Another business idea - not garbage collecting.

WillS

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I've been approached by past clients, those moving out of state but wanting to rent out their home. Rent it out as Vacation Rental Property - to see if I would do any vacation home rental management. Everything. Marketing, to booking them up, maintenance of the home, checking guests in, booking the appointments. If this some how works out, we would collect a 25% management fee from monthly bookings. Home owner would get everything else, but would responsible for paying maintenance, utilities, etc. The types of properties I'm talking about can sleep up to 18, pools, pool tables, game rooms. These rent out about $399 a night on a slow week. Cool thing is, we would do the maintenance and cleaning is charged to the owners expenses.

I've looked into this property management for vacation rentals, for licensing, but all I can find is for full (longer than 30 day rentals). Since we all work with alot of property managers, realtors, every come across this convo? Would I need a real estate license and apply for a property management license after? OR can we work on behalf of the owner of the home without having to go through a whole real estate classes deal, etc. I'm not looking to do the real estate classes and want to act as an agent for the home owner.
 

PrimaDonna

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Sigh....

Why, why, why aren't you putting as much effort into your existing business???

Market more to your existing customers. Grow your referrals. Put the time effort and $$$ into securing new accounts. Buy the truck mount.


Systemize and then have other people run your business for you. THEN and ONLY then pursue some "other" revenue streams.

Hyper focus on your current business and knock it out if the park. You can't expect to master a new venture until you master this one.
 

WillS

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Sigh....

Why, why, why aren't you putting as much effort into your existing business???

Market more to your existing customers. Grow your referrals. Put the time effort and $$$ into securing new accounts. Buy the truck mount.


Systemize and then have other people run your business for you. THEN and ONLY then pursue some "other" revenue streams.

Hyper focus on your current business and knock it out if the park. You can't expect to master a new venture until you master this one.


Current business is going fine. We are staying a week booked out all the time. This is more for me to bring in another source of revenue. Plus we own the cleaning company that would service the homes after the short term rental checks out. Hence why I'm trying to combine all of this idea together with current biz and future.

Never will be very wealthy without different sources of income.

Plus by my calculations and business plan for this I could net 8 to 10k additional a month with only 4 properties. If I continued to market and drive stays, adding more properties could be limitless. Vegas has tons of people offering their prooerties on Craigslist as vacation rentals, customers that only live here in vegas a few months oitnof the year wanting to turn theirs into vacation rental. They are big here now. Especially when WSOP Poker starts, all poker players rent these places month at a time for $.

I just need to make sure I don't need to get a real estate license. I'm sure there is people running these without worrying about the law. I just want to do it legitimate if it comes to starting. I'll probably need to find out from a lawyer.
 

WillS

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"Nice guys make lousy Landlords".

...do you have it in you to be a pit bull if needed?

These would be 4 to 5 day rentals. Or up to 30 days max. After 30 days they neee to check out due to NV Law. So really your not being their landlord. Of course you would evaluate any damage upon check out and hence is why those people buy vacation renters insurance.
 

PrimaDonna

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My apologies, Will. I didn't realize it was you that posted this. I saw the trash reference and theought it was Matt posting looking for the silver bullet again.

I'm aware of your business model and your success. I definately think you're in a place to take this on. Best of luck.
 
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PrimaDonna

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Mean to Matt but apologetic to Will! :eekk:

wus! go play with the gurls! :winky:

:shifty:

I'm not being mean to Matt. I like to think of it as tough love. Would hate to see him make choices that would set him back.

I do believe in diversifying and think it's important for the long game. We are involved in other things besides cleaning because we realize we may not do it forever so we have those things to fall back on. I just think Matt needs to focus on what he has now and build on that before taking on a new venture. Especially since he has a truck mount as a goal but says it's a few years out before he can afford one. If he spent as much time on his current business as he does looking for the next best thing, I think he'd have something spectacular! Then it would give him the freedom to pursue these other ventures. I would LOVE to see him get to that point.
 

Hoody

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Have you ever looked at Air BnB? I have my son in Cub Scouts and our pack leader has a modern metal barn on his property that he rents out. It is mainly used by the university or referred out for short stay visitors. They book through Air BnB and he says it's been pretty seamless and easy.
 

