Jay Bowman
6.4K posts
Jay Bowman
@jaybowman
RE Investor of 18yrs+. Owner/operator of 18 short term rentals and counting. Follow to join me on this journey.
Louisville, KY Katılım Eylül 2007
1K Takip Edilen2.9K Takipçiler
Most hosts are terrified of a scratched baseboard. 🛋️ I’m more terrified of leaving 20% revenue on the table. Pet owners are some of the most loyal, high-paying guests in the STR game. Stop overprotecting your rug and start growing your ROI. 🐕 What’s your pet policy?
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A grandfather, father and friend was murdered yesterday going to check on a vacant house where an alarm had gone off in Louisville’s west end.
Just because there are good people there trying to live their lives doesn’t negate the infection of evil that wanders that area’s streets.
It’s seems crazy this has to be said again but if you own or manage a house in an unsafe area you NEVER go to collect rent in person or visit a house alone or unarmed.
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Jay Bowman retweetledi
Derby Week
4 check-ins are done with 11 more occurring today.
In the last 4 days my team has deep cleaned 15 houses, prepped 65 beds, stocked 35 bathrooms and repaired/replaced countless previously unidentified missing/broken items.
We’ve emptied, cleaned, and refilled 9 hot tubs, checked all 11 grills and fire pits while stocking additional propane tanks.
80+ TVs come on when the power button is pressed.
I’ve burned through 3 Round-Up refills.
Towels, soaps, pots and pans are fully stocked.
Matching hangers throughout every closet.
No dust bunnies in hiding.
No light bulb dark.
Every unit is fully prepped to put our best foot forward for the guests who paid a premium to witness a 2-minute race a little over 48 hours from now.
All to hear from their Julip-stained breath: “I’m so glad we grossly overpaid to stay here.”
The Relentless Pursuit Of Perfection
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I’d like to say whatever success I’ve had in life is because I’m brilliant.
Of course that’s not true.
I simply found something I could tolerate doing for a long time and eventually the market lifted up the business.
Occasionally I found a nugget of gold hiding under a rock. I didn’t specifically target those rocks. Most people told me what rocks they found their nuggets under and I thought I’d look there too. I knew that if I turned over enough rocks I’d eventually find one.
In life success seems to come down to becoming good at something, avoid making dumb mistakes and staying in the game long enough to find yourself being at the right place at the right time.
Eric Vishria@ericvishria
As our kids have gotten a little bit older, I've been trying to find ways to talk to them about what it takes to be successful in any discipline - arts, academics, athletics, whatever... Here's where I'm at: You have to work really hard, work smart, and stick with it for a long time to give luck the best chance to find you. I think it captures all the core elements, and interestingly sparked reflections of the talented classmate that didn't apply themselves or the person who grinded but didn't work smart. Also the person who just got really lucky. Welcome feedback!
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Reviews like this are the reason I'm in this business. These guests will never forget their vacation in the Smokies. I feel honored they chose my cabin and burdened to make sure my cabin is a positive part of their memories.
My advice to fellow STR owners is make reviews like this your "Why" & you'll be successful.
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I’ve never written a line of code in my life.
I’ve happily left that up to people who worked much harder than me in school.
I wouldnt even know where to begin without online tools.
Panda and python were foreign words to me.
Simply out of curiosity I wrote a script yestrday to identify owners within 15 mins of the coast in Pinellas County, FL who have had a Lis Pendens (foreclosure) filed against them and fall within the county jurisdiction and not a small city’s.
And by “wrote” I mean I cut and pasted w AIs guidance.
I pushed AI by acting like I was an 85yr old looking at a computer for the first time.
I tried to break it by asking the dumbest questions. No anger or frustration from it. Just education and positive reinforcement and encouragement the entire time.
I was like a child playing grown up in his dad’s hat and coat while sitting behind the wheel of his Ferrari.
Unbelievably powerful.
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Where are all those "Michigan is great" people from 6 months ago?
Can't seem to find them
Tom Wachs, CBM@Tom_Wachs
This is unreal. @RobertRayWx from @foxweather was in Benton Harbor, Michigan on Wednesday night covering this intense lake effect snow band. It looks like a hurricane in the winter. One of the wildest live shots I've seen in a long time.
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This is Steve.
Steve owns and operates 101 SFRs in small town America.
He manages them all from his cell phone and pick up truck.
Steve is clearly the problem when it comes to a lack of affordable housing in America.
It’s most definitely not the NIMBYs and fiefdoms that cities have created within themselves to maintain power over developers who (gasp) want to build nice properties to make a profit.
It’s Steve.
Steve is the problem.
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@Fire5280 Or, if your LTV is too high, sell the minimum you have to and reduce the debt to 50-60% to protect yourself from any potential downturn in values or revenues in the future.
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@jaybowman I hear your point, but i would pay off this mortgage with capital in a non-tax-advantaged Fidelity account. So the growth in that account would be taxed eventually.
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One of our STRs, which has a $652,000 adjustable rate loan balance, is scheduled to reprice in February from $4,693/mo (P+I), up to about $5,617/mo, assuming a new rate of 6.375%.
We have more than enough liquidity in our non-tax-advantaged accounts to pay off some or all of the remaining loan balance.
If we paid it off in full, it would mean a guaranteed annual cash-flow increase of $67,400.
If we instead leave that $652,000 invested in the market, it would need to grow by 10.3% annually to yield $67,400 in growth.
I'm leaning towards paying it off, as it's hard not to jump on an opportunity to increase our monthly cash-flow by such a sizable amount.
What would you do?
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@Fire5280 Yes, but you’d have control over the amount removed to be taxed.
Over time your debt would be reduced on the real estate and you’d achieve the same goal w/o the immediate taxation.
It just takes a bit longer.
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Based on latest data, here are the continental US cities meeting all criteria (elevation ≥6000 ft, pop ≥12k, median income >$65k, within 1hr of commercial airport):
- Cheyenne, WY
- Colorado Springs, CO
- Durango, CO
- Flagstaff, AZ
- Los Alamos, NM
- Rock Springs, WY
- Santa Fe, NM
Let me know if you need details on any!
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Hey @grok
Tell me all of the cities in the continental US that are 6000 ft above sea level, within an hour drive of a commercial passenger airport, have a population of 12,000+ and have a median income that exceeds $65,000/yr.
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@Fire5280 If the securities value fall beneath a certain level (LTV) they’re going to come knocking for cash.
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I'm looking into possibly using a securities-based line of credit against my Fidelity taxable investment account, to pay off the $650,000 mortgage balance on an adjustable rate loan, that is looking likely to adjust up to 6.40% at the end of February.
This route would eliminate a $5,618/mo mortgage payment from the books, and replace it with a $3,255/mo interest-only payment on the line of credit.
This would increase my monthly cash-flow by nearly $2,400, and save me from having to liquidate any of my existing Fidelity holdings, which also saves me from any capital gains tax burden.
I've never used a securities-based line of credit before, so I'd be curious to hear what others think of this plan. What are the pros and cons that I might be overlooking.
Thanks!
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