All Forum Posts by: Scott Dixon

@Patrice Penda

Sorry, I know it is a bit confusing but i don't think I can include a direct link to my youtube since that will be against the terms of use for BP.  If you go to my profile and click "See More" you will see the website link which will show the videos.  

Just completed a Airbnb conversion where I took a small 600 sq ft 2 bed / 1 bath student rental and went through it top to bottom to get the finishes up to a level where it would make an attractive airbnb for short term tenants coming predominantly from the University of Illinois (UIUC) which is 2 blocks away. 

Rough Numbers

Timeline: 27 days

Labor: $14K

Construction Materials: $10K

Furnishings (Including Appliances): $6K

Total Rehab Cost: $30K

I actually documented the rehab in 3 videos which are on youtube if you are interested.  You can just click on my BP profile and go to my Everyday Home Repairs website where you will see the 3 videos stepping through "My Plans," "Progress!" and "Finish Line."

3 Videos on Everyday Home Repairs Website

So now it is time to put the unit to work and see if the time and money invested will provide my targeted 20% cash on cash return. I will post updates as we progress to give a little more information if this rehab and additional time commitment to manage was a good idea or not.

@Logan Jorns

I like the idea and would encourage you to video the experience as much as possible.  Even if the video doesn't get a ton of traction I think it would be a good learning experience for you.  Have you considered making a Youtube Channel where you can post some of your experiences as you grow in Real Estate Investing?  You might be surprised what would come from a consistent flow of content documenting your journey and just let me know when you go live with the channel and i will be your first subscriber! 

Best of Luck

Scott Dixon

@Ryan Chen,

Welcome to BP and good to see another member from the Champaign area. Sounds like you might be just get started but have you narrowed your focus down to a specific area of REI? Are you more interested in Buy and Hold, Fix and Flip, Wholesaling, Commercial, or any other facet? Private Message me and we could get together for coffee and chat.

Best of Luck,

Scott Dixon

Hey @John Dodenhoff

Like most things I would recommend jumping in and just getting started.  There are so many things to learn that you can easily enter the analysis paralysis state if not careful.  I started with my iphone X and a lavalier mic.  Then after a couple videos I quickly noticed I needed some type of lighting to control shadows and provide an overall better video quality.  I have added some options for a beginner setup.  

Recommended Beginner Setup

Video Camera: Use your Phone

Video Editing:  iMovie or Windows Movie Maker

Audio: Cheap lavalier mic which will plug into your phone

Lighting: Not needed for first videos if you have good nature lighting from a close window

Tripod (Y/N): Y, any tripod with a phone clamp to mount your phone to the tripod

Custom Thumbnails:  Use canva.com

Best of Luck,

Scott Dixon

Hey @Paul Schanbacher

Welcome to BP! Good to see another person from Chambana on the site. Congrats on landing your dream job and starting to go down the path of REI. As you mentioned everyone feels overwhelmed at the start but just like anything substantial it will be built up over time and because of many small positive steps in the right direction. I would think that the craftsmanship needed for having a successful custom car business would translate well into fix and flip or just rehabbing a buy and hold rental property. Feel free to reach out with any questions on the areas and keep pushing forward!

Best of Luck,

Scott

Hey @Allyson Sanborn,

Welcome to the BP community and your Cozy post looks great! I know jumping in to REI for the first time can be a bit intimidating but I am highly confident you have what it takes for a long and successful career in one of the most historically proven ways to build wealth. Your house could be a good candidate for an executive rental and you might want to search the CU area for the real estate agents that specializes in relocation services. There would be some type of referral fee for the agent bringing the client but might be well worth it for a chance to secure a multi-year tenant.

All the Best,

Scott

@Account Closed

@Francois Acosta

Congrats on starting to think about investing at such an early age!  I started off investing at age 28 by house hacking a duplex and living in one side for about 1.5 years until I bought the 2nd investment property.  Although I am not familiar with your specific market be very careful to look back 10+ years at the pricing trends.  None of us can successfully forecast the future but smart money is leaning towards the housing market is inflated and even approaching the "bubble" territory.  

Your best move might be focusing on things like:  education, networking,  and helping an experienced investor/mentor.  This will position yourself well so if the market does take a sharp decline you will be positioned to take advantage.  

All the best,

Scott Dixon

Hi @Andrea Colfer

I know it might sound counterintuitive but does the floor plan / property setup lend itself to be converted into a 4-plex?  Assuming this wouldn't be a large hit to the overall monthly rent roll you might open up the buyer pool to people like myself that look to position 30-year fixed interest loans against large assets.  In addition, you could advertise as a house hacking opportunity and possibly command a significant premium considering supply is so low in many markets around the country. 

Not knowing the property setup and financials this might not work but just another perspective.  

All the best,

Scott Dixon