All Forum Posts by: Pego Jean-Paul

I would definitely reach out to the local board that manages str in that town. Insure that the str will be allowed and you get the right permits. I have a friends that did a str but had to turn around and sell because the neighbors didn't want it and gave him he'll for it. You can try to reach out to people already doing those rentals on airbnb or vrbo and get input from them. Some may not respond but you should get a few that are willing to share. Good luck!

Steve,

You can also look in upper state ct and lower section of ma. You may be able to find something in those areas. I know in upper section of ct it is a more reasonable market. I think it's a get idea to look long distance but you may be able to find something with 2 hours distance. Best of luck!

Aruna, you are going to have to look for some off market deals. Since you want to put in little to no money down, you are going to have to invest time to find that deal. You should first tell everyone you know and met that you are an investor and is looking to my your first investment. You can use this to build your network and find people that are looking to sell. You are in NY and where you are the properties are pretty expensive. I live in CT so I know what you are feeling. You should determine where you want to find deals. Long island, NY may not be the place. Maybe upstate NY would work but you should do your research first.  Once, you identify that place. If it is close enough, you can drive for dollars. Look for homes that are distressed and reach out to the owners. You can use websites like list source or prostream to get a list of owners that I have a potential to sell.  

Hi, look up for local Reia. You should be to find events and start networking it members there. I am going to my first meeting next week and I looking forward to learning from others and sharing my own experience. I would also tell everyone that you looking to invest in properties. You never know how they can help you get deals and link you up with people that also invest. I recently went to a wedding and I brought up that subject and found out my cousin is a wholeseller in Ohio. I have been able to connect and share our information. Try to enjoy this process and go out to meet people and connect. All the best. 

I would do so more research on that deal. I would recheck those comparisons the numbers for retail seem way off. 

The cost of items has increased. I have changed my roof for my personal home and it cost $3000 more than what I was quoted 4 years ago. You should put yourself in the contractor's shoes. Breaking done the cost of each item would be too much work for a contractor to do with each customer. You can offer to pay for a detailed estimate, so they do not feel that you are wasting their time. Otherwise, keep on searching and you will find the average price. Sorry it is expensive in the tristate. 

Hi,

I would do a little more research. You can read the ultimate beginners guide here on bp. After that, you can decide your what strategy you may want to try. The best strategy is base on your interest in that area real estate, risk level and motivation to excel in that area. There many success and horror stories on bp with each stretagy so read  up on both sides. Good luck!

Benji,

That is a tough situation. How many lenders have you reach out to? I would first  keep on searching for a better deal. If that is the best you can get, you always partner with someone with better residential status to get better rates and terms for future deals. Also, worst case you take the 65% and keep on building your portfolio. You will can start building a relationship a lender that can get you better terms in the future. 

The article is interesting and relevant. I have a friend that had a great Airbnb property but his neighbors pushed him out . He ended up having to the sell the property because of a potential fine and harassment by the neighbors. I still think there is a potential in this niche but research has to be done for the local laws and permits. 

@Zachary Stein Welcome to the community! You are doing the right things by doing research. You should spend this time figuring out your goals in real estate. First one would be to know that type of investor you will be. As you probably know by reading and listening to the podcast, you can do long term, short term, commercial, etc. Decide which one your more interested in and continue to learn about it and take actions steps on the way. Do not worry about making mistakes, they will happen no matter how much one knows. I and my wife are working on getting our first LTR and she told today not worry about making mistakes too but I get caught up in analysis also. Try to have fun and enjoy this journey. All the best!