, bought luxury products and expected others to give a crap. he knows how cheap and inconsiderate his car buyers are what makes him think vacation people give a crap either....
Drive around the neighborhood, and find the yellow house. Ask them who painted their home?
Craig. You need to put a manual timer on your modem. Then you modem will reboot everyday. You also need to put manual timers on your security cameras. It saves a long drive to to unplug and replug your modem because it stops working. You also need a programmable keypad door lock on your entry door so that it can be programmed for each guests, house keepers and anyone who needs to get in.
@FlyingWheels Agreed on all of above, especially the doorlock; expensive lock, but you give each tenant a one time passcode that you remotely delete at the end of their stay; another passcode for cleaners, etc... system log shows when each user uses their passcode. Service guy needs emergency access, just unlock the door remotely for them.
Good suggestions
Craig,
Having watched this video, I really think it’s time for you to take stock and rethink.
I’ve been a subscriber for a long time and there’s no doubt that you’ve been very successful and have achieved everything that you have through your own hard work.
However, I often hear you talk about your properties being your retirement fund. I understand that we all want to be comfortable in retirement but who knows what’s around the corner?
What’s important is enjoying the journey, as you never know when the ride is over. Too often I see you overstretching yourself, and being surrounded by things that may ultimately make you money but bring you stress and unhappiness along the way.
What if, God forbid, you never make it to retirement. Accidents and illness can strike any of us at any time. All that stress, and time lost with your family cannot be bought back with any amount of money.
Ask yourself … how much money is enough? If you liquidated everything now, how much would you have? My guess is that it’s enough money to live really comfortably into old age.
I’m not saying you’d want to do that, but saying that you’ll be forever stressed out by a paint stain on the side of your vacation lake house is an indicator to me that you’ve lost touch with what’s important in life.
I know that you have huge respect for German. He has followed happiness over money and I’m sure you’ll agree he’s the richer man for it.
I love your videos and have a lot of respect for what you’ve achieved but my advice is slow down and enjoy today.
We got into triple net commercial properties 19 years ago. Convenience stores rented to 7/11 for 40 years. Absolutely zero landlord responsibilities and the rent is always paid on time. No maintenance, no insurance expense, no property taxes to pay. Stay away from residential rentals, you’re just buying a job. Love your videos.
Did you build any brick and mortar stores to rent out to nationwide brands like 7/11, or did u just find these commercial properties and rented them to 7/11 and they renovated it how they like. Im interested, thanks.
@@kyushka. we built these locations in the 80s/90s and operated them for 20 years. 7/11 approached us to purchase the locations but we didn’t want to sell all that we had worked for. We worked out a lease agreement with them instead in 2004. There are many similar locations currently for sale on Loopnet throughout the country. Unfortunately with the current over priced market and high interest rates it seems cash buyers are the only ones out there purchasing. If you have cash then these deals make sense currently.
So, originally you built and bought 7/11 Franchises ?
@@tuck6464 no, we were independent operators and our locations were branded Texaco, Conoco and Fina. We bought the land and built the stores ourselves. Once 7-11 took over they remodeled and rebranded as Stripes Convenience Stores which is their brand in Texas.
True triple net is the way to go if you can afford the down payment
Anyone notice the Ferrari in the drive way 👀. I think Ferrari flip has concluded my friends!
Vid coming soon😊
He knew exactly what he was doing putting that gem in the video!
YES SINCE YOU SAW IT..THIS GUY IS A LITTLE BEOTCH THATS RICH ALREADY
THEY NEVER SHOWED THE WHOLE HOUSE BUT COMPLAIN 🤣🤣🤣🤣🤣🤣🤣
@@kellycregeen1393 what are you talking about! We love flying wheels.
1. My lake cabin is mine only. It’s worth the expense. No vacation rentals for me. (And we do get a LOT of rental requests). 2. I’m a home builder. Just pull those few pieces of vinyl siding off and replace them. It’s new enough the color will match damn close and it’s easy to do.
