All Forum Posts by: Anthony Gayden
Anthony Gayden has started 77 posts and replied 1981 times.
Post: 100k What would you do?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Josh July:
IF someone handed me $100k I would......
put a 25% downpayment on a rental property and rent it out for 3 to 5 years and refinance and pull out my equity out, and put it into a larger rental property as a down payment... Buy Rent Refinance RepeatKeep in mind my market is less expensive.
I would buy a dated, but functional SFR at below market value using the 100K for the down payment. This would probably cost around $125K for properties that meet my criteria in my market, so the down payment would be about $25K. I would do a modest rehab for an additional $25K.
Hopefully I would be able to do a cash out refinance and get a good chunk of my money back after the rehab and I would rent the property out providing me with cash flow.
Post: whats best strategy to beat multiple offers??!!
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Originally posted by @Damian Sandoval:
whats best strategy to beat multiple offers??!!
I tried (unsuccessfully) to use an escalation clause on several offers. It just wasn't enough to beat cash buyers.
Post: Supplying mini blinds in rental house
- Rental Property Investor
- Omaha, NE
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Post: Which SF Mayor candidate is more landlord-friendly?
- Rental Property Investor
- Omaha, NE
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Is that a trick question?
Post: Short Term Rentals (like Airbnb) have been BANNED!
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @James Wise:
Originally posted by @Paul Sandhu:
Don't forget that the hotel/motel lobby can have a big influence on the ordinances of a municipality.
I purchased a motel last year. For the record I shut it down as I am developing it into an apartment building so I have no dog in the Airbnb hurts the hotel industry fight....However it's important to note that there are a ton of additional taxes that a hotel or motel pays to the local municipality that an Airbnb operator doesn't.
That is a good point. The logic behind those taxes was that they would tax visitors to the city rather than residents.
Do you believe there would be more support behind STRs if they were similarly taxed and licensed?
Post: Short Term Rentals (like Airbnb) have been BANNED!
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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It doesn't surprise me that certain places have attempted to ban the activity.
I have no real opinion on the topic. I have never used one, though I do see their benefit, especially for people staying in a location more than a few days, but shorter than the average apartment lease.
Post: Is Zillow a waste of time for REI?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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I use Zillow for comps. They have a nifty map function that shows "recently" sold houses. Some of those are as much as 2 years old, so you have to really look through it.
Also as others have mentioned a lot of the people listing their homes FSBO are on Zillow.
I will say that I have seen quirks with realtor.com where certain properties did not appear for a day or two, meanwhile they appear on Zillow.
Post: Rental smells like cigarette smoke! How to get rid of the smell?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
I had the same problem. Two coats of oil based KILZ over the entire house including the ceilings and floors in some rooms and ripping out all of the old carpet/flooring solved the problem.
Post: Pay down mortgages or invest in stock market
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Eddie Memphis:
If you pay one off, the entire rent will go into your account. Use this to pay off the second property as quickly as possible. Then you own two properties that have amazing cash flow. You can use them as collateral for a loan on another property or invest in the market. Or buy a sailboat!
I disagree. There is no reason to pay the properties off, especially if they already provide significant cash flow. The renters should pay down your mortgage, not you.
Instead use that money as a down payment on more properties that hopefully get you even more cash flow.
Post: Little Old Lady Saves $9 Million then Dies
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Account Closed:
A very Rich man died and at the funeral someone asked the Pastor how much the Rich man left and the Pastor responded with "All of it".
There is more to all of this than money.
Says the person who live in Paradise Valley....lol
In all reality I'm not begrudging her lifestyle choices, I am frugal myself and live far below my means. I also am not skeptical of her decision to not tell strangers. I am however extremely skeptical of the fact that she didn't tell her own husband and even though she was wealthy, lived in subsidized housing.