All Forum Posts by: Kenny Smith

@Eric Stewart

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Lee Hunt

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Brandon Spurlock

Furnished Finder, in my opinion, is the best advertising platform for medium term rentals.  We get 80% of our medium term rentals through that vs airbnb.  

So, something to think about, the guests will be paying airbnb's taxes/fees etc.  So it will actually cost you both more money to use airbnb.  So a booking on airbnb where a tenant is paying $2500 a month after airbnb fees is most likely closer $2000 in your pocket after airbnb's cut on the booking.

Vs, paying the $99 for furnished finder, paying for someone to manage the application process, is going to be a lot more money to you over the course of the year while also potentially being able to offer the tenant a better deal (no taxes or fees).  Sure, you don't get the air cover, but any good landlord should have the proper landlord insurance anyways on your property to cover you.

Best of luck!

Never split the difference is a must!  Chris Voss is the man..highly recommend.

@Brandon Vaughan

I haven't used AirDNA as much as others I've spoken with.  However, from my understanding AirDNA can be a great tool to help you understand the market as a whole.

If you want more granual data, I'd consult with a local expert who knows the neighborhoods well.  Again, just the feedback I've heard, but maybe they've come a long way over the last couple of years!

Best of luck.

@Guka Kagu

Cold calling!  Check out prospecting platforms like RedX, where you can call pre-foreclosures which is a good way to find off market deals.

Other social media sites/groups, or simply network with local wholesalers online.

Best of luck!

@Denise Johnson

When you anticipate the interest rate to potentially drop below what you are buying the rate down to.  I don't know what you are planning on buying the rate down to, but I'd just be careful right now, because rates are higher than they have been in several years.  The anticipation is rates could come down in the next couple of years, but simply an assumption.

I'd look into a temporary buy down such as a 2/1 buy down that is paid by a 3rd party such as the seller.  2 percent off the first year, and 1 percent off the second year.  Then your rate revert backs to what it was when it was when you originated the loan.  Great part about a temporary buy down, is although a 3rd party pays for it, it is your money. Even if the rates drop below the buy down rate, you can keep the difference and use that towards the principal.

Best of luck!

@Eric Buss

I am by no means a CPA, but my CPA uses the square footage of my house hack space as the percentage of what I can write off. For ex, my SFH is 2400 sq ft, my basement house hack is exactly half of that, so I can write off 50% of my mortgage. Also 50% of my utilities, 100% of renovations that were done down there, and any renovations that benefit both parts of the house such as central A/C, HVAC, again 50%.

Hope this gets you thinking in the right direction, but definitely consult a CPA on this, and talk to a few!

Best of luck.

@Rob Tepe

I think that would fix the problem as long as you purchase a strong fan.  Depending on how your house is set up, venting like this is typically done through the roof.  Just be aware of that, and make sure you have the capability to do it.

I have a self circulating fan in our house hacks.  Although it may be difficult to completely mask the smell, make sure your charcoal filters are being cleaned or replaced regularly.  Or if you have a self-circulating microwave, that the fans are being pointed in the right direction to push through your filter.

Best of luck!

 @Desta Sillerud 

This is great insight!  My fiancé is a nurse and she was saying the same thing.  I also think with baby boomers getting older, the healthcare field will be in high demand for years to come.