Yea, I was gonna say the same thing about just replacing the siding, looked like ya’d only need about 7 pieces. The covered back porch with the picnic table is a nice addition, good looking house! 👍
Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
There is no greater freedom than handing back the key to a airbnb apartment knowing someone else has to maintain it. If you enjoy renovating and decorating then perhaps home ownership is for you. For me, property is another way we get tied down
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@andrew.alonzo Do you mind sharing info on the adviser who assisted you?
@@andrew.alonzo After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my go.
Craig, I'd move that grill away from the house. If they grill where it is currently located, your siding will melt/warp. My cousin did that to our new siding.
Dude, you learned a lot of hard lessons. Thanks for speaking out. The BnB bust is upon us.
Vinyl Siding Tips: replace the siding with couple new sheets by rearranging them. Also you can try torching the siding and at a"Temprature- sweet spot" it should restore the finish
If ya don’t want to replace it - just swap a piece from the other side of the house thats down low. Very to easy do and pretty cheap if you DIY…
Hire a property manager and a housekeeping company to handle clean-up if your numbers support it. I also learned the hard way to use LVP flooring for rentals.
Exactly what a tight ass.. why he did not pay a cleaner and made his wife do it.
I like booking stays on Airbnb and wow I never thought about all of the behind the scene work the actual owners have to do! thanks for the very informative video!
My first AirBNB was 2017 in Texas for Michigan vs. Florida. It was literally like walking into some families private house aside from kitchen and fridge. We were 4 grown up dudes surrounded by guitars, trophies, kids toys, art etc. It was amazing ... things have changed since then. Generally "respect" has deteriorated.
There was a house near me where ONE GUY rented it for a party where he invited 2,200 friends...AND COMPLETE STRANGERS over and they DESTROYED the place. Bullet holes, graffiti...TRASHED. Make certain your insurance is adequate.
Bro pulled a project x
Had that on one of Mine they moved out Daughter had an internet Party !!!! No Damage but girl got Shot and he went to Jail like 1995.
@FlyingWheels you need Unifi network in a locked closet. That way cameras are PoE and you don't have to worry about people unplugging them.
My family owns /manages a Lake House Airbnb.
Few general comments/tips:
1) find a local cleaning crew to handle all the cleaning [then pass on the cost as a cleaning fee to the guests]. It's well worth it, a good cleaning company will totally make/change the management experience, along with hopefully bringing in good reviews regarding cleanliness.
Usually the cleaners help with minor home maintenance as well, or at least tell you what needs attention, without you having to be there
2) over time, you will find a process that works, and thus finding an good balance between renting it out, and being able to enjoy it for yourself. It's well worth it in the long run.
Can I add you on IG or FB?
@@ASoberBear Cause everyone wants Joe Bidens left nut as their friend. I assume you are located in Xi Jinping's pocket. Not sure how you are getting on the internet from that pocket and through China's locked down internet.
Great tips
why not do your own video?
I was thinking the same - it's an additional cost and I did notice that Craig did say during the video the cleaning crew did not notice the stain. Is that part of AirB&B cleaning or did Craig already have a cleaning crew.
I like the sneak peak of the Ferrari in the driveway haha
Niiiice catch!! After reading your comment I rewound the video to see the sneak peak of it. Looks goooood!!
This video is giving me flashbacks....lessons learned early on with rental properties...Vinyl plank or tile flooring only and always order an extra box of siding.
What I’m thinking happened with the paint on the vynl is a painter fell for a scam. As a painting contractor myself we get a lot of texts by fake phone numbers saying they want their house painted but they are out of town. The scam is getting the contractor to give a quote and they’ll send over a hot check with more then the estimated amount that will bounce within 3-4 days. They then tell the contractor it was an accident or that they need to pay someone else (lawn guy, roofer, etc) and have the contractor send the overage amount to someone. By the time the check fully clears they contractors bank tells them the check bounced and they are out on a loss. The scammers usually pick Airbnb properties/rentals/houses for sale. I’m not sure how they fell for the scam or if they engaged with the scammer on the phone, but they probably told them to provide a sample to try legitimize the transaction. A home owner not being there and it being a Airbnb property should have been a red flag for any contractor. Sorry to hear about your situation, Keep up with these vids!
