All Forum Posts by: Lauren Lockett

Hello,

Anyone who has experience in renting out 1bed 1bath condo in zip code: 75038, Irving Texas to travel nurses or doing Air B&B. It’s near DFW airport and 7/10mins away from Baylor Scott White Hospital of Irving. Looking for suggestions how to find travel nurses, i am checking on furnished finder and some facebook groups i don’t see much demand like downton dallas. So, trying to get some suggestions to find travel nurses, i’ll be calling hospital HR tomorrow, however if there’s other tips & tricks, suggest me.

Trying to get the best return on investment and maximize profit. I like the idea of renting to nurses than long term tenant because of wear and tear issues. As it has is cons too of finding nurses.

Thank you.

Best time to improve your Airbnb is during low season. I recommend going through your reviews, see what guests recommend you to improve in order to make their stays better. Take advantage of the low season to keep your bookings up with good reviews in high season!  

Also, low season can be good to list your new airbnb. So you can focus on getting 5 start reviews, build the property profile and be ready for high season!

Hi all,

I am curious about how people are successfully operating rental arbitrage businesses. I own multiple rentals in the south/mid west and recently I was approached by an aspiring arbitrager to lease out one of my duplexes. They have furnished the unit as well as complied with my annual rent increases and its been a great long term relationship - they've always paid on time or early, I collect my rent, they maintain their "place of business" keeping my property running tight, and they in turn profit by doing STRs.

Myself coming from the ownership side, I am not looking to get into the businesses but I am just curious what successful arbitragers are doing and possibly what horror stories people have. Simply looking to gather some insight on:

Who has been successful in rental arbitraging and what leads to that success? Is it property managers who have quality systems in place already who are just diversifying their business model? How are leads being generated for this, there really isn't a "Zillow" where people can go to find arbitrage opportunities, its all market research and cold calling it seems. I have seen very mixed reviews scouring through the BP forums and am curious.

Does anyone have horror stories or major problems faced that stopped them from success in this business? What would make this method more attractive?

Thanks all for sharing insights!

Quote from @Lauren Lockett:

I hear a lot of people say it is allowed in multi-family zones, but MF means a lot of things to a lot of different people.  There's a little more to it than that.  Chapter 42B of the Dallas STR code prohibits short-term rentals in multitenant structures with fewer than 20 units.  So that cuts out a lot or most smaller investors.

Hello BP, I’ve got a question I’m hoping some seasoned investors can help or give their insight . I just finished a pool cabin 4 bedroom 6 bathrooms . 4200 sq feet in gatlinburg with theatre , sauna , steam shower arcade indoor heated pool. Appraisal. Location is great , view is good and overall I like the cabin but the situation is :

950k mortgage at 8% . So mortgage sits around 7k without taxes .Just got our appraisal and looking at comps realistically 800-900 equity currently . We did the build ourselves so we saved alot of money but I don’t think I’d sell and build again just do to the headache of workers in the area . The lender thinks we’d get around 15-18k a month gross but I’d be hopeful to get closer to 12k average given current market conditions . 

Just had our first baby and looking to simplify my life a little so taking the equity and doing something back in Georgia is tempting . Thank you all for any insight .

Welcome Lauren! I will be at the Grapevine Impact meeting tomorrow. Make sure to say hi! I also run a meetup in Addison. We have a lot of newer investors in my group. My philosophy is that everyone comes with life experience that can contribute. Think about your job skills, personal background, or other skill sets that can be valuable to someone else. Sometimes it's just the time availability that allows you to be helpful (drive for dollars, updating remodel pics, sending out letter campaigns, etc.) The biggest thing is to be honest about skills you have or don't have, and follow through on what you've committed to doing. Consistency will make you stand out.

Quote from @Lauren Lockett:

Quote from @Justin Vogelgesang:

Hey @Lauren Lockett I think you'll find a lot of like-minded individuals in this community. You should definitely check out some of the meetups in DFW also! Those are great for networking and learning from some of the experienced real estate professionals. 

Side note: even newbies here have something valuable to bring to the table, so don't be shy to post or answer questions.

Hey Justin! I certainly will jump in where I can as a newbie. I jumped into my first meetup last week with IMPACT (I think it's an Arlington REIA I found on Google/Meetup) in Fort Worth last Thursday and it was great! Reading the forums and listening to the podcasts, I've heard that recurring theme to begin by connecting and networking with this community! My goal is to go to an event a week and make 3 new connections. Do you have any suggestions on DFW meetups that you find helpful?

Re: Investor Meetings in DFW

 Lauren, there is also another IMPACT Meeting coming up in Grapevine next Monday (4th Monday of the month) at Dave and Busters.

and another meetup IMPACT Plano on the 1st Thursday in Plano, Sept 7th

and in Denton on the 3rd Monday of the Month 

you can find more on meetup  

Quote from @Lauren Lockett:

Morning! 

if you search on DFW meetups in bigger pockets you will find probably several times where Ive posted some notes about meetups.  After seeing your info about impact I probably need to update that with all or more of their locations.

I found this list of REI groups that operate out of the greater Dallas area: https://www.meetup.com/topics/real-estate-investing-meetings...

There are also plenty of great groups in other large metropolitan areas in Texas, like Austin and Houston, if you're looking to expand your connection and optimize your time.