All Forum Posts by: Brad Hammond

Hi Kelcee,

I start off just like you and have a folder for each property.  From there I only have a few folders like photos, previous tenants, and current leases.  I also have a general folder with my blank leases, applications, checklists, etc.  

Also, I am trying to be as paperless as possible.  I love Evernote, it is an app and a program where you can store lots of documents, photos, etc for free.  It is like a digital file cabinet and once you figure out how to customize it, it works really well. 

Interesting question. The first thing to think about is if you are purchasing with an FHA loan, you need to live in the property. If you don't that would be considered mortgage fraud.

What about doing both? Could you put down 5% on an owner-occupied home and save up the money for a BRRRR in 3-4 years?

Hey @Ian Soto, that's an interesting question. I would say there is no hard and fast rule for this. Usually, you would take the fully occupied NOI and divide that by the local cap rate. You could offer based on the current NOI and increase it a few percentages. You need to figure out how much money you need to be compensated to turn the property around and base it off that.

There likely won't be a lot of people competing for this property so you could have some leverage.  Also, know that a lot of banks won't lend on a property that is only half occupied so keep that in mind.  Best of luck to you, let me know how it goes. 

Hi @Oke Tammik, I think seller financing does have some great advantages to it but it is a personal choice.  

I have a friend here in Portland that does 1031 through a Delaware Statutory Trust and he can usually give his clients better cash flow plus the advantages of a 1031.  Message me if you want me his info. 

I'm no Facebook expert but that is my experience.  Try looking at some listings in your area and search for their profile.  That might give you some guidance.  

Good questions.  We had a couple of friends virtually stay there and we gave them their money back.  There are a few ways you can play with pricing.  We had a higher nightly rate but didn't have a cleaning cost.  I think that's why we had more 2 night stays instead of longer stays.  But play with it and see what makes sense for you.  Also, check out AirDnA (or something like that).  I've never used it but I've heard it gives great analytical info if you put in the address.  

Hi @Nisa Aduwu, I use Cozy.co and love it.  I can't speak to Avail.co however.  What I like about Cozy is that it is free for everyone for rent collection.  I also use them for tenant screening.  Cozy will email them a link and the applicant pays them directly so you don't collect any money.  I like that aspect of it.  It takes a few days for the rent to hit your account but you can pay a few bucks to have it transferred sooner.  

Hey @Lindsay Mills-Pimental, I've done a short term rental through Airbnb in Portland before.  I think we started it in August so we missed the high season.  One thing to think about is that it takes a few months to get traction.  You will need a few reviews and it helps a lot if you become a super-host.  Also, think about the time you will need to furnish it, take photos and post them.  It might be smarter to start earlier so you have some reviews when people start booking in May.  

Hey @Brian H..  I share your frustration with that same topic.  I have both but I use my business page just for creating ads with Facebook and staying top of mind to the people who follow me.  Depending on your goals you could use your personal page (or create a "personal business") page so you can post on the marketplace.  

Hey @Tanner Sheehan, congrats on getting into real estate at such a young age.  You will be handsomely rewarded later in life.  I think the first thing you need to do is gain a working knowledge of the industry.  Think about what type of investing you want to do and find a job in the industry.  For example, if you want to flip try working construction.  You could also wholesale, become an agent, work for a title company or property management company.  

Also, try and save up as much money as possible for your first deal. Best of luck to you.  You got this!