All Forum Posts by: Jeffrey Albaum

Meetups and events have been awesome! I agree with a lot of folks on here that they're all about how much effort you put in. If you make an effort to really get to know people as people, you'll get a ton of value from it! Also, on a more pragmatic level, the people you meet at these types of events all tend to like talking about similar things - personal growth/development, how to be a better person, cool hobbies, and other interesting things outside of real estate. I try to not talk about real estate at all until I've learned more about the person. It makes for a great way to meet more friends!

Hi @Ryan Blanchard!

These all sound great and congratulations on getting into your house hack! I think from everything you said, Option 1 sounds the best but I would recommend asking the seller if they're willing to do any sort of seller financing. Reason I think Option 1 is better than Option 2 is you already know the property fairly well, and you've worked with the seller before. As long as it fits the rest of your criteria I think that makes a ton of sense! Hope this helps and best of luck!

Hi @Joshua Poitras - a challenging aspect for us has been the fact that no matter how great your PM is, they're not going to treat your properties with as much time or love as you would. A big help for us for developing a stronger relationship with our PM team is bringing them in before we even buy a property. They're right there with us giving insight into how difficult a potential purchase will be to rent, flip, etc. This gives us more accurate underwriting but also provides our PM's with less headache down the road because they're not blindsided by what we end up purchasing.

Hey @Jeff Costa,

Check out "AirDNA". With their paid plans it gives you a similar breakdown that you can adjust. I don't believe it includes a mortgage payment so nothing "below the line" but it'll still give you a rough NOI. Hope this helps!

Hi @Oscar Hernandez! A few tips would be to overestimate how much your rehab is going to cost, and ensuring you have more than enough funds in reserve to do so. Also now with interest rates much higher, making sure that you're clear on your numbers when you go to refinance out of the property. Maybe you'll need to pull less cash out than you thought in order to cash flow higher due to higher rates. Hope this helps!

Hi @Marco Pangilinan. I don't have any direct experience owning an STR in CA, however I would imagine it's done by City. I'm not sure why there's a different cap because I thought Mission Beach was part of the City of San Diego. I also believe that La Jolla is considered a "Special Community" but still under the umbrella of the "City of San Diego". Sorry that's not more helpful!

Hi @Logan French! First off welcome to BP! I would recommend one of the best things to do is to start with a property manager - find a bunch that you can interview in order to get some comparisons. Once you find one that you connect with/like, ask for references to validate. From there, ask your newly found property manager who they recommend for the other 3 team members you'll need. You can theoretically start with any of the core 4 and use the same method, but make sure you interview multiple folks before picking who you use to ask for referrals. As the saying goes, "Rockstar's know rockstar's".

Hi @Luis Torres! Check out AirDNA for some good starting info on how much you can expect to make on Airbnb based on the property address, # of bedrooms, etc. As far as calculator goes, there is one on BiggerPockets that essentially prints out a report from AirDNA. If you want a more in depth tool, shoot me a private message and I can send you the calculator that I made! Also a great option is to make your own. I find that at least for me personally, I understand things the best when I can sink my teeth into them myself.

Hi Lynn! I don't know specific cleaners in that area but there is an app called "TurnoverBNB" that let's you select cleaners! Give it a try and hopefully it's helpful!

Hi Anthony! With rates where they are right now, pulling cash out will just be expensive, plain and simple. Even if you can pull cash out, your payments will be significantly increased. A good option might be to find a local credit union to look into an equity line of credit on your investment property. I know most banks won't do this (they only do equity lines for your primary residence, hence the term HELOC), but I think that some institutions will do a line of credit on an investment property. The thought process being even if your payments go up, as long as you're not bleeding cash, you can buy more real estate which will increase your overall cash flow.