All Forum Posts by: Justin R.

Thanks for your service. Yes, you should absolutely buy a home in every single duty station assignment you get during your career. Sacrifice the GI trips to Apple Bees and muscle cars. The tradeoff will pay dividends in the long run. If you can get a SFD (even if its further from the ocean) I would suggest that. Stay away from HOA's when possible. Some landlords make it work with HOAs, but most find them to be not worth the squeeze.

Hello and great job making some steps.

1. What is the best way to find comparable rent rates? 

INITIALLY RENOTOMETER, OR ZILLOW ZESTIMATE. NEXT PHASE LOOKING YOURSELF ON HOTPADS, APARTMENTS.COM, ETC. FINALLY, ASK A PROPERTY MANAGER FOR CONFIRMATION (DONT BURN THIS BRIDGE BY OVERDOING IT.)

2. I have a friend and his girlfriend that are starting a family that want to live there. Is friends and family discount viable? I do have other options for tenants.

THERE ARE PROVISIONS ABOUT WHAT YOU CAN EXPENSE AND TAKE AS LOSES WHEN FRIENDS AND FAMILY LIVE THERE. DO SOME RESEARCH, ASK AN ACCOUNTANGE, AND MAKE THE PERSONAL DECISION YOURSELF ONCE YOU KNOW THE FACTS. TYPCIALLY, ITS NOT A GOOD BUSINESS DECISION.

3. Is it better to include the utilities with the rent or for me to pay them out of my pocket?

SINGLE FAMILY HOME, HAVE TENANTS PLACE UTILITIES IN THEIR NAME.  NOBODY IS CAREFUL WITH HEATING, COOLING, AND WATER USAGE WHEN THEY ARENT COVERING THE BILL.

@Ardel ALegre

Understand many contractors don’t do bids anymore. With the uncertainty of inflation, supply chain, and labor, it’s hard to make an bid without losing their ***, or over charging so much to create a buffer. More and more contractors are doing “time plus materials.”

In regards to your question, get at least three references.

Yes, In an unknown direction

@Andrew Syrios

The whole ghost town thing is completely fake news. There are still way too many people and vehicles in that city for me to enjoy. Yea the commercial and office sector is taking a beating.

Originally this was from covid, now it’s due to people not wanting to deal with the city of SF, because with work from home movement they don’t have to live where they work.

San Francisco is one of the most beautiful cities in the world. The failed legal, economic and social systems in the city have made criminals the victims, and successful business and tax payers pay the price.

@Collin H. Are you saying there is a system that integrates VRBO, AirBNB, and property managers systems into one calendar? Out are you saying to justjust check then individually?

I have been doing STRs for a few years but my niche is long term rentals. I have been using my property management company to run the STRs.

They utilize AirBnb, VRBO, and their own website for the bookings.

I basically have zero oversight (besides logging into the AirBnb account) as the net income just gets deposited into my account.

Is there a way I can pull occupancy data, and average daily rates from VRBO and AirBnB (other than going into the history and doing the math myself?)

Is there a good platform or calendar that people are using to tie all three of these booking resources together?

Thanks for any input. I would just like some type of oversight of my PM so I can better track performance history.

Thanks

@David Yee geez for 450k I wold want that ADU to gross at least $3500 a month in CA. I know that wasn't your question, but that's a lot of capital or debt for an ADU.

To answer your question, in order, refinance (unless you have golden handcuffs 4% or below interest), heloc, second mortgage, private money. None of these are ideal in this high interest market. Just make sure you are aware of your interest rate ceilings, positive cash flow, and increase your property value by at least 110% of that cost.

Save your money during both appreciating and depreciating markets. Only by at the bottom, and only sell at the very top. Finally and most importantly, please sell me your crystal ball when you are done.

Honestly I’m just kinda holding still at the moment. I’m speculating we will see a market correction, not because intrinsic value isn’t there, but because affordability isn’t.

When a solid blue collar career or public service worker cannot afford a home door to prices and interest rates, something has to correct.

I’m personally saving, but if the right opportunity comes I won’t pass it up.

@Dennis Nikolaev sorry to hear.

Just an idea.

1. Get long term renters in there so you at least get some revenue and stability.

2. Try like hell for a loan modification, or a refinance with an interest only loan. If you can break even and let time happen you will be okay.

I think if you can get by for another 2 years things will get better. I don’t suggest you using up all your remaining personal emergency money for this though.