All Forum Posts by: Chris John

Hey all

Of course, all I'm hearing about is STR these days. I know the 1% rule isn't everything, but it is an easily comparable metric. Currently, I'm not finding it easy to find the 1% rule in markets I'm investing in as the properties sit, but I am finding it possible to find properties that I can reasonably expect to get to the 1% rule within a year or so by raising nearly market rents to market.

What's a reasonable return to expect in a good STR? Is it worth it to take on the extra work, existing or potentially new local ordinances, and seemingly new daily competition for a higher return or have I already missed the boat?

For added info, there's no nearby locations that I'd like to have a second home in that I'd use regularly.  I already bought a cheap "used" timeshare at a location I like, and I can't even get there often enough.  Long story short, this would be a strictly financial decision.

I'd love any thoughts.

Thanks!

Man, I'll tell ya, racism is a crazy topic.  There's so much that I want to say about it, but it's impossible to know where to begin.  In the end, racism is literally illogical.  Conditional "If, then" statements only require one counterexample to be proven false.  So,

"If someone is white, then they are smarter/prettier/harder working/better behaved/etc. than black people."

Insert your counterexample here _____________ , which proves the conditional statement false.

My heart goes out to any kid (of any race, sex, sexual orientation, etc.) that's being told that they can't do something though.  Racism exists and that's unfortunate.  I just wish that the message is that it's getting better and you can overcome it so it could be used as fuel for the fire instead of an impediment. 

I think race is being used to divide us politically and we're all taking the bait.  Speaking as a "white" guy though. By "white", I mean that you'd probably consider me white, but my grandparents were considered a minority when they got to America...

@Mitchell Coles

I'm not sure if this a rhetorical question or not, but here are my thoughts.  A rising tide lifts all boats.  Alternately, no matter how sweet the boat is, if there's no water in the lake, it's kind of a bummer. 

I'd definitely say it's a great idea to have your finger on the pulse of the overall market, but in the end, I'm buying one deal at at time and there are certain things about that individual deal I'm looking for.  I definitely try to steer clear of insanity (I patiently waited for the world to fall apart in 2007-2008 because I knew way too many people that were buying houses that they couldn't afford), but I know I can fall victim to "analysis paralysis" and try to be mindful of that. 

A healthy dose of "fortune favors the bold" and "fools rush in" seems to work for me.

If you need anymore platitudes, hit me up.  haha.

I've had many positive interactions previously on BP (including with @Jim K. and @Bruce Woodruff).  I've also run into some trolls.  I wouldn't pretend to know the heart of most men I've met, much less those I've come across on a real estate website, but @Terri FY struck me as sincere.  Of course, I could be wrong...

"I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by their character."

-MLK 

Where do I sign up?

@Moly Yang

It's tough to know too much without knowing numbers, but I do know the small town I work in (7,000 people) is nearly impossible to get a rental in.  It's in the Central Valley of California and there's almost nothing available.  Often, when something comes up, you have to know the landlord or you have no chance of getting it.  Also, it seems like they rent to the younger teachers so they have a place to live in town when they otherwise wouldn't have a prayer of getting a place.  If your small town is like that, I'd definitely rent it as you'll always get the best tenants without even having to advertise.  If not, I can't really say.  Best wishes and good luck!

@Max Ortiz

I'm out in the valley, so I'm not intimately familiar with the Bay Area, but I'd think it would be EXTREMELY difficult to find a BRRRR deal there these days. I'd probably interview real estate agents until I found one that I was comfortable with and I felt was capable of finding a potential house hack property. Also, I'd line up a lender (I love mine if you want to PM me for his contact info) and get prequalified so that I knew what types of properties I should be considering.

It sounds like you've done a lot of research, which is awesome, but don't be afraid to make some phone calls and start getting into the weeds!

I'm not saying I'm right, but that's how I'd do it.  Good luck!

@Riley F.

Interesting.  Thanks for sharing.

@Chris Mason

Haha.  Maybe they were selling, but obviously not fast enough at Bear Stearns.  I'll keep buying houses, but not because the hedge funds are.  The government didn't have to bail me out in 2008...

@Matthew Crivelli

"Why would hedge funds be on a buying spree if the market was really going to crash? Hedge funds only make moves to make MONEY, or in this case equity."

It's a good thing hedge funds didn't buy mortgage backed securities in the early aughts otherwise there might've been a financial meltdown!  haha.  I'm not saying you're wrong, but I'm not convinced by your reasoning...