All Forum Posts by: Forrest Williams

 Then you're off to a great start already!

If you have the name of the LLC, I would try googling them + the state they are incorporated in. Sometimes that info is public knowledge. You can also search facebook for the name, you may be able to find the founders through there.

Depends on the condition of the cottage, and I would factor in number of bedrooms as well. You could probably find something in the $500-$700 range that would suit your needs. Make sure it matches the other appliances be they white, black, or stainless. I would also avoid a Samsung fridge, their appliances aren't very reliable in my opinion. 

I would check out the wiring for sure. It could be copper (good), aluminum (not great), or knob and tube (terrible). If it's knob and tube you'll probably want to replace it. If you are thinking about adding AC or other modern amenities, you'll be spending a lot of money. The walls may be plaster as well, which you can repair and touch up yourself, but it is a lot of work and not very feasible. Better to hire a pro.

 @Daniel Vernon If possible, can you live in the house while you flip it? That's a great way to get access to properties with a lower down payment aka House Hack. I've done several, and it's my favorite way to build skills and value.

Call the town hall directly and ask if they allow STRs.

Connecting with other investors is a great place to start. Some may be willing to share their data on expenses with you. You can contact owners of STRs in the area you're looking, or check out listings that approximate the cost of their utilities. Another option would be to call the vendors directly. Pool cleaning, garbage, landscaping, these vendors can give you quotes for their services based on frequency and size of the projects you need. 

What area are you looking to get started in STRs?

People lose a lot of money trying to time the market. I'll give you an example: In 2017 I was flipping my second house and asked a friend if he was ever going to get in on it. He told me his brother-in-law works for a financial firm, and their projection was a market crash in 2019, so he'll wait until then. 4 years and one pandemic later, he still doesn't have a place. I did four in that time. 

Sure, maybe you'll get a decline in value. But for all you know that property could skyrocket. Real estate is a risk, just like every other investment. I'm not waiting.

Decide what your goals are for the property. Are you trying to get as much cash out of the place as possible? Self manage, introduce yourself to the tenants, try to fix whatever you can yourself. Hire a trusted contractor for everything else. Do you want to be as removed from the process as possible? Get a property manager, put it in an LLC, try to move out in 1 year to get a new renter in ASAP.

I'm house hacking a two flat right now and would highly recommend it. I try to communicate with my tenant about important issues, and they are communicative about issues they have. Tenants aren't fools. They know when the property has been sold. Trying to live there and acting like you aren't the owner isn't going to get you far.

This is an opportunity to coordinate rather than delegate. Offer to work with the tenant to find a trusted contractor who can perform the work. I would guess this project runs over 1k, but if you want to upgrade the bathroom anyway this seems like a great opportunity to do it. That way you can keep control of the project and get yourself $1000 worth of upgrades. Your tenant will probably be much happier too.

If there's a Walmart nearby, odds are good the neighborhood is in America. This article is more helpful: www.zillow.com/research/whole-foods-trader-joes-home-value-11696/amp/