All Forum Posts by: Eric Drum

Great question Daniel! I honestly struggle with the same issue. A couple of bullet points on items that I personally have been working on that seem to help. 

-Bigger Pockets 90 day intentional journal- Honestly not a plug for Brandon T. (who is obviously awesome!) and you could really replicate the book. But what I love is the general framework of planning and writing down your week and breaking it into daily tasks. In addition the importance of an accountability partner. 

-Creating time for habits- Monday night- My wife helps put down the kids, Wednesday morning instead of working out I focus on REI, and Sunday early morning I focus on REI. This is the specific time I really knock out prospecting and building the business.

-I would highly suggest you read the book "Miracle Morning" if you haven't already. 

-Focus on building a team. Personally this is the step that I'm working on right now. Like you I have realized my time is rather limited and I am realizing that I'm not able to make a big enough impact if I'm doing the work by myself. I really like the book "Who not How" that has changed my mindset on some of this. 

Good luck! The challenge is certainly a tough one and one that takes a ton of focus on dedication to turn it into a habit. 

Hello Brandon! My wife and I currently work together on investing. I'm not sure if that's your question or if your trying to get your wife on board? If your trying to get her on board I would agree with everyone's suggestions of taking her to meet ups to learn more etc. If your trying to work together, I would suggest sitting down and really spending time with one another talking about your goals and what your each passionate about. Just like all the advice you'll hear about picking a business partner you'll want to use the same framework. Ideally you both are passionate about different sides of the business so you aren't over stepping and getting in each others way. I know it sounds basic but if you have those clear conversations upfront it will go a long way. I'm also a big believer in being 100% focused on the task at hand... This can be challenging if your working with your spouse since you'll want to establish "working" time vs. your "couple" time etc. Talking about real estate is fun but obviously your relationship is important and you don't want it to only revolve around real estate. Best of luck to you both! 

Yes, we just offer streaming and haven't offered cable TV... Honestly, we thought we would get questions or complaints on that but haven't received a single one. In addition, we thought people would be confused on how to use the remote works and/or set up but haven't received a single question. We have had this particular STR for almost a year now. No doubt the newer "smart TV's" have made things a lot easier. Good luck to you!

Looking forward to attending! Thanks! 

Looking forward to seeing everyone today Nov. 5th at 4pm! Thanks 

Great @Account Closed Thank you! 

Meet up Nov 5th at 4pm 

I'm from Richmond and looking to network with other real estate investors or anyone thinking about getting into real estate in and around the Charlottesville area. Personally, I have struggled with estimating a renovation budget. So for this first meet up, I thought it would be helpful to walk through the home that we have been renovating and share the exact costs in hopes that it may help others fine tune their numbers. We have spent a little over 60K in renovations on the home. My hope is that this could help give you a baseline on most repair items. 

My overall goal is to help create a regular quarterly meet up in the Charlottesville area. Ideally each meet up would have a focus on offering some type of "presentation/value" from someone's experiences or expertise that could hopefully benefit everyone attending. 

I'm planning on supplying some drinks for this first meeting so please RSVP if your able to attend. Looking forward to meeting with you soon! 

Thank you all for the help and advice! This certainly makes me feel better about the decision to pursue the mortgage as a second home/vacation purchase. 

Thank you Jon this makes me feel much better! What about the tax write offs? Would this be similar to what I'm already used to with other long term rental properties? I'm assuming it wouldn't make a difference if it was under a "Second Home" correct? 

We are currently under contract for a home that we are intending to use a short term rental (located more than 150 miles away from our primary residence). We own other investment properties in our local market and have always purchased them using a investment loan (Conventional 20% down higher rate etc.). However, the bank is saying that we could purchase this home as a "Vacation and Second Home" purchase (requiring only 10% down and better rates). We may use the property occasionally if it's not rented but the goal is to rent it out. Is this allowed? And if so, would I still be able to write off the depreciation similar to our other investment long term rentals?.. I know I'm hitting potentially on some legal advice so certainly wouldn't hold anyone to it but wanting some general guidance on what others have done in the space. Thanks in advance for your help and input!