All Forum Posts by: Michael Evans

Quote from @Emy Bernardo:

@John Underwood.  It's scary.  We are considering renting our primary here in SD when we relocate out of state but now having second thoughts. Really don't want to sell, though.. All of our other investment properties are in landlord friendly states. 

Can you Short Term Rental it? You don't have to worry about evictions. I just sold my house in Palm Desert which was a STR for two years. I can manage it for you.

Mike Evans

Quote from @Heather Moore:

Quote from @Kanchi Ji:

Quote from @Heather Moore:

Hi everyone,

I am a newbie to the real estate world. I work full time but I am interested in doing something in real estate part time or a few hours a week/weekend. My goals are to buy my first STR in a year or so. Any suggestions are appreciated.

 Have you already passed real estate license exam? I have not taken the courses yet but that will be a goal of mine

Start by reading "Rich Dad Poor Dad" if you haven't already. Then the "Cash Flow Quadrant"
They will change your mindset forever!

If you intend to hold the property, you should order a new water heater ASAP because it may take a while to get it. Waiting till it dies which you know it will eventually, will cost you more headaches down the road. 

It sounds like you're paying too much for this house. If you use the calculation ARV x 70% minus the rehab cost, the maximum allowable offer is $167,500. And that's if you estimated the rehab correctly.
Good luck

First of all, I encourage you to read J Scotts book "Flipping Houses" the chapter on rehabbing so you can do the estimating yourself.

Then get bids from each of the trades you will need to do the work yourself. Don't rely on just one GC estimate. Get your own numbers

Anyone need help managing their short term rental? I've been an Airbnb "super host" and a VRBO "premier" host for the past two years and believe me, I have learned SO much since I started. Please contact me for help or questions about managing your STR property.

Thank you,

Mike Evans

The knowledge is worth 10x the price of the seminar if you use it. It’s not as easy as he makes it sound unless you jump in and use it

I've been using Quickbooks for ten years and I'm still learning new stuff. They also make changes and upgrades from time to to so you just have to keep practicing. Don't give upon it and hire someone else to do it. As a business owner, it's really important to know where the money is at ALL times

If it's just cosmetic rehab, don't worry about inspectors. They're all sitting home anyway collecting paychecks from our tax dollars

If there is permit that has not been finaled, they will eventually catch it