All Forum Posts by: Amir Khan

I've never done STR but have plenty of experience with LTR. While I understand the fundamentals of STR, I would like to understand bit more. If you have done STR as out-of-state and/or out-of-town investor for at least 5 years successfully, can you please provide some feedback on following:

- What is the overall real estate strategic play when using STR? (Example: BRRRR allows initial investment recouping and profits)

- For someone who has done STR for over 5 years, can you tell me whether cashflow stays relatively predictable?

- Regarding managing your STR, how hard is it to maintain your team/boots on the ground (cleaning crew/RE agent/handyman)?

- On an average, what percentage do you allocate to management (your team) which allows you to operate your STR?

- Do you find substantial challenge when running a SFH vs multifamily (2-4) units at STR? How do the margins differ?

- What is the alternative strategy if STR use is banned where your property is located?

- Is the primary form of listing your STR been on Airbnb and Vrbo? If they both disappear, how would you market/list your STR?

Thanks!

@Account Closed I don't have recent experience joining mastermind group, but I can recommend this book as one of the best book to read about raising private capital: Raising Capital for Real Estate - Hunter Thompson.

Quote from @Kamil Kaczmarczyk:

Hi,

I want to get into the bigger multi families. I am located in northwest Chicago.  I currently own a single family. Was planning to get a 2-4 unit to ease into it but if I see a good deal on a 5+. I want to be prepared.   Any tips on buying my first 5+ property.

thanks 

Agree with Barry, become really good at understanding the fundamentals of commercial multifamily real estate underwriting and financing criteria. When I was trying to get into commercial multifamily real estate, I found local players place all kinds of barriers and try to convince me I cannot do it without them. They wanted me to believe the only way in was through syndication - but that is not true. You are on the right track, start with something small like 5-8 units. I do know that this kind of mix may not be available in your local market, so go out of your area if you feel comfortable.

@Erika Scheuch welcome to BP! I am live in N. Dallas, happy to talk to you..though I don't invest in Dallas/Ft. Worth at the moment..

I am looking for a commercial property insurance agent for a multifamily property. Preferably based in Texas. If you are an investor (with properties in Texas) and had amazing experience with your agent, I would love for you to refer them to me. If you've worked directly with an insurance carrier for your property, I would love those referrals as well. I am not entertaining inquiries directly from insurance agents. Thanks!

@Nicole Heasley Beitenman not sure. City council will be now be doing outreach to local homeowners and investors, and this could drag on for a while...

In case people outside Texas considering Plano, TX for STR, please be aware that Plano City Council just voted for a interim ban on STR in Plano city limits.

The purpose of the interim measure, according to Day’s presentation on May 8, is “to prohibit the establishment of new short-term rentals of dwelling units while the city conducts public outreach, collects data, and analyzes information to determine permanent recommendations, due to community concerns about health and safety.”-The Dallas Morning News

Quote from @Seongbo Choi:

Hello BP world

My name is Seong and this is my very first BP post here. New to BP and real estate investing. Currently stationed at Fort Meade, MD as an active duty Army. There are many things I wish I would have done in my 20s (probably buying multifamily houses using VAs instead of renting every time I PCSed) but back then I didn't know anything about real estate investing. I just got done with my 3rd book on real estate investment (BRRR by David Greene and 2 others by Brandon Turner) and watch BP youtube every day when I commute to work. Currently looking into properties around Baltimore (near Johns Hopkins hospital) and have put 2 offers but both denied. Open to out-of-state or any other creative ways to invest.

Look forward to sharing my experiences but mostly learning from other experts in this forums since. I've been in 14 years as active. My goal is to reach financial freedom (or close to that) in next 6 - 7 years so when I retire after 20 years of military, I get to spend more time with frailly that I missed. Nice to meet everyone! 

Welcome to BP! It is wonderful that you are already placing offers while you are learning. Placing offers is very important part of learning. You'll learn so much from doing the process, which will help you improve your offer PLUS - you will figure out, it takes certain number offers before one is accepted! Good Luck!

@Nick Pries I admire that ready to jump right in! However, as James mentions above, please ensure you understand the fundamentals of wholesaling otherwise you'll be in for a surprise. But here is the process if you are trying to wholesale a "deal":

1. If the property is listed by an agent, yes you'll have to communicate/place an offer through him/her.

2. You will need to have a list of buyers already on your list who have expressed interest in buying such a deal. In other words, you should know that you will be able to assign it to one of the buyers for an assignment fee.

3. If you do no have any buyer yet (or your buyers cannot close), then you should be prepared to close it yourself. If not, you could face legal challenges. Depending on your state, you will need to properly write the contract that will allow you to "assign" it to end buyer.

If you are unfamiliar with the above process, I suggest you educate yourself. There is tons of resources available online, including BiggerPockets - Good Luck!

@Pedro Huichapa I agree with what's been said above. I would really learn different types of assets that will give the kind of risk you are willing to take while providing the returns you'll be happy with. BiggerPockets is probably one of the best online resource where you'll be able to access valuable information for free. Plus, there are very experienced and helpful people on these forums - Good Luck!