All Forum Posts by: Account Closed

So fyi, he gladly agreed to pay more than our standard rate.  Also, what would I need to change in our lease agreement from our standard lease?  Just add that we will allow him to sublease?  Anything else I should use, or know where I can find standard lease verbage that covers this arrangement?  Also, do I just need to ask my insurance agent if subleasing is covered in our policy?  Sorry for all the questions, thanks for the help!

Thank you all for the input!  Very interested in this!

Travis, no, he would pay us our regular monthly rent rate, then he would rent out on AirBNB. Our profit is just what is built into our rent rate. 

So we are not exactly newbies but not veterans either - we have 3 rentals and 2 flips right now. We attend an REIA where another member has inquired about renting properties from us - he would sign a lease, pay market rent, etc but he would be using it to run exclusively as an AirBNB. He rents rooms out of his own house he lives in on Airbnb, and wants to add more properties to rent. I'm intrigued with the idea, as I'm not really seeing a downside for us. Am I missing something I should be aware of with something like this?

So i have my cash lined up to buy a flip soon, so I'm starting to look into leads.  I'm leaning towards houses that after rehab would sell in the $50-70k range, but do you more experienced investors find that it's difficult to find buyers who would be looking in such a low price range to be able to qualify for financing?  Or is that range house more suitable for a rental property instead? My strategy is to flip A couple of lower prices houses to build up more cash to invest in rental but I'm just concerned about the ability of buyers to get financing in that range. Thoughts.

That is awesome advice. Thank you!  Thanks to all who replied too with great advice.

I want to move from being a buy and hold, or house hacker I guess, to a flipper. I have started attended our local REI meeting, doing lots of reading on here and books, and trying to build my team. However, the one question that sticks in my mind when I want to ask other investors for referrals of good investor friendly agents or contractors, or even just for advice, is - don't other real estate investors see each other as competitors, really? If the market isn't a big city market, then why would another investor want to share his "secret agent" or "great contractor" with me, helping me with finding leads and doing my flips? It seems counter-intuitive that they would give me tips to access their same agents or contractors as it seems we would then be competing for the same deals from the agent, priority time with the contractor, etc. Are they really going to be that willing to help someone doing the same thing as them? Thoughts?

After doing several buy-and-hold  I want to start flipping.  However I do not have an eye for designing or decorating. I know what I like when I see it but I don't know how to get it there . Do you think it is necessary to have a flair for design in order to be a good flipper?  Should I plan on having a decorator look at potential flips with me in order to estimate rehab design and budget? Do you think that is going to be cost-prohibitive?  Thanks for any advice. 

My husband and I are not exactly new to REI-we have bought, held, rented, and sold 3 homes all for good profit over the past 10 years. However I want to now move into flipping as well as other niches in our city, Montgomery, AL, and build more volume and speed of deals. I would love to leave my current career to pursue this full time eventually. For now, I need to finish building my team - I still need a knowledgable real estate attorney, a willing and competent buyer's agent, and a contractor to handle rehabs. Anyone in this area have any references or advice for building this team? Ready to seriously do this now! This site, and the books I've been reading as recommended in this site, have me ready to go!!!

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