All Forum Posts by: PJ Kolnik

@Henry Lazerow are these doctor loans for any PhD or are they specific to Medical Physicians?

@Cameron Philgreen

I’ve thought about this too, and then I realized how quickly Turo changing its terms of use exposes you to risk.

Since I started doing it with a 2015 Forester that I don’t drive very often, I’ve grossed about 200 / month... less than I thought but better than nothing.

During that time, they’ve changed their terms of use twice! First to tell me the revenue that I would receive under the standard insurance plan would go from 75% to 70% and second to tell me I had to be exclusive with Turo if I was going to list on Turo.

I think I can probably expect to make enough money that after taxes I will be able to cover parking, registration, and the gas that I buy during the year.

600 / month is pretty optimistic given that you’ll get the most reservations on the weekend not during the week and you’ll have to plan your life around when you can use your car. If you live in a car based city, I can’t imagine what a pain those logistics would be.

All in all I got a lockbox on the fence and people text me when they need the code and it’s not actually all that hard to get money from it. It just difficult to plan when I can use my own car and I’m glad I didn’t make a decision to do it contingent upon a minimum income I needed to get to have it make sense.

@Ben I. I would keep your properties here in Chicago and pay attention to the market. Chicago has some

Tough times ahead but it’s not going to just disappear. There is just some real hyperlocal trends that are dictating the growth within the state. Check this out:

https://danielkayhertz.com/2019/05/15/out-of-state-college-graduates-help-define-chicagos-north-side-zone-of-affluence/?utm_source=share&utm_medium=ios_app

I would do everything I could to buy a multi unit in Hawaii that you could live in. Make the numbers work, you’ll build up a solid network there before you know it and have plenty of options for Mgmt by the time you head somewhere else.

@Daniel Anshus I negotiated a long term lease rate of market rate + XX% for the STR rental that I own. The company pays me rent just like a long term rental. I don't have to worry about furnishing, utilities or volatility of income (great for cold weather climates like MSP). I get a higher than normal lease rate and they get a fixed cost which is helpful to manage their cashflow.

Main questions I asked, how will maintenance issues be handled? Is there an expectation of how quickly those need to be addressed? How will you ensure unit does not receive wear and tear above and beyond a regular tenant.

@Taylor Stamm net metering laws from Florida Power and Light let you get credited or paid up to a 115% of your homes energy needs.

I think trying to build a solar system and then charge your tenants for solar created power sounds like a monthly billing nightmare, not worth it and they could probably just say screw it and tell you they don’t want it anyway.

Using a public meter for the property you could at least handle all the payments of energy created straight from the utility, but you would have to see if they would let you consider the energy usage of all 4 units in the 115% calculation.

@Taylor Stamm just install another meter and run all your solar through that meter. This meter would act as the “public” meter where you could run a common light in the hallway or something. The power company would see this as a separate account and depending on FL’s net metering laws you could be paid direct by the power company.

A fellow Coworker of mine wrote up this blog post at the company we both work at regarding who pays for the cost of power for electric vehicles in a multi family development. Interesting challenge that multi family dwellings will face in the next 10-15 years.

Who should pay and how?

https://blog.burnsmcd.com/navigating-the-complexities-of-vehicle-electrification-at-multiunit-dwellings?hs_amp=true

@CJ M. I didn’t have enough money for renovations on my first deal last year so I basically gambled on bitcoin / ethereum until I had tripled my initial $2500 dollars and then pulled it out due to the necessity of paying the contractors. Thank God too, because the prices started plummeting and my initial investment would be worth about 600 dollars today if I had held onto it.

@Jeremy Mattson from what I have read FHA loans are limited to one in every 100 mile radius. You could get another FHA but you would need to move to basically a whole new town.

Hey BP, I just had one of those lunches where you meet an investor and hear his story and are very invigorated to go out and hunt for some more deals. Part of conversation was discussing the importance of relationships and how the human element of this business leads us to mistakes. I was assuming that he was going to tell me about all the contractor miscommunications, conflicts, and frustrations he had gone through. Imagine my surprise when he told me his ego was the thing that cost him the most money. As he tells it, he was super stoked on a property and completely over renovated thinking that he would make this grand cash flow palace....at the end of the expensive renovations he was left with maybe 100 bucks more of cashflow per month than if he had just done some simple remodeling. Great lesson to learn from another investor.

Anyone else have a story about when your ego burned you on renovations or a purchase?