All Forum Posts by: Pancham G.

Jon, if you know the amount of gross annual income they are generating from the property, then you need to find the expenses on the property. This should include everything. Since this is a vacation rental, it will typically have more than a normal SFR. Here are a few expenses to consider:
- utilities
- marketing
- taxes
- insurance (can be more for vacation rentals depending on the area)
- cleaning expenses
- toiletry & other supplies (since this is a vacation rental)
- property management (this can be high if you are not going to manage it yourself)

After you have all of these then you can find out NOI (net operating income). Once you have NOI, you can divide that with the going CAP rate for the area (if you know this). If not, then you probably have to find out. If you can't find out, then I would think that whats the BARE minimum return you want from this, and use that number to come up with the maximum you would pay.

Hope this helps. (btw, don't look at the county values as they usually are very off). 

@Ben Rutkevitz: Great going Ben!!! Its all about taking action. Wish you tons of luck with the rehab! Very nice looking website too... 

@Darren Sager: great great meetup!!! Thank you for doing this... so many great people in one big room! Can't get better than that. 

@Joshua Dorkin: Thanks for taking time out of your vacation to see all of us... does mean a lot! Agree w/ all the things that have already been said... It was really inspiring!

Some of the photos here from the meetup!

It was great meeting @Matt Faircloth and @David Krulac!

@Han Gu

Welcome to BP! Its a great place for real estate investing. You cannot just go buy the price of the property and the school ratings. Granted that 10/10 school ratings on great schools may imply a good area but you have see overall whats driving the growth in that area, how are prospects of the area in general, what kind of population growth has happened in the past year, is it mainly owner occupied area or renters area, the demographics, is the area over developed for its demand, etc. You can read CAFR (Comprehensive Annual Financial Report) for the area to find out more information about the biggest employers etc.

I see that you are from Long Island... with 150k, you can get decent deals here if you willing to take leverage.

@Roger Laughary

Congrats and right on!! You have done BRRR and now its time to add another "R" to it to make it BRRRR :) (Buy - rehab - rent - refinance - repeat)

We are doing something similar. We are at the first "R" right now.

Good luck w/ 2nd and 3rd.

 What is the address?

@Morgan Nilsen: Here are a few things that you can try. It depends on the kind of place your vacation rental is in for these to work and also takes a lot of hard work.

- Go to a local tourist information center and put your ad there. 
- If its a popular wedding destination, go to all the popular wedding locations and give them your information.
- If this destination has a lot of conferences, go to the conference centers and give ur information 
- etc.

This list can be extended to the type of events/happenings in your area. This can be done online also but can get expensive. You have to make sure that you connect and make relationship with the right people at these locations.

@Darren Sager

Amazing!!! I cannot miss this one... gotta cancel everything on the list for June 23... even if its the best deal yet! :)

@David Krulac

 Lol. I can see being a contributing member of BP can be the 6th sign! :)

@Zamir Kazi: Have you tried truerent or rentecdirect? What would you recommend. I know its a 6 months old post so was wondering if you are settled on something by now. I am trying to evaluate both. Thanks.