All Forum Posts by: Michael Evans

I agree with Travis. It's way more work than all the STR gurus talk about. I did it for two years on my own 4 bedroom house and I can say for sure that I would never do it again. It's a full time job and that was just one property.

Before deciding on the location of the property, it is important to research the local ordinances regarding STR's. I ran an Airbnb using my own 3-2 detached single family house for two years. The City where I live requires the owner to live on site in order to get the STR permit. There are significant fines for not having a permit. Two years before, I built a guest house on the property and lived in it while I was renting the main house on Airbnb and VRBO. I good way estimate the income is to go on the Airbnb and VRBO sites and check what other similar properties are renting for and do your calculations from there. You should also keep in mind that the City may require you to pay as much as 11% DOT tax as in my City and you have to file a monthly report with the income you receive and enclose a check for the tax.

Good Luck!

The Fed has a mission to bring inflation back down to their target of 2%. The only way this can happen is to get the Fed Funds rate above the rate of inflation which is now at 7-8%. I believe the Fed Funds rate will get to 9% by the end of the year.

Make sure you have perfect 5 star reviews, no complains. Your goal should always be to achieve the "super host" status with Airbnb. Potential guests start with the reviews when deciding where to book

Good luck!

Would you get a quote from the same realtor for a heart problem? Then don't listen to a sales person about a structural problem. I'm a licensed general contractor and I can tell you from experience that $10k won't touch the foundation problem you are describing. The structural engineer will need to do repair details and drawings and ONLY then you get estimates from foundation repair specialist before you proceed.

You might double that estimate and then make an offer just to get it under contract. But make sure the contract is contingent on the repair cost amount.

Good luck!

Make an offer and go from there. If it's accepted then get it under contract. If you can't get the financing, then wholesale it to another investor, get a fee and keep it going.

Good luck!

Keep in mind that each island is actually a country. You need to do some traveling and actually visit and spend some time there. I would do some due diligence on an island/country friendly to the US, uses the US dollar as their currency and is not prone to political upheaval. Staying away from socialist government ruled countries would be my main concern.

Good luck!

Make an offer and go from there. If it's accepted then get it under contract. If you can't get the financing, then wholesale it to another investor, get a fee and keep it going.

Good luck!

Make an offer and go from there