You're not alone. Apparently everybody and their mother has got into airbnb during the last few years and now that demand is softening and profits are down, these properties are no longer paying for themselves.
$1000 in gross and you net $520 from Airbnb🤪
Airbnb is an unlicensed hotel that's also violating zoning laws. Plus your neighbors probably hate you now too.
I can't wait until the local governments crack down on these places. I bought a house in zoned residential. Not next to a motel.
Seems like the kind of area where the neighbors would dislike you for building new/having airbnb. My thought it they got a free quote from a painting contractor and acted like they owned the home
I tried renting a home about 20 years ago. What a holy nightmare. I will never, ever do that again.
Proving once again, you can’t fight stupid. Being a short term rental is more complicated than anyone admits.
What's stupid?
@@andydhillon1977 carpet, paint samples, internet router and leaving lites on. More like brain 🧠 dead.
You are Brave. I’d be scared of getting Bedbugs from people 😖
Thank you for proving its not as easy as people make it seem to turn a profit in this business
You are legit, real and no one can teach this better than you have. FANTASTIC JOB, sir!
The best way to do it with these rentals is to find a good management company. They take care of everything and make the whole rental process much easier
I've been doing this sort of thing since I was basically a kid. The biggest thing to know is that the "headaxhe" doesn't double with the houses. Once you have one you have a headache, but if you get another one, as long as it's in close relative proximity it isn't twice the headache, maybe just like an extra 20%. The distance is key though. Keep rentals close together so if you have people doing maintenance you can minimize the number of individuals doing your work.
You can have a carpet guy cut out the stain in your carpet and replace it with a piece of carpet from a closet. You can also swap the siding that was painted with the piece closest to the ground.
Thank you Craig for this in-depth honest message about your Airbnb business. Such a big help!
One of the most informative and useful reviews I have ever seen. Fantastic, thank you for this report.
I appreciate this type of content. Not your usual video but very real way to connect to us.
USE 303 on the siding! It will clear up fine. I would probably use a light vinyl polish to get it back to a nice finish prior to the 303.
Prior ??? "... use a light vinyl polish to get it back to a nice finish prior to the 303."
@@formosan2823 As far as I know, vinyl siding is color homogenous, the surface though has a different texture. He might bring back the color with a careful application of a commercial product. Nothing is fool-proof or perfect.
An obvious point that stands out to me is that you should live close to your rental or have a trusted manager that lives close by.
Craig it's not worth it do you really need the money it should be for you and your family that's it good luck
He has forgot to mention with buying the property disposing of the old building building a new one he's roughly $400,000 in debt if not more... So does make sense to Airbnb it
He made a smart decision.
Hi Craig. It's Liam from Ireland again lol 😊
Great Video. It goes too show you how things work there and in Ireland. It Seems too be alot of stress for you and your lovely Wife. I ❤ the way your so Honest and always tell it like it is. So well done and Chat soon 😅
We are planning on a rental house in Florida when we retire, with a garage apartment. We will live in the apartment so we will be "on site" landlords. Good luck with it Craig!
Craig this is the equivelent of you renting out your cars through Turo.
Thanks for the informative video. Been there, done that. Being a landlord of any sort is tough, and not for everyone.
Keypad lock with changeable codes and remote unlock
Be nice to the dog. He is so sweet.
Thank you so much. Not only have you saved me the headache of starting an operating a used car sales business you have also saved me the hassle of purchasing a vacation rental property. We live in Atlanta and my wife is looking for a jeep. As soon as you get a Wrangler four-door with a manual transmission - WE'RE BOOKING PLANE TICKETS !!!
