All Forum Posts by: Mike S.

Investing in a property that makes good money with short term rentals w/AirBnb BUT so curious even if the condo building allows for this what good is that if Zoning eventually prohibits it, so my question is how can I find out the possibilty of an area loosing the right to rent short term?

Bought property in Condado San Juan but curious about all major city areas like Cambridge& Boston MA, where btw it seems to be allowed (with city inpection in Cambridge)in resedential area that doesnt seem to be "hotel zoning")

@Roberto Torres Muchas Gracias! Yes completely basing it on Air Bnb numbers. 100% sure the building allows for it (attorney checked) and has a clause in the master deed/by laws that seem to never be able to change it BUT you have a very good point what if AirBNB restrics it or city "Zoning" restricts it, how could one find out about this? Even if air bnb restricts wouldnt one just use another similar service. Air Bnd charged the 7% tax to the tenants there in San Juan id guess thatd also help that fight to keep the area?

@DuBeaux Dingle IMHO id guess any client of a realtor would be super confused if their realtor didnt atleast OWN their home let alone some type of investment property. I just would not feel secure working with a buyer agent that had zero experience w/owning.

Buying a tiny 1bed ON the beach in Condado. Income comes in between 30 to 40k a year. Have someone onsite i will pay 20% to manage air bnb rentals. purchase price was Under 200k. They are rebuilding the island like crazy and only see appreciation rising

If Anyone has any intel on Condado PR and air bnb vacancy rates and appreciation please feel free to chime in! Very excited about this, not only to cover costs and maybe make a little $$% but most of all to block dates and visit!

Flipping in any major city requires a lot of money. in Boston you at 500k to get into a condo. then 1 million for house or multi if your lucky! Most people forget about "small" things like carry and stamp costs etc. When they go to sell they underestimated costs and time become super stressed. Maybe they made some profit or maybe nothing or worse... Assuming you are in a major city where it's expensive and assuming you have your construction/architect/re/engineer team and know your construction and real estate inside and out trying to do a small flip in under a year (not buy hold) do you think your better off in the stock market? Curious to hear others opinions. Mine would be it's kinda no different... most people cant grasp the costs and get burnt out when surprises in constructions come up. Getting something on market costs so.much these days... you might be better off in stock market or better yet just buying and holding (little to no reno) and selling in a few years

What does one pay for and expect from a management company/person to take care of your rentals? 4 properties (2 condos, 2 small houses) generating roughly 15k p/month. The idea would be to not take the calls for the leakinf boiler or toilet but also to expect them to have a big list of vendors for the repairs that charge a fair price and not take advantage of these costs of repairs. Of coarse open to them taking control of the the leases too which think would help as Realtors get 1 months finders fee here. curious to here others costs and experiences cheers!

I have 3 rental properties and my accountant said I can save a little bit on tax prep if I can get my stuff into QuickBooks but besides that any advantage of using this software if only have a few properties?

Originally posted by @Greg Scott:

@Mike S.  Frankly, I think you have it backward.  Here is how I view the options:

Relying on appreciation is the risky game.   Just look back to 2007 and you can see how tragic that assumption was to thousands of people.   What do you do if your furnace goes out in your Class A at the same time the market pulls back and there is no excess equity to tap?  You have no source of cash at exactly the moment you need it.

When I look back to 2007 I felt so bad for all my friends who had to give away their properties just 20 min outside the city when my property flattened then was up within a coupe years...maybe I was just lucky, as I cant speak for the other Major US cities but still feel safer than to go outside these areas. I think I need to find an area where there may have a shot at appreciation as in my experience when the market drops the outsiders get hit 1st with price drops?  I wonder if the other Class A have gone down as much as B,and C during a market hit? im guessing no but could be wrong and lucky in Boston

Thanks for the replys! Is there a service I can hire to provide this data? Or maybe a website that takes all this data and compares town by town in terms of investing ?

How does one go about locating the best market to invest in within givin area? Do you just guess at a Class B that's turning into next Class A??? I am in Boston and 12 years ago to now investments have grown into some serious appreciation and cash flowing nice. now very expensive to get into. Back then not so much...