All Forum Posts by: Erik Kuhi

@William Lane Welcome to the BP forums!

I think its great that you are attending Embry Riddle and looking at real estate investing. Its never too early to start thinking about multiple income streams. Also I think being a pilot and a real estate investor is a great blend. With that being said I am still a bit of a rookie investor myself but I'm happy to help other if and when I can. My Daytona rental property is probably not to far from you and has been doing well. I'm currently looking for another property in Daytona buy and hold. I see that area recovering from what looked to be some rough times economically which is great to get in during the recovery process. Prices are still affordable but definitely rising. I recommend stashing away your extra cash towards a down payment but actively search for properties. When you find something that meet your criteria then take a swing at it even if you don't have the full 20%. You can try to get creative in your financing if necessary. Get the feed back from the agents and everyone you work with to learn from the experience. Also create a post on BP presenting the deal and let other members analyze it and give their opinions. Look thru the different forum titles for Deal Analysis and Advice. You will learn so much and when the right deal comes along you will be able to grab it.

Feel free to message me anytime. Maybe we can help each other learn and progress in our REI adventures.

Best of luck,

Erik

I’ve been coming across some condos in tourist type areas that you can purchase as a condo but can be put on a rental program to be rented out when it’s not being used by the owner. The term I’m seeing a condotel. A condo hotel hybrid 1 may say. The ones I’ve seen are more like nice hotel rooms more than a condo but that’s a different story. My question to forum members is has anyone ever heard of these types of properties being a good investment? The upfront cost doesn’t appear to be to high but the monthly maintenance fees that I’ve seen look like they would kill the monthly cash flow. I’ve seen between $500 - $600 per month. If you can get $100+ per night that might work but if the hotel front desk rents it out I think in most cases it’s a 50/50 split. With that you would need to rent 10 to 12 nights just to break even. I know location will play a big part on % of occupancy but I’d like to hear people’s experiences with condotels if anyone has any or know someone that does. Thanks in advance for any info people can provide.

@Daniel Velez I will try my best to attend this event. Thanks for putting it together. It will be nice to see a group form in the area.

@Jason Sylka Nice work!!! You nailed it with this intro.

Welcome to the forums Tracie! I’m fairly new here as well but I can tell you BP has to be the greatest resource for real estate investors. Whether new or experienced the amount of useful information and networking that goes on here is amazing. My best advice is listen to the podcasts, join the webinars whenever possible and try to post or comment on the forums at least once a week. You will learn a ton and build your network pretty quickly that way. If you have a question post it and you will be amazed how many people are here to help you succeed. Best of luck on your real estate investing adventures!!!

Welcome to BP!!! From my short experience I’ve found that the forums, podcasts, webinars, and everything BP offers will definitely help you learn plenty and get ahead in the real estate industry. Dig in and have fun!

Very nice work! Thanks for sharing!!! Definitely has my mind stirring

I agree with everything Nathan said. A good PM is definitely key to success if you are investing from a distance. My add will be to know or learn the market prior to purchasing. Pick an area you know and that you will enjoy visiting because that will give you a head start. If you choose an area you don't know you definitely need to go and spend time there. Meet people and ask a lot of questions about the area. Drive around and get a good idea of the good and bad neighborhoods so you can determine a good deal from a bad 1. Cheap prices in a rough neighborhoods could cost you if you're not careful. You really want to get a good feeling about your market so you can plan how you want to fit into it and be successful.

Happy 13th BiggerPockets!!! Thanks so much! I've been learning so much and have pretty much just gotten started. I can't tell you how glad I am to have found BiggerPockets early in my real estate investing journey.

Thanks for the welcoming! I hope to get to know all of you better and hopefully help each other reach our goals thru sharing experiences and resources.