I have one rental property. It is not passive income. Rather, it is hard work. Just paid $600 for a new clothes washer and $1000 for a plumbing repair. I use to have two rentals, but I sold one. It was too much work. I do this on top of a full time job and my wife also works full time.
Stuff is getting REALLY expensive to be able to maintain a profit.
Or because of the driveway, you could get a fancy trellis for something to climb on vertically to hide the spot
Look into long term extend-a-stay rentals for traveling nurses. The employers pay for it.
Good Idea DOWN 100K nurses since virus.I NEEDED many 😝😝😝
@@jimshoe402 it's a new batch graduating every year and they get paid more when they take traveling contracts
@@verderriscursey 3x's I know..🤑🤑
Several years ago I bought a small house as a rental property investment, thinking as you did that it would be a way for it to pay for itself. My parents owned a few rental properties and always did well with them. It is a lot of work. I was fortunate enough to get a renter (2nd one) after I had owned it for about 9 months who purchased the home from me, leaving me with a fairly nice profit. Lesson learned.
Hey Craig, I have a lake house property in Sidney Maine. It’s not as big as your place but it sleeps 10. I have it on Airbnb for $379 a night plus I charge a $200 cleaning fee. With washing the blankets & sheets for 8 beds plus cleaning is definitely time consuming. I know in your video you said you charge $200 a night. I think you could charge a little more. It looked like a good sized home.I am super lucky though that I met an amazing couple that I trust that does everything for me since I live in CT. Well wish you the best.
Watching this video has therapeutic value. My personal problems are so much smaller now.
Be nice to the dog he was sitting on the floor and you yelled at him and he ran away. There's more to life than money you can lose sight of the important things.
I have been doing an Air b n b since 1999. Its a beach condo and it can be a giant pain... when things go wrong .. such as the A/C not working and the repair people don't have the part for a few days....when an appliance stop working, trying to deal with cleaners who leave the property and leave the lights on or miss cleaning areas etc. Thank godness I only do it for the summer and some weekends in the fall. The biggest problem is I work full time and live 4 hrs away from the property. I am constantly spending money to repair and upgrade the place .. so after expenses I never made any money on it .. but do use it at times.
Love your videos and good to see this one. We, my wife and I retired early (bought property in Florida and do Airbnb's) We have been doing them for going on 7 years now and the market is a lot softer now than it was a couple of years ago. Everybody and their brother thinks they can do it and yes, they are a PITA with people who use and abuse your property. You are 100% right that the property is not yours, but a business. Ours, we don't ever use, because we live within 20 minutes from them. ( thank god for that, because the boots on the ground - mgr of property, cleaners, repairman all make the hassles of owning an airbnb a business and is by far the most important part of being successful) My wife does all of the internet, booking reviews, automation etc, I fix what I can, and my kids clean 2 of our 3 units and actually fight over who gets to clean, because its good money. BTW. I flip cars on the side, buying private party, driving, fixing them up, mostly cleaning and my son is a mechanic who does some work for me. I hope cars become profitable to buy again, and would love to continue, but at this point, not much success with cars right now.
I feel you brother. I've been enjoying your channel. As an Airbnb host who has rented almost 20,000 nights across four doors for six years, the allure has faded. No longer can you have beige walls and a cheap price. If you don't have an arcade in the back yard with 50 of the latest Stern pinball games, a salt water pool and a mini-golf and gokart track then you will get 0 rentals. I shut down three of my four. We will see how the last one performs over the next 6 months.
Suggestion.....Move the grill away from the siding unless you want melted siding to go along with your white patch on the siding......
Dealing with residential properties is a bunch of BS headaches. I would probably turn around and sell the property at peak time take the money and run. Once you are committed to such a big responsibility like what you have the 2-3 weeks a year that you use for will never make up for all the headaches that it will bring you. I'm talking from my personal experience with residential properties that I had years ago. Every one is different though. Good luck my friend I hope it all turns out well for you
except he bought at the peak time LOL
I went to lake Winnipesaukee back when I was just 14 yrs old.. Loved the lake had a great time, and had a very nice cabin.
