All Forum Posts by: Lauren Merendino

AWESOME!  Exactly what I needed.  I've heard of some of these, but not all of them and there are many options out there that it is helpful to hear from someone who has actually used them.  Thanks so much, Bryant!

I'm considering a quadruplex short-term rental in another state. For someone new to STR, what technology/websites have you STR Pros found to be the most useful? Beyond the booking websites, tech that helps to either evaluate or manage an STR. Thanks!

Thanks for the feedback and examples.  The real estate market has evolved a lot in the last few years, with more real estate investors making it more competitive and interest rates cutting severely into margins and also slowing down buyer demand (when trying to get out of a property).  All the more reason to be tight on criteria for what qualifies as a good deal.  Working on figuring out that definition for me and your comments are helpful.  Thanks.

Quote from @Corby Goade:

Do you have a team built in any other markets? Have a good CPA to help you strategize?

Hi Corby,

I definitely need to find a CPA with real estate experience.  I have a personal CPA, but they don't have much real estate background. 

I haven't built a team yet because I'm still doing analysis on markets.  Right now focused on Charlotte & Raleigh, NC, but also considering some of the advice above of sticking with markets I have friends/family in and travel to frequently.
 
You're spot on with the tax liability.  I'll just add that in addition to offsetting future tax liability, I'd like to offset current taxes as well, during my highest earning years.  So, I'm planning to use accelerated depreciation, where I can.  This is part of the impetus to get started now that plus likely qualifying for financing easier with my current income.  My primary goals are tax benefit and appreciation, as opposed to cash flow.

Thanks again for your thoughts.

Lauren

Quote from @Theresa Harris:

Thanks, Theresa.  I'm on house number 4 that I've lived in and renovated, so I agree that's a good strategy (I've done it just through life, not actually a purposeful strategy).  Something to consider in the future.  

Since I live in an expensive market, I'll need to do remote investments in the near-term, so right now focused on turn-key properties.  Looking to maximize appreciation & tax benefits, so not necessarily looking for high cash flow to replace a salary.

Good advice on not focusing on the number of properties.  One of the things I'm trying to figure out is if I'm better off getting a few lower cost properties or on higher priced property.  Need to work on the math a bit, but open to any advice.

Thanks for all the advice.  A lot to think about.  For me, it's more about maximizing appreciation (and tax write offs).  Thanks for the advice on the manager as well.  I'm first trying to narrow down the geography and then build my team.

For us, PA = Philly suburbs, NY = Westchester county, NC = Charlotte or Raleigh & surrounding areas.

Quote from @Jaycee Greene:

Since SF is so expensive, I'm looking at other markets.  I've lived in (and have family in) NY, NJ and PA, so I'm open to those markets, but we plan to retire to NC.  So, I've been looking at NC markets to potentially build a portfolio in advance of moving there in the future.  With that being said, I also want to make sure the market conditions are right and the math makes sense so that it is a wise investment, not just based on our preferences of where we want to live.

When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. It's hard to find a "perfect" market that is knocking it out of the park on all these parameters. So, what do you prioritize? What are your non-negotiable factors vs nice to haves?

I'm new to investing in rental properties and I live in one of the most expensive markets in CA.  So, I'm looking to invest in other markets and trying to focus on one or two so that I can build knowledge over time, but narrowing it down is a challenge.  Interested in advice from those of you who have evaluated markets you don't live in.  Thanks!

Quote from @Nathan Gesner:

Quote from @Lauren Merendino:

That's a nice dream. What is your plan to obtain this dream? What do you need help with?

I know, easier said that done, but dreaming it is the first step, right?  I do have a plan, though.  Right now evaluating potential markets, I'd like to find one to focus on for my first 3 properties (building knowledge in a specific market).  Looking at SF, turn-key properties that I can rent.  I'll leverage accelerated depreciation for the tax benefit in the near-term.  Looking at properties in the $200-$400K range to get started, but may go higher if the math makes sense.  Adding 3-5 properties a year until I retire (~5 yrs).

I could use help with understanding how people prioritize the various factors in evaluating markets.  For example, population growth, employment rates, rent-to-price ratio, rental demand, etc.  It's rare to find a market where everything is positive, so how do you prioritize those you aren't willing to compromise and those you have wiggle room on?

Thanks!