All Forum Posts by: Hunter Broschinsky

Congrats! im not really in any position to give you advice I've just started my investing journey, only have 1 property at the moment. Humans are genetically wired to have purpose. If having that golden 27k passive income was the main goal that took up a majority of your past 10 years, you are going to need to look elsewhere for the next goal or your next purpose. Maybe that's spending more time with family or maybe that's finding someone who you want to succeed just like you and become a mentor. It seems like the natural progression of most things once you master something, you then become the teacher. 

Im partnering with my boss but we are both new to real estate and have never done a partnership. I have been browsing past posts and a lot of info that has already been put out about partnerships but was hoping to get specific answers for my specific deal.

The Deal: Single family 4 bed 2 bath currently operating as a AIRBNB, 1,000,000$ asking price. Wont need much renovation, expecting around 15k. We are planning on keeping it a AIRBNB. 

The Plan: Im only bringing 30k to put towards the DP, my partner would be bringing 170k. For the rest of the DP and the renovations.

30k is 15% of 200,000k ( total into the deal). So he would get 85% of the equity to my 15%.

I am putting my name on the loan as the primary borrower and my partner will co sign. His DTI is much better than mine.

We plan to both learn the ropes of how to manage a STR for educational purposes but once we both understand it, he is going to back off and I will be the only acting property manager. Since ill be contributing much less capitol, I wouldn't be taking any fee for the management side. I know that managing a STR takes more time than a standard Long term rental so I am wondering if I could negotiate a higher equity position for the management fee or if people generally just take a percentage of there monthly revenue.

My partner will be getting paid back from the cash flow until he is paid back 100%, the entire 170k. Once that happens we then split the cash flow based on our equity percentages. To start it would be 15% mine, 85% his. I suggested that the more  we contribute towards the loan, the higher our equity percentages could grow. For example: if I contribute an additional 10k that would be a extra 5% of the 200k so I would get a 20% equity spilt of the cash flow.

If for some reason the deal doesn't cash flow for a month in the slow season we would split the loss out of pocket 50/50.

I know that was kind of long winded but any advice would be much appreciated. Does this seem fair? Am I way off?  

Converting my 505 sq foot garage into a ADU. Im looking for market specific tips to estimate the potential property value increase. There is also only 1 comp for rent near me, making the estimated rent fairly hard. Im in oceanside california about 13 minutes inland. Struggling to decide if the long term play or the short term play would be better. I know there are a lot of factors here to consider but id love to get some advice.

The ADU: bedroom separated from living room, full bathroom, kitchenette, washer and dryer. Everything is going to be fairly nice with the bathroom and flooring being on the higher end.

100% chance I'm using an experienced investor friendly broker on the first deal. 100% chance I'm using one from deal 1-10 but what about after that? Im curious to see at what point if any I should get my license to help save out of pocket money at closing. Let's say for example I want to buy 1 deal every year here in San Diego County for the next 20 years. At what point would it make sense if I have no plans to sell homes full time or even to other people.

Thanks for the response I will go check that out!

100% thought about It and am planning to invest out of state in the future. For now I'm trying to find something locally that I could move into and self manage. My partner, who is bringing the money, is hoping I can live onsite or at least really close to be some boots on the ground. We both just don't know what we are doing and are afraid of out of state for our first deal. 

The 1% rule seems to be impossible to find in todays market especially being north San Diego (oceanside). Im looking for a cash deal but I'm not certain what metric I should be shooting for. Any advice would be greatly appreciated. 

Okay that's what I was thinking, I'll reach out to one thanks!

Hey guys I know with the pro account you get access to RentRedi, does that allow you to create leases? If so how strong are they? Im just getting started and am wondering if I need to also hire a attorney to fortify my lease agreements. (planning to have a simple long term leases)

Hey guys! I've finally recouped some capital after buying my first home and am looking to use it to convert my 420 square foot garage into a small studio apartment ( 1 bedroom, 1 bath, kitchenette). My contractor is telling me that I don't have to get it permitted as a ADU but only livable space. Not really sure if that's true or not. Im also considering to get it permitted as a short term rental but have some questions. My zoning code is RS so I thought I could have a short term rental as long as I lived on the property (which I am this is my primary residence). When I check out airbnb there is nothing near my house, I live about 12 minutes east of the ocean, it seems like the only places available are in the downtown district.