All Forum Posts by: Joshua Messinger

Hey @Jacob Brenyo! 

There are a couple things that will set you apart from other investor-friendly agents in your market - here's a couple: 

- Having vast market knowledge of the areas that perform well and the others that don't 

- Having already built rapport with the right people/listing agents so you can get more deals done for your clients faster. 

- Having systems in place already that your clients can join in on which solve's the problems they may have. For example having your own property management, interior design, and contracting team are extremely resourceful because then you become a one-stop shop for your clients. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh 

Hey @Michael Higgins! 

@Chris Seveney hit this one right on! I wouldn't recommend trying to draft up an agreement yourself without an attorney's provision. If done incorrectly you leave room for getting yourself possibly in trouble for something you didn't know what was right or wrong. 

I hope this helps and if you ever need anything don't hesitate to reach out! 

All the best,

Josh 

Congrats on your success so far @Paige Thuli! Looking forward to hearing about the many more you get! Keep crushing! 

All the best,

Josh

Hey @Brian G.! 

I would recommend clicking the "Find An Agent" tab at the top of your screen - then you will be connected with an investor-friendly agent in your area. 

Hope this helps and if you ever need anything don't hesitate to reach out! 

Best of wishes,

Josh

Hey @Rick Oaks! 

Getting into arbitrage right now can be pretty risky so make sure to really educate yourself and gain the knowledge of knowing what you have to do before you jump into anything. I would take @Luke Carl's advice on this one and look up Brian Page's Airbnb formula. He's extremely knowledgeable in the arbitrage space and can guide you in the right direction! 

Hope this helps and if you ever need anything don't hesitate to reach out! 

All the best,

Josh

Hey @Sean Bramble! 

I would generally advise to steer away from HOAs that don't have a track record in the STR space. You are right 100% on the regulations being changed overnight. But, a good way to figure out if this is the right decision that you are making is to go meet your neighbors. Ask them what they think about STRs. If you get a negative response back I wouldn't buy there whatsoever because it seems like the board of members will be very tiny and may make rules that are based on their own needs. If you do end up getting a general consensus back that seems very positive though I wouldn't be too worried.

I hope this helps and if you ever need anything don't hesitate to reach out! 

All the best,

Josh 

Hey @Amy W.! 

I wouldn't rely on algorithim-based calculators as all they are doing is spewing out inaccurate numbers with no real correlation to anything as every software has outliers in their system that will either make the number drastically conservation or speculative. 

What I would do is use Pricelabs or some other data software that provides you with actual market data of current STRs and their performance. Having this you will actually be able to tell what sets your competition apart from you and what areas may be hot or not. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh 

Hey @Kurt Baltutat! 

I wouldn't focus on seasonal vacation markets coming up within the next 1-5 years due to them being higher-priced vacation markets as I see these taking the biggest toll with consumer spending decreasing. A good solution to this though is looking in markets that are within a drive between many major cities and offer affordable housing. Saying this - one area I would really like to highlight that fits this criteria is Poconos PA. Especially during covid in 2020 we had seen an occupancy increase within our units, where we were able to hold a steady 90% to 100% occupancy rate. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh 

Hey @Mike Sangapore! 

I like the idea of cash-out refinancing and am assuming you'd like to go the 1031 route if you're looking for something within the same price range as where you are at right now. But, I agree with @Scott E. 100% on this one. If you don't have to pull out all of your equity at once then why would you? This way you can utilize more than one HELOC at once and get more properties than just one this way you are dealing with a lower overhead on each property and dealing with a higher scale.

Otherwise, if something works out conservatively numbers wise I would jump the gun on it ASAP. You seem like you're in a position to move forward so get it done! 

I hope this helped and if you ever need anything don't hesitate to reach out! Keep crushing it!! 

All the best, 

Josh 

Hey @Trevor J Dammon! 

I would zoom out and look at the bigger picture here. Do you guys plan on living here for a long time? If so, it may be hard for you guys to get another deal from this one as your payback period will be around double the time it would take since you are only making a small amount of cash flow and building your equity up at half the speed it would be building up at. My best piece of advice for you guys is to really set out some objectives on what you want to get out of this and figure out what your plan is after this. Being able to know this will allow you guys to reverse engineer the entire process and really know what your next steps are moving forward instead of worrying about percentages. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh