All Forum Posts by: Brian Grant

@Matthew Marcley I did want to add that I am definitely not against the short term rentals though, just don't have the time in life to properly do it right not. But it is something that really intrigues me and I will be trying it out some day. Airbnb gave me an estimate of $589 weekly average for a 2 guest, entire home in the Running Springs area. Thats pretty good.

@Matthew Marcley I have seen the Short term vacation rental take off in the areas and do very well provided they are monitored and kept up. I have also talked with folks who have seen an or had problems with the short term rentals in the community to the point where the community has started to frown a bit on them. This opinion is mostly in the Crestline and Lake Arrowhead areas though. The Big Bear area has a huge amount of short term rentals which from my understanding do very well during the summer and winter months. In both areas there is a strong working class population maintaining good long term rental market.  I guess my opinion of short vs. long term rental would be how much time a person has to put into the rental. I'm focused more on the long term and will probably make less per month but will have less time per month toward the rental. A person who can properly market, maintain, and monitor the short term rental as well as being attentive to the guest could really make great money. Thanks

I used to think like so many others that you could not invest in the So. Cal area unless you had huge money. I started looking out of state mostly in the lower AZ area. Then thanks to the BiggerPockets podcast i tuned my attention to So. Cal local micro areas and found that just in the Inland Empire alone it has a vast variety of real estate for investing. Going from Barstow to Lake Arrowhead and down into the San Bernardino Valley you have the full array of  real estate value and income levels. Heck upon that you can do any type of investing as well short term rental, long term rental, flipping, etc.. Looking at the last twenty years of the market in the Inland Empire some areas were hit badly during the crash and some did not crash to bad. I have talked with investors in the Big Bear area and have heard that short and long term rentals of all values do very well, I hope to invest up there sometime. Any way just my two cents let me know what ya think. Thanks

Tyler, like Mr. Norris I also recommend the Inland Empire Real Estate Investment Club. A Great group of people and education, hope to see ya there at the end of this month. They do a market update at the start of the meeting that is really good. I see that you are in Barstow, an area with low prices but low economy too. I have looked their off and on for a while and though that if someone finds the path to making money out there they would do very good. Glad to have ya in SoCal.

Hey Jonathan, I live Twin Peaks and do investing in the mountain area. I have lived in various areas in the Lake Arrowhead since 1979. With each area you need to be careful of sub areas and their better than other differences. If you find any properties you need me to drive by and take pictures or need an investors opinion just let me know. Also feel free to private message me with a phone number if you would like some in depth knowledge of the area. 

Thank you all for all the great advice. I am currently looking at the Airbnb option but am leaning towards the long term rental option for the tax advantages. As I look into my future I will aim for the middle to end of next year saving up and refinancing which should position me nicely for another investment. Again thank you all for the great advice and helping to bring clarity to the path.  

Stephen, Thanks for the input, this will help. After seeing your message which got me thinking, I will go to the local meetings and start talking to some people. Thank you.

Thanks for this great post, I'll be renting my first property next month and a post like this is  invaluable information. 

    This house took me about ten years to do mostly due to bad credit, a deal three years ago falling apart a week before closing, and analysis paralysis. Thanks to BiggerPockets I’ve got passed all that and finally purchased a 1 bed with loft and 1 bath. A few more painting touchups and the house will be ready to rent.

    Just doing this one investment and I am hooked. I loved every bit from finding it to now doing fix up work and getting it rented. I am a buy and hold investor with a goal of ten doors in the next 5 years but want more than that, ya know “Massive Action”, 10X By Grant Cardone. I am already thinking I should lower the bar though. After all how can obtain this goal with only ten thousand a year that I save up?

    Here’s where I need could really use some help. Now What, I don’t have enough to purchase a second home. Should I pay the house down with the ten thousand a year saving? I surely do not want to take as long to purchase another house as I did this one. Maybe I should sell for just under the apprised price and start over or save up to purchase the next one. Please let me know if I have for got any details below and I look forward to your advise. Thank You.

Details

Bought $98,000

25% down $24,500

owe $73,500

Appraised $120,00

Once rented

Per month $ 700

Saved for

Investment $10,000

Savings per

Year $10,000

Hey thank you all for all this great information and examples. This is a big help as I was a bit reluctant to post. Thank you.