All Forum Posts by: Adam Tafel

@Kevin Zolea - I think I'm following this correctly - at what point was your inspection contingency up? I'm confused as to why the inspection period wasn't extended in order for you to get the quote? The owner agreed to lower the price to reflect the electricians quote (but without a contract), the inspection period passed, and now you're learning it's another 10k. 

Assuming I've got the timeline right, it sounds like somebody may have dropped the ball, but I'm not going to assume blame on anyone without all the facts. Remember - you have the leverage right now, considering what's going on in the world. Other posters have eluded to the fact that the seller is going to have a tough time relisting. Maybe it's time to dig your heels in? Keep in mind that 2k is nothing in the grand scheme of things, although it's going to sting for a bit. 

@Anamaria Ivan - connecting with an experienced lender should be your #1 priority at this time. You'll want to know what you're capable of borrowing before spending time analyzing properties or researching investment strategies. Purchasing quality househacks that will lead to future cashflow is always possible, but generally not easy. It will take some patience and work, but people are doing it all over the country every day. Best of luck! 

@Mashika Johnson - if 9/10 wholesalers are uneducated and unprofessional, use that to your advantage rather than a reason to focus elsewhere. I'm confident you'll already set yourself apart from your competition, based on your initial post. Here's the good news: you aren't committing to a lifelong career as a wholesaler. Give it everything you've got! You'll learn along the way about other REI strategies, who knows where you're path will lead you. For all we know you'll end up a successful lender or flipper in 10 years. Life is typically weird and unpredictable, but if you've got ambition and work ethic you'll be fine. Keep us up to date!

@Cody Feist - are you talking with bigger banks (wells fargo, us bank, etc) or independent loan officers? I'd recommend reaching out on BP in your local forum and networking with some lenders. It's possible that you don't qualify for a residential loan on an investment property, but I would want a verifiable answer from a trusted source before making any decision.  

Wondering what other agents are doing to protect their buyers signing purchase agreements. Our market has a specific covid-19 contingency form, which allows either side to back out if the transaction due to health/safety issues. 

What are you doing to protect yourself or your clients in the coming weeks? 

Thanks for sharing @Hannah Krebs ! Appreciate the detail you put into this, good luck selling! 

Is there some sort of Arbitrage vs. Owners feud within BP that I wasn't aware of? This is the second post of this kind I've seen recently (the other was pro-arbitrage). I do understand some of the animosity @Ken Latchers has towards the "get rich via online course" industry, but since we're all on BP why would we ever pay for that nonsense? 

I have a fairly diversified portfolio of STR strategies, including arbitrage. I took a lot of hate from seasoned landlords when I started my business, maybe because I was instantly achieving the kind of cashflow it took them a lifetime to achieve? And I'm not so naive to think I have it better than owners, as they are building massive wealth with a long-term strategy, and I've simply found a short-term unproven way to make money (going strong for 5 years now). But they're both good moves, right?

If I have to put in my notice and end a few leases life will go on. Best of luck to everyone on here, let's keep it positive and support each other. For the record, I prefer to own my rentals. 

Brilliant marketing! I'm about to steal this strategy, thank you! And yes, my median stay across all properties is 30 nights, average is 11. It's the only way to go if you want to self-manage and retain your sanity. 

If you're doing any deal today (3/19/2020) it better be a re-fi, that's all I'm willing to commit to! I appreciate you sharing, I never think of my local credit unions, as I've become so comfortable with my go-to lenders. I've got a STR at 4.6, haven't felt it would be worth the fees and hassle but maybe it's time to go shopping.

We all got into STR for the massive margins, isn't it a a little soon for a "bailout"? Everyone's situation is different, and the next few months might be a struggle. I had about $9000 in cancelations last week, but there was second wave of last minute bookings that came through and saved me, also covid19-related. I'm curious how Airbnb itself will be - overhead, cash reserves, and a massive labor need to deal with cancelations.