All Forum Posts by: Josh Young

@Mark Smith If you are worried about cash flow and the chance of losing your job then you want to put as little down as possible and save as much cash as you can for reserves, living in the property as your primary residence should help you with this. Don't buy in a shady/high crime area, I know it's a limited inventory for small multi-family properties in good areas that are affordable, but there are a few.  The other option would be to buy a house and rent out the rooms, this should cash flow better and you will have more options to buy in a better location.  Do you currently own a home that you will be keeping as a rental or will this be your first home?

@Jessica Sudyn don't worry about the PMI, you will likely be refinancing in a few years. Put as little down as possible and save your cash so you can have extra reserves and buy another home in a few years. Here are a couple posts I did that might help you: https://www.biggerpockets.com/forums/61/topics/1096979-how-i...

https://www.biggerpockets.com/forums/12/topics/1108744-how-t...

@Antonio Bodley it depends, maybe a few years and the entire state and then try to find similar characteristics such as town size, parcel size, utilities access, zoning use (residential/commercial) etc. Then try to narrow it down from there.

@Antonio Bodley you will need to find comps by either searching in a bigger area and/or searching further back in time and/or searching for bigger/smaller lots. You will likely need to make bigger adjustments with any of these comps, so you will have a bigger variance than you might like, but you need to use some sort of comps.

@Joshua Amezcua there are lots of investors, but that doesn't mean you are in competition with all of us/them. I would focus more on the market and remember that high tide rises all ships. Also, it sounds like you have a strategy already, don't switch to BRRR or 30 day flips, just keep doing live in flips, so you can be patient doing the work yourself and get owner occupied financing.

@Sandy Land I just sent you a DM, I don't normally offer a flat fee, but I'd like to learn more about this piece of land you want to sell. Message me back if you want to connect. Thanks.

 If you were having trouble filling the weekends then maybe, but you said the weekends are booked, so let your busy weekends help you during the week. People won’t mind staying longer if they see value in it because you are giving them a discount on the weekdays that you make them book. Some will still only stay for the weekend but pay for the extra night if they see value in it.

@Louis Louisius

#1 - Increase your minimum length of stay.

#2 - Lower your rate during the week.

@Michael Devinsky with residential SFH it's all about recent comparable sales, but there are more general guidelines rather than hard rules, so it becomes somewhat subjective. There was a good episode of BP On The Market about comping, it aired April 27th

@Heather Johnston I personally don't put any of my properties in LLC's or S Corp, I simply own them in my name with my wife and we have insurance. The main reason people put properties into an entity is they think it provides asset protection, but in most cases it does not and you can still be sued and they can "pierce the corporate veil", so you get no protection. The main reason I don't put my properties in an entity is because it makes financing a lot more expensive, the entities themselves also cost money to maintain, but financing is the main reason. An entity cannot get a conventional loan, and if you buy the property and then quit claim deed it into the entity you risk the loan being called due because of the due on sale clause, this probably won't happen, but I view it as just as likely as the entity providing asset protection.

Before I owned my first rental property I was concerned about what type of entity to start as well and I found that the answer is none. Just buy insurance and don't be reckless or negligent.