Hopefully you'll get some repeat renters, and ones that take better care of your home. Our family (23 of us now with all adults and kids) has stayed at the same VRBO for the last 8 years, the same week. We've gained the trust of the owner, and if stuff breaks, we fix it, we call him and communicate. We expect if we use all the TP or paper towels that we should buy more and not complain about it. For your Internet, put the router on a timer so it reboots weekly, or every few days so you're getting that power-cycle in to make sure it stays online. (I have to do that with my WINK hardware still). You've got a beautiful place, people need to show a little more respect!
Thx for sharing - yes, income property can drive anyone into the poor house and strain anyones mental health. I do have a comment and these are just suggestions for you to consider if you are keeping the property. Your area probably does not have fiber internet yet, but if it does consider it as the better alternative if available. Cable modems are notorious with monthly updates that require a hard reset of power to load the update. Fiber is more reliable, faster, and stable than cable. Easy to say but if you are in an area that has fiber check it out. Fiber will save you the reset modem issues. Also, those security cameras may need to be reviewed - this is easy to say but consider this as an better suggestion. ( yes, more money I know but way less problems) A POE (power over ethernet) camera system going to an NVR - you can run RJ45 data cables and run a secure data closet space inside your rental property. This would prevent anyone from tampering with the USB type you currently use. Data cables can be run that power the cameras and hidden in walls. Just a suggestion regardiing the data piece - By the way, love the lake home. I think this is worth the fight to keep but that is just me and thanks again for your candor and sharing. Beautiful lake house -
Have you considered installing a thermostat you can control from the internet? When the house is unoccupied, you could turn the heat down to just high enough to keep the pipes from freezing. When guests lock themselves out of the house, you could unlock the door for them remotely if you install a digital lock connected to WiFi. Is there room in one of your locked closets for a second refrigerator where you could keep your own drinks and food when you're not there?
I really appreciated the full disclosure of all the pros & cons.
For your vinyl siding mismatch, I would buy a few larger planters and put an arborvutae in each one to cover it up. They stay green year round and grow tall and keep a pyramid ahape. They'll cover it up.
Use a semi matte clear coat and blend into the surrounding area. Works like a charm.
What about building a boat garage next spring with a little office/studio? Something you can lock permanently away from guests and also fit an exotic car in. Maybe a few generators on a small slab for those cold winter outages. Would likely offset any investment you make with tremendous added value.
As smart as this guy is in all matters cars, I find it hard to believe he didn’t do his research before diving into this kind of investment. If it’s for clicks I dig it and support it cuz it’s not click bait. I’d recommend robot vacuums to rid yourself of one headache off the bat.
Shoot from the hips😆
Smart in all matters cars? Lol. This property is on the same level as his car repairs and sales, he's had the grace of a hot car market since covid, made his job look easy. He's an average car salesman and a below average contractor/property manager. Lots of leveraged rental properties across the country like this are in a lot of trouble, prices coming down is going to put a lot of people underwater + less renters.
Well said
he's lazy, ignorant, and cocky - not willing to put in the real work and wants everything to be a huge success when he has no clue what he's doing
Wiring for POE cameras should have been installed during construction hard wired back to locked telecom closet and an AP (access point) in central area of house. Sprinkler controller as well with remote internet connection should have been placed in same area. Use internet connected August door locks on 2 doors to ensure automatic door codes and remote unlock. Smart tvs with apps etc. it’s about planning to reduce issues. This is doable but there is a learning curve. Feel free to reach out.
Hey from Regina, Saskatchewan! (yes, its the city that rhymes with fun from Deadpool, its does exist lol)
A couple of suggestions: 1. You might be able to shoot a satin clear coat on the siding to reduce the fading section that was painted yellow (what a piss off that must have been)
2. Have you considered replacing the carpet with LVP and area rugs?
Loving your vids on your business! Keep up the good work! Cheers! 👍😎
My sister mentioned us buying a house and Airbnbing it out. I said “hellll nahh” lol just seems like the troubles outweigh the reward to me. Thanks for the confirmation.
