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All Forum Posts by: Conner Olsen

Conner Olsen has started 23 posts and replied 1249 times.

Post: Hello I’m new

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @David Barksdale:
Quote from @Conner Olsen:
Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 


What is the loan to value of the home you just purchased? 

Not sure what loan to value is. Sorry. But I will try and answer. Loan is 488k down payment is 450k home was purchased at 925k local comps are currently 1.1m. Put about 50k to upgrade and spruce up. Hopefully that answers the Q. 

Your lender will know the seasoning period requirements, whether it's better to do cash out refi, 2nd position lien, or HELOC.

Post: Tick and Flea Infestation

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937

I have a STR horror story to share today. I manage someone's STR in Austin and a mother kitten got into their crawl space and gave birth beneath the house to 6 kittens. The guests found the kittens, brought them inside, and put them in crates until someone came to take them to a shelter. Two weeks later we find the house is infested with fleas and ticks. We learned from pest control that it is going to cost $350 to fumigate and then someone needs to vacuum every day for 2 weeks. The cleaners are charging $40/day to vacuum up the house and a $225 deep clean so around $800 as an extra cleaning expense. All this and no revenue for the next 3 weeks. This will probably cost a total of $5,000 this month.

You can make a lot with STR's, but they can be a lot of work and the income can be unreliable.

Post: Hello I’m new

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 


What is the loan to value of the home you just purchased? 

Post: House Hacking a Four Plex in your current region

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @Jess Hammersley:

Hi, My wife and I are new to this and have seen a four plex that needs some work pop up in our local market. We already own a house but looking to see the implications of house hacking with this? or is this not even possible with he ownership of one property in the area?


If you're new to renovations make sure you get multiple bids before purchasing the property. Don't want to be stuck not finishing the work because of underestimating.

Post: Is it legal to put a dividing wall(s) in a SFH to rent out a portion of it?

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @David L.:

If I have a house that's too big for me and I want to househack and rent it out to a tenant but want privacy and no shared space, is it legal to put up a dividing wall and possibly another external door so the house is divided into two for more sound proofing and privacy?

I wouldn't be advertising it as a separate "unit", I would still have to split utilities with the tenant and share the garage and stuff but at least I won't have to be subject to living with someone that may be loud, annoying, etc.


Would the planning department even know or care if I put up an interior wall with no electrical/plumbing straight down the middle of a house (assuming the floor plan was suitable)?

This would be in the DFW area like Plano, etc. There are not many true multi or duplexes here so I figure if I'm going to rent a room out, I might as well do some basic minor modification and nothing too structural and no one would really care.

Anyone with experience with this?

I guess if I really think about it no one would really care. If I put up a listing for a roommate and it says 2bed/1ba in a house, the fact that it's extra private with a dividing wall would only be more incentive for someone to rent it. I wouldn't market it as a separate unit however or do anything different with mail or utilities. 


 I know someone who did this and is making great cash flow by 'creating' 2 extra units and listing them on Airbnb.

Post: Garage conversion or invest in new property

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @Joe McKelroy:

need help here. I have 40-50k. should I convert my garage to a studio/1b apartment and rent that out or use that as a downpayment for a rental property? (it's a new construction 3bd 2b in an ok but not great neighborhood)

I don't know the value that would add to my home, but I know I profit around 400 per month as a long-term rental (renting out both units). if I furnished it or made both units an MTR, I would profit more. ($750 per mo cashflow possibly). as a 3bd 2b home, currently, it breaks even monthly. 

If I buy a 200k house in Waco right now, I could rent it and MAYBE break even with 20% down. 

what you you think is best? and why? 


Some questions I would consider:

What is the ROI in equity on the house with a converted garage? What is the increased cash flow?

Do I want to own properties locally or out of state? Do I want cash flow now or can I wait for the appreciation? Which is likely to appreciate more, the home with converted garage or Waco, TX?

Are you sure your MTR numbers are correct? In Austin, TX an MTR increases rents 50-75% over LTR.

Post: Searching for experienced arbitrage (MTR) investors

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @John Paziouros:

Hello BP community, I am searching for experienced arbitrage (mid term rental) investors to partner with. I manage a couple of studio apartments in Southern California that would serve as ideal mid term rentals. Both units are in close proximity to interstate highways, public transit (LA Metro) & renowned hospitals. I am only interested in partnering with EXPERIENCED investors/operators, who have a successful track record with MTRs. If there are any investors in Southern California, who operate MTRs & are searching for additional units to arbitrage, please feel free to message me on here directly, for more details.


To really make arbitrage work, you need to be B2B. If you are getting your leads from Furnished Finder or Airbnb your margins will be slim.

Post: Troubles Finding a MTR Tenant After a Month

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @AJ Satcher:

Hello,

I'm having trouble finding MTR tenants after nearly a month of having it listed, still no serious leads. I've listed on Furnished Finder, Zillow as fully furnished and I also actively look and post in various Facebook groups advertising the listing. I recently just did a price drop of $100.

I'd like to know if I'm doing something wrong so that I can correct it. On Furnished Finder I have the most competitive price amongst other listed homes in the area. It is a 3bed/2bath in Atlanta, GA. One thing that I notice is that in my "Unmatched housing requests" within Furnished Finder, I'm seeing a lot of 1-2 person travelers looking to rent smaller spaces at a much lower rate. Now clearly this isn't my target audience so with that being said, I'd like to figure out how I can increase my chances of finding a renter that suites a 3bed/2bath home at the most competitive price within the area. 

Thanks


 Have you listed on Airbnb and VRBO? If it's still not booked you need to drop the price. If i'm not booked 6 weeks out I start dropping the price.

Post: MTR's and Who else uses them?

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @Bobby Paquette:

I think everyone has heard of Travelling nurses staying in MTR's , and construction workers I have noticed are becoming more and more popular. My question is who else do you all see staying in these properties? Is there ever really a "down season" 


We have a slow season in Austin of winter. I think because we have a lot of people relocating to the area and most people don't want to relocate in November-January.

Post: MTR Research & Travel Nurses

Conner Olsen
Posted
  • Real Estate Agent
  • Austin, TX
  • Posts 1,263
  • Votes 937
Quote from @Tyler Warner:

Hey BP community!

I have been very fascinated with the MTR strategy and read most of the books out there regarding this topic. My wife, who is a nurse herself and I were talking about the demand of travel nurses and where they are headed within the country. Most experts recommend about 2-3 hospitals within a given city, obviously up for debate though. But my question is, Are there any tools out there tracking the demand of nurses in hospitals? Are other investors reaching out to agencies to see where the demand is? I'm trying to analyze properties in areas that are not in major cities, but still have a Level 1 Trauma Center in the city. Appreciate any input! Thanks!


 I’ve found Austin has a HUGE market outside of travel medical professionals. I run 4 MTRs and only about 5% are medical. We have a ton of people moving to the area and others that work remote so that makes up the majority of our guests.