All Forum Posts by: Kaja Baum
Kaja Baum has started 3 posts and replied 42 times.
@Ashley James I've read the regulations for Warren but my STR is in Page County. From what I remember the key difference with Warren Co is the distance requirements from other residences.
Post: STR in Maui on a leasehold ?

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Quote from @Bonny Drago:
@Michael Baum the lessor is not the govt it is an investor. The lease is expire in 2066. The lease fee increase every 10 years . Apparently they can’t pull the lease before the term is up. But I am just curious how much revenue I need on such a place to make it a profitable one? So need to gross ~100k from daily rates and occupancy and minus the expenses and Mortgage ?
Hi Bonny,
Yes, I think the $100k range is probably a good minimum guess at that price point. Unless there's something I'm missing, $45k gross revenue on a $779k property is a terrible deal, but that might be for a number of reasons (low availability, bad management, etc). I'd go to Airdna and run some comps for that area to get your own numbers.
@Robert Baez I feel your pain. I had the same issue starting out in Stafford. You don’t need a multi to house hack though. Depending on what you’re willing do try, I’ve had great experiences renting a bedroom. Or you can find something with a basement with a bathroom and separate entrance. Sounds scary but honestly, we vet people well and have had no problems.
Post: Passionate about investing and building the network

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Hey @Christopher Luksa. Welcome! I'm out of Stafford, Va.
David Green's book on Brrrr is a gold mine. As well as J. Scott's book on Flipping Houses. The second will be a bit dated on costs but it's still a great reference manual.
Would love to connect sometime. Feel free to shoot me a message!
Kaja
Hello and welcome @Robert Baez!
What @Jesse L. Weaver said is right on the money. It depends on your goals and risk appetite. I'd add house hacking to the potential list since if it's your first purchase then it makes a lot of sense to not be renting if you're paying anything close to market rate rent. Plus, if you already own a primary, congratulations on your first investment property! You can buy a second one now.
Just keep in mind that if you're doing a fix and flip or Brrrr, be sure to calculate a generous overage with your holding and rehab costs. Especially your first time around. Things go wrong and I too often see people saying (especially with hard money rehab loans) that they have X amount of money to cover down payment and that's what they're spending.
Don't feel like your first answer is the forever one either. You might try a class C high cashflow neighborhood and realize you hate it and move to something else for the second property. It doesn't need to be a perfect decision. You just need to make the decision and not screw up so bad that it takes years to recover. Good luck!
Post: College Student Just Starting (With Capital)

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@Kimani McCarthy Are you in the Richmond area? Like @Heidi Thompson said, house hacking is common. I think it's the easiest and safest way to get your feet wet, but certainly not the only way depending on your living situation. The other thing I'd say is invest where you know and visit often. Aka your backyard or someplace where you have connections. It's easy to get overwhelmed with all the buzz about "top markets," but the reality is your top market is where you have the advantage. Virginia has number of investible places that don't require you to go cross country. I'm in the Fredericksburg to Shenandoah areas so feel free to reach out if you have more specific questions!
Post: I became a real estate investor by accident and now I’m hungry for more!

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Such a cool story, @Darian Hines. Thanks for sharing! I recently Brrrr'd a property in Buffalo. There are definitely lots of opportunities up there. Sounds like your'e on a promising path!
Post: Investment vs Family - Personal Time & Finance Balancing

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Hey @Kyle Pagliaro, I was in your position not long ago. Still am in many ways. I think it's an ebb and flow depending on where you are in life. I found that while the first few years of investing have been incredibly stressful, they're also going pay off big for my future family. If you don't have kids, now is the time to hit it hard and possibly frame to your future wife that in a few years, all this work will give you some wonderful options.
My husband is much like your wife. Super supportive but not interested in the day-to-day. I think the biggest thing is like you said, being on the same page with finances. It's hard enough carrying much of the load for investing. It would be unbearable if I felt he was working against me by making frivolous purchases or was unwilling to make a few sacrifices.
We've also kept our finances mostly separate, not because we don't trust each other but because two people means twice the mortgages. Also, she may not want to manage spread sheets but maybe she wants to be the designer to make your house hack a gorgeous rental, or utilize her photography skills for your listings, or play model for your STR lifestyle photos etc.
Hope that helps. And Congrats on the engagement!
Post: Looking to Start Real Estate Investing

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@Timothy Smith Ha! Not quite yet. I have family up there so it's a nice trip write-off at least. Maybe in a few years. ;D
Post: Shenandoah Area Realtor. Offering and asking for Help!

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Thank you @Hamp Lee III!