WillS

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Yes. These home owners that want to do vacation short term rentals for their home don't live in town. No one to check the guest in, clean up, etc. Why they are looking to do it through someone that can manage all of this.

Airbnb would be a way to advertise the homes for short term renters, no doubt.
 

steve_64

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I would check your local laws on what you need. Our courthouse has a weekly thing to ask these types of questions.
 

BIG WOOD

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I'm not being mean to Matt. I like to think of it as tough love. Would hate to see him make choices that would set him back.

I do believe in diversifying and think it's important for the long game. We are involved in other things besides cleaning because we realize we may not do it forever so we have those things to fall back on. I just think Matt needs to focus on what he has now and build on that before taking on a new venture. Especially since he has a truck mount as a goal but says it's a few years out before he can afford one. If he spent as much time on his current business as he does looking for the next best thing, I think he'd have something spectacular! Then it would give him the freedom to pursue these other ventures. I would LOVE to see him get to that point.
I don't understand what you mean by me getting a truck mount? I've had one for 15 years. I said something about wanting a box truck.

Anyway, I dropped the idea of the garbage business. But the mind will never stop thinking about how to better my career
 
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BIG WOOD

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As for the pimp in Vegas...get rolling on that property management idea. As soon as I get enough dough, I'm gonna invest in a few apartment complexes. There's nothing wrong with that idea
 
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Nomad74

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"Nice guys make lousy Landlords".

...do you have it in you to be a pit bull if needed?
Back when I owned 136 rentals, I would tell my employees to stop coming to me with their stupid excuses and stories. I told them my heart was a cold dead fish pumping ice water through my veins. That's how you need to be. Years ago when I evicted my first tenant, I felt so bad I actually cried. Now I don't give a crap. It's a sport. You got to have a thick skin to be a landlord, especially in bulk.
 
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BIG WOOD

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Back when I owned 136 rentals, I would tell my employees to stop coming to me with their stupid excuses and stories. I told them my heart was a cold dead fish pumping ice water through my veins. That's how you need to be. Years ago when I evicted my first tenant, I felt so bad I actually cried. Now I don't give a crap. It's a sport. You got to have a thick skin to be a landlord, especially in bulk.
I see that with my property manager customers. They tell me they aren't a bank, they're a landlord.
 
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BIG WOOD

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The biggest CD franchise here sold his wheely-bin garbage collection business for millions and sold his cc business for 000's, so don't totally dismiss it.

roro
That's how my mind started thinking about it. The business plan I wrote was put away, but not thrown away. I didn't totally dismiss it. Thanks for the encouragement
 

PrimaDonna

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I want Meg to come kick my business around for thirty days. It wouldn't necessarily be fun, but I'd LOVE to field all yall's criticism on MY prices!

What say, lady?


It's an honor to know someone feels that would be helpful ans would want me to do this!!! It's kind of been a back burner dream of mind as this is what I really enjoy doing. But figured it would be a fun project for my "retirement" years to keep me busy. Which is waaaaaay far off.

I'd lover to dig into other businesses and see what things I could suggest to help them improve. Especially is they were willing to have ME do this!!!

Pay my expenses and I'm all yours. As long as you can be flexible to let me cover what I need to for our business while working with you....all you need to do is pay travel, hotel and food.

We'll get that logo straightened out and the other vechicle Graphics you asked about.
 

FredC

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It's an honor to know someone feels that would be helpful ans would want me to do this!!! It's kind of been a back burner dream of mind as this is what I really enjoy doing. But figured it would be a fun project for my "retirement" years to keep me busy. Which is waaaaaay far off.

I'd lover to dig into other businesses and see what things I could suggest to help them improve. Especially is they were willing to have ME do this!!!

Pay my expenses and I'm all yours. As long as you can be flexible to let me cover what I need to for our business while working with you....all you need to do is pay travel, hotel and food.

We'll get that logo straightened out and the other vechicle Graphics you asked about.

I think you might want to check the expiration date on that box of wine. :D
 

PrimaDonna

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I think you might want to check the expiration date on that box of wine. :D

Just got back from a long day on the slopes with my son. John is away for the weekend with my Daughter for a program they do together and I'm wiped.

And working off my I phone. I tend to type fast.....make mistakes and post without proofing.

I wish I could blame it on wine!!!!
 

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