All Forum Posts by: Alan Asriants

 Fingers crossed it doesnt go out of style in 5 year LOL!

 As you start changing HVAC, windows, etc your budget certianly goes up. Im around 50-60/sqft when doing a full cosmetic rehab plus new pex, windows, hvac and roof. once you get into structural, siding, pointing, landscaping, concrete that budget get closer to 80-100. 

 This is in NE phila, I am expecting to get around 1650/m without renting the garage

 Unfortunately no line item cost breakdown. I hired a GC to do it so they covered the entire scope of work. project was supposed to take 1-1.5 months but ended up taking closer to 2.5 months. GC was doing other project simultaneously, and the overlap of holidays didnt help.

I measure kitchen incorrectly because when we did demo we realized the shared wall was only on furring strips. So we have to put in 2x3 fram which meant we needed to resize kithen 

 This rehab I didnt have to do while occupied. But the sheetrock securing I did for the spot that was affected. When the tenant moved out I did the rehab. 

I pay around 5k-6k for a bathroom rehab and around 12-15k for a kitchen on their own. 

Yes this was an update to the unit. To be honest I couldve gotten away with a much cheaper rehab (kept older kitchen and bath, just did sheetrock work, flooring, and lighting). I figure I wouldve already invested so much that an additional 15k or so would've been silly not to. It wasn't the best ROI to be honest but should help me rent higher (around 200/m more) and quicker

Get as much info as you can. get their bank statements see what comes in and comes out. Personally I don't love it. If your gut is throwing you off I would trust that. There are many ways to scheme a decent credit score though rebuilding closing acccounts etc. 

Ask for 2 landlord references and see what they say. Make sure you get that landlord info of the housing before the one they are in now. Verify that the info of that landlord is correct through property records. 

MTR and STR operate more like a business. A lot of it has to do with how you advertise, your ammenities and features, and your track record. To stand out in the STR space especially you need to be very well accredited and offer and great and unique product. This requires a lot of marketing and intial investment into your furniture, activities, etc.

A lot of people think that buying a property and listing it on AirBnB is somehow going to make them better returns. Its a skill and a business. Not necessarily an investment. 

The reality is that you need a lot of time and money up front to get your project started and you need to really work on building your credibility. Just think about yourself when you choose to stay at an airbnb. Do you stay at the sketchy looking log cabin for 300/night or do you go for the super well done cabin with a pool table, sauna and hot tub for 450/night - oh and they have a ton of reviews and listed as a super host.

if you want to have steady cash flow and steady returns to INVEST into real estate then ditch the idea of MTR and STR and get a LTR in a decent area

If you want to own a business than go for the STR or MTR model. But business returns are not immediate and take time and money to grow.

Hey Michael, I have house hacked many times. It is a great way to get started in real estate investing all while buying yourself your own home. It gives you a ton of experience on: dealing with tenants, writing leases, maintenance items, etc - all from your backyard. 

It helps absorb the cost of your payment and gives you a better understanding of how REI actually works. I have found that those who have house hacked are far further out than those who want to get into RE just for the sake of real estate investing. This is because those who househacked actually pulled the trigger and started to gain experience while those looking for strictly an investment were too focused on numbers and returns to get their hand and feet wet.

You can put little money down and take advantage of favorable rates. 

its a no brainer IMO