All Forum Posts by: Paolo Ruggieri

for the intial question ... Young man becoming father soon... Yes oh can make 5k net a month with low level rentals... Takes determination though... I am the living proof is possible starting from very little... My goal is actually 15k/ month ... I am at 11k... Almost there... PM me and I can tell you what I did (right and wrong)... It did take me 4 hard labor years to get where I am though... Basically working a full time corporate job whole doing real estate ... Very intense

Bb&t did a 35k loan for me

thank you. I do agree on mixing short and long term... Various reasons:

- I do agree that if I have 2 small units rented on short term basis with an employee overseeing the operations, municipalities can shut it down saying I need a note license

- short term rentals could be used to fill the places while I am looking for long term

On the specific deal I chose not to go forward because of an inspector finding, but I do want to implement this model on my first apartment building I buy.... So far I've only invested in single-family homes and duplexes... I believe that this apartment building model could work… I welcome any additional comments / suggestion on this subject

Great advice!!! I love airb&b ... I do see that it has a different type of clientele... Thank you!!  This is why I love biggerpockets!!! 

Any other websites like airb&b?

Thank you... Are there any websites for back packers?

thank you.. My question is if there is a small population that would be ok with low price /shady area on vrbo or if there is almost no one ok with those areas....

in the atlanta market there is an offer of 300 units... Doing my research they are approx 75% full and weekly price ranges $500-$1,000... With 75% accuracy means I have a demand of 200-250 units. Could 10% of that demand (20 units) be interested in a lower price/worst area offering? I understand that the majority of people on vrbo do not want shady areas... I wonder if 99% of people on vrbo are not ok with shady area of 90% ... If for 90% is a problem and for 10% they are good with it because of the low price, than I have a product to serve the 10%... If 99%+ people on vrbo are not ok with shady areas then my model will not work as i do not have a market to serve.

There is no offer on VRBO of this product... So I would be the first one on the market... I wonder if there is demand

I surly will disclose that rent is half price than everywhere else because the area is tough. My question is.... Is there a demand for short term rentals near downtown of a metropolitan area in a tough area from people that visit the city for few days and want to spend much less than a hotel and have a kitchen and livingroom?

All, 

I am considering buying 20 units apartment. It is in a tough area, very close to downtown Atlanta (2 miles) very close to a gentrifying area (0.5 miles). 

Reason why City of Atlanta is investing lot of money in a program called beltline which is planned to come to this area in 2 years.

Area is now very tough, mainly due to these 20 units... the rest of the streets are full of houses being flipped, but these 20 units are very difficult... 17 are with no doors and squatters live in them. think  the worst.

My idea is to hire 24X7 security for 3-4 months, rehab them all and rent them out. However, before they can be rented to good tenant I need 2 years... as area is not trendy yet .... first good renters in the area are taking best houses...and as living in my condo is less desirable than a house it will take me time to get good tenants...

I was thinking of trying VBRO... In Atlanta all VBRO rent for at least $400/week... I thought to try to rent my units for $250/week which VBRO... making units nice inside (so that pics are attractive), and explaining on the VBRO advertisement that low cost is because area is not yet a good area. VBRO should attract good tenants (as they typically look for a vacation/short term visit) and maybe good tenants are willing to stay in a difficult area without giving bad reviews if I am charging them very little. 

If i charge them $250/week... $250*4*20 = 20k gross /month... I am paying 200k for the 20 units and need to put 250k into it  ... $450k investment, 20k gross rent, 5-8k net rent would be great... if this works. all units are a 1BR-1BA

Does anyone have experience with VBRO is a transitioning area which is still pretty crimey?

I am ok paying broker... I was wondering if I would pay broker a flat fee instead of per transaction