FERRARI! I see it in the background Greg! Let’s see the final video broski.
You need a full service vacation rental manager who is local. They will take care of everything and take 15-20 percent of gross revenue. Your house will be rented every day for maximum revenue. The will build and bring return customers. Your headaches will disappear and you’ll probably still pocket the same amount even paying them. I run Lovely Properties a vacation rental company in Maine and if you want advice I’d gladly audit your property and listing for free if you like. I recommend adding a hot tub if you want to stay rented in Winter.
Get rid of the carpet and put down nice vinyl flooring. You can put a coded box in a special spot around the exterior in back with a key to the house and change the code after each guest.
if you can get a small piece of siding you can take it to sherwin williams and they can scan the color and match it then mix paint with a sheen to match.
it will never match for vinyl
worth a try. good idea. beats the way it curentl;y looks
@@tomwooley743 it worked for me
They usually leave a few extra pieces when they side the house, it's very easy to replace
If that paint square is too annoying. If you have a small piece left over from install. Take to a Sherwinn Williams for a quart/color match of a good exterior paint. Just do a very light blend/coat and might look better and less annoying to the approach each time. Have painted vinyl and years later it still looks pretty good to my surprise.
Home Depot does this too
Make sure you use acrylic l latex
Maybe have a locked box with a combination lock with a spare key for the lockouts.
Craig, I realize it's too late now, but always canvass your neighbors to see if they have ring doorbells or security cameras when you have a dead spot in your security footage.
My wife and I have two homes to take care of summer at the beach up north and winter in Florida Hard enough to manage that for the two of us and our grown children and young grands who may visit. I can’t imagine doing what you are doing. God bless. Hope it all works out for you
I did a few flop houses over the past few years. I hear you on it being a pain to maintain multiple properties. Not fun.
What a great video, Thank you for the transparency on all of your business dealings.
Suggestion for your modem. Purchase an old school timer. Set it to 24 or 48 hours and then plug your modem into it. Every 24 or 48 hours your modem will turn off for a set period of time and turn back on after the timer is complete. Set it to turn off for 2 minutes every other day. Then after two minutes the power comes back on and the modem reboots.
I bought a beach house in Gold Beach Oregon. I also bought two commercial properties in the center of town. I was incorporated, although I purchased the house as a private individual. I leased the house to the Corp. The corp. remodeled the house and property to suit the needs of the Corp. which is a write off. It worked for us while I developed the Commercial properties and secured long term triple net leases on the Commercial properties in town. That is the only way it could work for us. When I finished the properties and the house, the Corp. vacated the home lease and used the expenses as a loss write off.
I have an Airbnb in Vermont and I completely agree with you . I no longer enjoy the property every time I’m there it’s a project to work on and then cleaning for the next guest and become wired trying to make sure everything is perfect. Also , I can control my heat from my cell phone which helps!
Great video, it shows that you work very hard to make it and get ahead. You do it with a positive attitude. thanks for aking the time to share.
ALWAYS order an extra box of siding when you do a house, part of the cost.
Craig. Get 4 news pices of siding. Them can pop off and go on pretty easy. Once you get the top piece off(with a tool they sell or just use your fingers at seam). Easy fix. Prob $80 for the material.
With a smart socket you could program it to restart modem once every day, week, ..., all functions can be set remotely
Honestly this sounds like a nightmare. I legit can’t stand people 😂
Hope you and the fam have an amazing time this summer in it to make all the headaches worth it.
I’m a little late but what works good on cleaning stains off vinyl siding is WD40. Spray it on and scrub with a brush.
One thing I was was a bricklayer for 32 years and I built houses I could tell you got the newest Wall Systems on the exterior which is good I used to have five houses in Florida I lived in Illinois I used Century 21 to rent them out two where weekly rentals they took 10% they dealt with all the headaches best thing I ever did
There is always something to fix at a second home--Air BnB or not.
