All Forum Posts by: Od Ntuk

Hey All! Happy Holidays! I'm circling back on this thread. How has your investing gone thus far in Rochester for those of you who were initially looking? 

Rochester came on my radar after doing research and strong Airbnb markets. I'm a super host here in Brooklyn and I'm starting to look at expanding to other markets. I'm looking to a buy a multi-unit where I can have a regular tenant in one unit to cover costs and then make a profit in the other unit hosting on Airbnb, HomeAway, TripAdvisor, and Booking.com. For this, to work I'd have to have a solid property management team which seems like it has been iffy for most of you in Rochester.

Any additional tips from Rochester newbies and seasoned pros would be very much appreciated.

@John Underwood I look online and I don't see anything in NYC that states implicitly that you need a broker's or property management license to co-host a listing. In my neighbor's case it's not like it is an empty building. He lives there with his family. I figure since it is a legal building that I will be fine with either renting out the place or co-hosting his own listing. 

@John Underwood Thanks for alerting me to do this. I will check out the rules in NYC.

Hey All,

I'm a 5-star host across Airbnb, TripAdvisor, and HomeAway. I have fully optimized my own listing within my two-family home in Brooklyn and now I'm looking to make extra cash by managing other people's listings. I would like to ask people who are actively managing other people's listing what terms you have in place? Are you managing listings more as a partnership where you are taking a commission or a percentage of profits? Or, are you renting the unit and making a profit on the margin on top of the rent? If you are taking a percentage what percentage are you offering? 

I have a neighbor who has approached me about setting up an Airbnb in an available apartment within his property. The unit has been empty for 6 months or so since he had a bad tenant. I did not want to take on additional responsibilities until I fully optimized my own listing. Now that I have a solid channel manager tool, and cleaning team I feel confident that I can make it work. I just don't know whether I should set it up as a partnership or rent it out. He has quite a bit of furniture in there that would make it easier. He has a bed, couches, dining table, desk, TV, and entertainment center so it would be an easier lift. I would want to get a futon bed for hosting larger groups, but beyond that, I already have extra linen and such that I would need to get started. I would just need to spend a bit of time dressing up the place and making it more attractive and comfortable.

@Patrick D Green Thank you your service sounds excellent. I will message you directly.

@Joseph Scorese Thank you for this tip. I have apprehension about doing a deal from a far but it appears that a PM can help that.

@Jimmy O'Connor Thank you for this info. I now have a general target for BP calculators. It will greatly help with the first screening of deals.

I am leaning towards a single-family rehab, so maybe a 3 bedroom/1 bath or 2 bedroom/1 bath for reference. 

Hey All,

I'm finally ready to get serious about investing in real estate. I have saved up enough cash and networked with some potential partners, if need be. My game plan is to purchase a property that needs to be gut rehabbed then get it ready to either fix and flip or fix and rent out. I live in Brooklyn, but I have been keeping an eye on Philly for a while. I have a general idea of the neighborhoods that I want to target, but I do not have a strong sense of what it would take to gut rehab a property in Philly. Without that knowledge, I will not know what is a good deal despite the powerful tools that BP has. Could anyone who has done such a deal give me a break down of how much it cost to go from a shell to a fixed-up property ready to sell or rent? I'm not shooting for a high-end build-out, more so on the efficiency side of things. I would also appreciate any suggestions you may have for contractors.

Best Regards,

OD

@John Hickey Thanks for sharing. I’ve been very successful with airbnb in my rental unit in Crown Heights Brooklyn. I am curious how to pull it off in Newburgh. Either way those are strong rent rolls. Thank you for sharing your knowledge.