All Forum Posts by: Blake Dailey

@Scott Kirby interested how you split up the responsibilities. I would assume you are still semi active in management if you only pay 10%?

@Bryan Crawford I'm glad you both could make it! I'm looking forward to seeing you two back next month. Let me know if I can help with anything in the meantime.

@Kavin Kuykendall it definitely sounds like a mound system. I just went under contract on a duplex in Panama City with a mound septic system and we are getting it inspected. This specific one is almost 25 years old so at the end to its 20-30 year life cycle and will need replaced. If yours is newer and you get it inspected you may be okay. We had Parker Septic inspect and they, or another septic company, would be the ones to ask about adding future load. Hope that helps!

@Camden Kelly sounds like a great deal, congrats! If you are going to manage yourself, definitely read @Brandon Turner's yellow book on managing rental properties!

@David Almasy I can attest that my Airbnb with a pool in Panama City makes significantly more than my apples to apples Airbnb property only 6 blocks away (both off of the beach). Both are 4/3's, the only real difference is the pool. The pool is more of a headache to take care of and keep clean but I am finally hiring that out this week and the extra $150/month will still be worth it. 

@Kourtney Chambliss you got it! I've been thinking of offering a Saturday meetup in the middle of the month to try to meet everyone's schedule so that would be good so you can make it.

@Kourtney Chambliss the meetup is always the first Wednesday of each month, at 6pm so most people can make it after work.

I looked at a 150 unit in Austin that was a hotel conversion. One thing to consider is the size of a hotel room. Usually hotel guests come in, sleep, shower and leave so the units are much smaller. This place had very small units so potentially less attractive compared to normal studio or 1 bedroom units that are 600+ squarefeet in that market. If the units do not conform to the market that would concern me. 

@Thomas Willingham my rule of thumb is 10%, not including capex and reserves. I start with that 10% and then drill deeper when I look deeper into the property. I invest in large B class properties so generally we see lower maintenance, especially after value-add repairs. Things to consider are age, condition, existing deferred maintenance.

This is a free even for anyone looking to meet with and learn from other local real estate investors. Each month we have a special guest speaker, give everyone a chance to introduce themselves, and save the rest of the time for open networking so that everyone has the chance to connect.

Looking forward to seeing you there!