All Forum Posts by: Conner Olsen

@Anthony Klar If you like the house then keep it and get the equity out by refinancing or HELOC.

@John Carbone Thanks for your insight! The property is on a well so I'm realizing that a hot tub probably won't work which is a bummer because I think that would get me through the winter months. I agree I think the demand is/will be there in the industry as a whole but this deal seems more risky because I'm not seeing many comps. 

I’m interested in developing a 4-pad glamp site of Tony homes (comes with oven, fridge, tv, shower, toilet etc). What extra amenities should I provide? I was thinking a deck with a hot tub and grill. Anything else that would get people to rent? The property is walking distance to a lake.

@Colin Hassell Best place to start is Google. Just search 'Best Airbnb Markets' and see what pops up. Narrow that list down to 3 and research the laws of each location to see if they are pro STR or anti STR. From there pick and and go with it and learn everything you can about it. Once you have a market and know where to buy in that market start analyzing deals to see trends. From there pick a target percentage for a return that will work for 5-10% of properties. If more properties meet that target you need to increase target, if none meet that target reduce the target. The goal of this is to figure out how to know if a property is a good deal or not. Then start making offers!

@Juan Chavez It's important to pick a market and go with it. "If you chase two rabbits you're going to catch none". Pick STR or LTR first. Basically do you want a job or an investment? STR is a business and takes a lot of time. LTR can be less work if you buy the right property. Once you have a strategy pick a market and go for it. Block out the other noise and deep dive into the market so you understand the ins and outs.

@Sela Flynn House hacking is a 'hack'. A huge benefit of it is reducing your living expenses. Buying low and selling high is the overall goal, but if the property cash flows you can hold onto it forever. If you buy a house and you make $1,000/month in cash flow and the property price drops by 20% who cares? You can hold onto it until the price goes up while still making that cash flow.

@Chad Smith I don't buy properties in HOA's because they can change their rules whenever they want. If you think about it from the HOA's perspective, they don't want parties at the house and they think the guests will trash the house and you won't do anything about it. In reality you are held to a higher standard than a traditional home owner. Your property has to be clean constantly and in good condition. You can make rules against having parties and there are ways to track this by having a decibel reader in your house. I'd make the argument that it doesn't hurt the other home owners to have your property as an STR, but could force you to keep your property in nicer condition. I wish you luck in trying to explain that to non-real estate investors.

@Abe Alam When negotiating repairs I say "There's problems 1, 2, 3, 4, 5 with this house. I realize this is unreasonable to ask for all these repairs. I really just want 1, 2, 3 covered". You want to make it known that you are not asking for all the repairs and you are trying to be reasonable.

Does anyone own an RV park and provide RV's, campers, etc. as short-term rentals? My goal is to purchase a small RV park and put tiny homes on the pads and rent them on Airbnb and VRBO.

@Glenn Goodman I've seen sellers not want to get their tenants out in case the deal falls through and they have a vacant property. I would look at their leases and see when you can get them out and rehab and rent at market rents. I don't think it's a red flag.