All Forum Posts by: Josh Fisher

It is also my primary residence as I am renting a room. So it would be considered a house hack. 

I need to wait for 2 years to avoid Capitol gains. I have 9 more months to go...

I have a long term rental, that is not cash flowing. I am interested in starting a few Short Term Rentals in SoCal. I am looking for someone that has done this to give me some advice on starting out. I don't have a ton of capitol to get going, but I have found 3 potential deals. What are some struggles and pain points that I may not be accounting for when estimating on the calculators. One of the areas restrict the number of days you can provide short term rentals, although, this house is just outside of the boundary for that. So I believe it is a good area. AirDNA reports this City as an A grade area. I am also looking for someone to fund me for these houses. Where can I start to get someone to lend me $400000, or to partner with me on the deals. I do the work they finance the deals. Thanks for your input. I can send you the addresses if you like, not sure if I want to post them on the public forums.

Where did you determine the rent was ~1200? I used the rent estimator on the property and got 795. Why do you believe this property will rent for significantly more than the estimator? Is there rehabbing on the property we didn't see? Is this a hotter rent market than the estimator can determine? I am also new, so if anyone has any input that would be great!

Here is a short term rental in Newport Beach, CA. The property will be needing some rehab, although I am not great with determining the number for a rehab. Appx annual income according to AirDNA - $171,754. I personally think we can do much better than this as it is a 5 bed unit right of the harbor on Newport Island, and we will be rehabbing the property some. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello bp,

I am looking to get into house flipping. I really like the idea of finding properties and making them more habitable. I'm not sure where to start, but I want to find someone that is already flipping and join their team. I looked into the New Wealth Advisors Club, they charge $2400 for the year and included is a class that teaches you their way to flip. I don't really like the idea of paying a ton of money just to join a club, even if the class is included. So what I'm asking for is:

1. Is this flipping club worth it?

2. Is there anyone out there that has a team in the so-cal area, I'm in Riverside area and work in Orange county, that needs another team member who is eager to learn? 

Thanks for reading, 

by the way, I really love the BiggerPockets podcast and have been to many of the webinars. I 

found 2 deals by leveraging short term rentals in Palm Springs, CA. I don't have the financing yet, but the numbers are sound. Let me know if you want more info on those. 

Thanks for the replies. Yeah, he is pretty cool, I would rather not ask him to leave. I didn't think of the added repair cost of a airbnb. Also the taxes are different? I'm happy for the lessons this one gave me but frustrated that it's not making me money. Its the first deal. I'm looking to get my next one soon so I'm sure it will go better. 

Investment Info:

Condo buy & hold investment in Corona.

Purchase price: $272,000
Cash invested: $1,500

2 bed 1 bat h condo, long term rental.

What made you interested in investing in this type of deal?

House hack, didn't know I was investing.

How did you find this deal and how did you negotiate it?

Purchased through FHA Loan/Relator.

How did you finance this deal?

FHA loan with 3.5% down

How did you add value to the deal?

Furnished the house, it had already been fixed up.

What was the outcome?

Converted to long term rental.

Lessons learned? Challenges?

Oh my, so many mistakes. Being a landlord is tough. Had a renter that didn't pay. Have been losing money on the deal, looking to get it refinanced to make it more profitable. After the refinance, I will most likely break even every month. However, the equity in the house is +20%. So that's a benefit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agents, and lenders. I really like the agents, was not so happy with the lenders. Looking to do the next deal with the same agents.

Firstly, Hello everyone. First post on the pro forum. I have my first rental unit, its a 2 bed condo in so-cal. It has one room rented, as I was house hacking with this, although I no longer live there. The other room I have listed for rent. If I get the room rented, I will break even on the unit. Not super stoked about that. If I go with a short term rental option, I'm sure it will become profitable.  AirBNB says with 75% occupancy it could be up to 70k a year. It's my first one, so I don't expect to make it to 75%, but 35-45% occupancy would more than pay for the unit plus costs. Should I ask the person that's in the room to leave, or can I even do that so I can make it an AirBNB? The guy in there now is a good tenant, and plans on leaving the end of 2022 anyway. 

This is my first rental and first post. Thanks for any input you might have.