Sell more cars to pay for the house, forget the rental business.
Use the house more
Coming from the siding business, you should have warranty on the siding. At the very least you can get a few of the siding pieces from the same place you purchased it from (should be dirt cheap) and reinstall it. It would take an installer 10-15 mins tops.
Doesn't a warranty only cover manufacturer defects? This was done intentionally with paint. This would be covered by insurance, not warranty.
@@BornIn1500 Yeah you are correct. My poorly worded point is that those pieces of siding are going to be dirt cheap if not free. They always have a lot of pieces left over after doing a job. He can go to any siding place and ask for the 3-5 long pieces and they'll sell it to him or sometimes even give it away if they have a few left over. Frankly I'm a bit surprised they didn't leave a few for him, just like a roofer leaves a few shingles after.
In a dog voice "don't beat me"😂😂!
Great video Craig. I would replace that siding. That's the best thing about vinyl siding, it comes off and on with ease. A small replacement like that is easy because your siding is still new and not faded at all. It's generally more problematic to match old colours and faded siding on older homes. Any siding guy around the area should be able to sell you a small section of siding from a previous job.
@@formosan2823 I’ll bet Craig could grab a 6 foot remnant of siding from ANY siding company in town for $50. Siding companies all have left over material from previous jobs. He could change the siding in 20 minutes with little to no experience.
My big question is why did they do it?
@@VanisleNSX but will the color of a different lot of siding match?
@@subaruamazon Yeah, It would be an exact match. The vinyl factories use exact formulas to keep consistent colours so that builders can do large jobs using multiply boxes of siding. The house is less than a year old so the siding will not be faded and that particular color is more than likely still in production.
I would take a piece of vinyl siding to the paint store and match it and then paint that spot. It will look better.
Craig…..explain the Ferrari. Did we get it done? Is it the flip?
Coming soon
Put a spare key in a lock box somewhere somewhat hidden so if someone locks themselves out, you can give them the code to get the extra key
Get over it Craig welcome to the world of short term rentals 😁😁
As a side gig my business partner and I had 11 long term rentals ( covid turned great renters into bad) We converted the rentals we could to Airbnb and sold the others. Plan to buy more now but I think for now we will stay away form ones we would want for our selves. Thanks for sharing
Been there, done that. Never again. Soooooo many more less stressful ways to make your money work for you. You know how you always beat on a rental car during a business trip? Multiple that x10 when it comes to a BNB house. Good luck my friend, remember your blessings in life! (BTW, is that a red Ferrari I spied in your front driveway? Sweet!!)
Hey Craig sorry to here about your Airbnb issues. For When people keep locking themselves out. Put in your house rules that if you lock yourself out there will be a 200$ fee to get them in to the unit again. Just the mention of the 200$ fee will prompt people to be more aware. Hide a key somewhere on the property When they call send an Airbnb request for the 200$. Have them pay immediately. Tell them where the key is over messages. This will solve your lock out problem and save your mother a trip. Good luck
Sell it
You can paint vinyl. They do make special paint for vinyl. I have painted my entire house since it had faded over the years. I live in Montana similar climate as NH.
I love your videos. And if I ever need a used car, I would definitely go to your dealership. But it's hard to sympathize with you on this one. (1) the paint job would have happened anyway. Renting your home as an Air BnB had nothing to do with it. (2) The complaining about the various damage left by renters...well, what did you think would happen when you open up your home to strangers? (3) You are making money off of the rental. Eventually, the renters will help pay off your mortgage. Soooo.....what's the problem. Most people cannot afford to buy, or build, a home at Lake Winnipesaukee. You're a very fortunate man. I'm sorry, but this is just a whine-fest.
a whinefest of his own doing. bought a house sight unseen, bought luxury products and expected others to give a crap. he knows how cheap and inconsiderate his car buyers are what makes him think vacation people give a crap either....