All Forum Posts by: Luka Milicevic

Every rental scenario is going to have its own "what ifs" 

In any situation it "could go sideways" easily...

I don't, at all see an issue here if they can pay rent. The only thing I would do is make sure the sisters understand that they are on the lease and if things "go sideways" with their relationship they are still liable to the terms of the lease.

I had a girlfriend/boyfriend in a unit and he died of a drug overdose. She couldn't pay the rent on her own and moved out.

I had a husband/wife and 2 children in a unit and he got arrested for domestic violence. She couldn't pay the rent on her own and had to move out.

Each situation can go sideways....

I'd rent to them in this situation with no issues on my end. 

@Amani Clarke

A couple of notes and lessons 

-You are probably out of your inspection period so you can't back out on a contingency

-You are going to lose your earnest money as a result

-Being sued for performance as a buyer is very rare and I can't imagine a seller would ever do that. The seller's "defense" against performance is typically just the EMD.

-Buying site unseen is perfectly fine for you as the buyer, but SOMEONE on your team has to see it. 

-You absolutely have to work with someone locally to determine the property condition and report back any findings. 

I do use the full focus planner for planning my day/schedule.

I can't imagine it being useful to do a deal analysis or portfolio mgt/scope of work or any sort of numbers planning on a piece of paper. You would have to do so many manual calcs and if you change any numbers you have to re run the totals. 

Maybe goal setting journal would be helpful as writing those down definitely does help. 

@Philip Wayne Ostriem What did you end up doing here?

I don't see why you wouldn't buy both if you have the capital and the deals make sense for you. 

@Bien Nguyen

I don't manage out of state STRs, but I have a friend that lives in LA and has been managing an STR himself in Nashville for 4 years now. Doing it really well too.

I always tell my investors that are buying in my market to at least give some consideration to self managing. 

There are benefits and drawbacks to self managing and you just have to weigh them against each other to decide what is going to work best for your situation. 

Both wealthfront and Ally are paying 4%+ interest right now. You can find others that are paying more. Even US treasuries are paying more than 3 right now!

I'm not so concerned about the rate as I am the fact that you would have 1k left and then you're banking on a bonus....

I wouldnt' do it. Just for that reason. I wouldn't feel comfortable with 1k in the bank. Wait until you actually get a bonus, and then decide if you want to pay down your loan. 

Why haven't you left California? 

I've seen this circulating the web and have noticed a consistent theme here....

All the comments on BP, Facebook or instagram that I've read are from actual STR owners and they all say the same thing "I haven't experienced this at all"

This was posted by Nick Gerli using some source called AllTheRooms which is not a reliable authority on STRs. 

He also predicted the Nashville market will crash 34% in 2023. We only have about 40% to go in the second half of the year!

He has the same credibility as Peter Schiff. They have predicted 25 of the last 2 crashes. 

There is no "work around" 

If you don't have the needed permits or whatever your city requires you are going to get shut down. 

You can run it until you get caught, which won't take very long. There is FAR too much risk trying to do any sort of "work around" and you should absolutely not do anything other than follow the STR laws.