All Forum Posts by: Account Closed

Does this work in any state and only for SFR or 2-4 etc

Good idea

Is it just using pictures to virtually picture or can you estimate costs and ideas etc

Quote from @Jarell McGrew:

Hello, 

Curious about MTR space and have a question someone in the forums can answer. As someone looking to eventually do MTR with travel nurses and insurance claims, I'm thinking I'd be having conversations with actual companies more than likely. When I'm entering in this space as a new MTR, what exactly are these companies looking to see from me and the property that proves I have a quality space worth earning their business. Pictures will definitely help but I'm curious if anything else might be needed when it comes to paperwork, needing to have an actual business?

Id start on Airbnb, that is where most travelers of all sorts start. Limit stays to 30 days to find the medium term renters. Get some reviews and your systems down. I think, like was mentioned, agencies like to see more than one unit under rental, so you can find other STR's to team up with and "add to your portfolio. If you find them a tenant just take a finders fee etc

Quote from @Lisa Treadwell:

My son wants to start wholesaling as an easy way to get into real estate with little capital. I've been doing some research on it b/c I feel a bit torn about the equitability of it.

My brokerage helps seniors downsize into low/no maintenance housing. Specializing in this area of real estate since 2010, I've grown a huge heart and am very protective of seniors. I have investors approach me all the time b/c they think they can get a good deal on my ideal client's property. I have a hard time with this. It isn't in the client's best interest to sell to an investor when they could sell to a non-investor for 75k-100k more, in some cases.

I found myself looking for what the ideal situation would be that a seller would work with a wholesaler and it would be a win-win for all. I have some ideas, but I'd like to open this up for discussion here. I'd love to hear your ideas!

Lisa Treadwell

Real Estate Broker

Indy Real Estate Experts

As an agent your fiduciary duty is to your seller, and would you advise your seller to take a dubious offer from an 18 year old kid. No you protect your seller and vette them out. No real EMD or POF and prequal you are not accepting that offer.

That being said like was mentioned if you are not taking advantage of that seller, which is rare, can you really add value by buying or wholesaling at 70c or less on the dollar? 

I struggle with this as a broker too and have not delved into a wholesale deal but like anyone want as good of a deal as possible and have bought every type of property out there.

Id have him come work with you and try to do it right and add value to who ever is selling. And wholesalers out work and out spend agents 10 to 1, spending $1000's to get that one deal that makes it worth  it so its not the easiest or best way to start, IMO

Dont forget the pretty blondes on all the home improvement shows, selling $30k courses without batting an eye. Its just crazy

Quote from @Nycole Burts:

Are there any security (e.g. Series 7 and 65) or broker licenses needed if starting a real estate investment group where one entity will make the final decisions (which properties will be purchased and when to sell) on behalf of the group? All properties will be in the LLCs name, group members will sign a revenue sharing agreement with the LLC for all real estate purchased in the LLC name, and all group members will contribute funds for initial purchases.

 you  can do a syndication.

Quote from @Erin Hong:

Hello everyone! My husband and I are investors and have 3 doors in Los Angeles - all LTR. We're interested in STRs, but given the current interest rates are nervous about having to keep an STR afloat if/when the property isn't performing well. We are considering putting 40% down with a conventional mortgage to ensure that we can make payments on a bad month... and wondering, does this ever make sense?

For some background, we'd be pulling this capital from a stock portfolio in which we are very over-invested in one industry, so my husband is eager to divest a good amount and put it in RE. 

TIA for your thoughts and input!

Lots to unpack.
Pulling from your stock portfolio, are you going to have significant tax cost relating  to that. You'd have to factor that loss into your future gain.
My assumption is you are looking for something nearby to you in LA

As I am sure you are aware of that LA has restrictions to standard STR's, making it all but impossible to do. Unless you were looking elsewhere.

Airbnb is legal in Los Angeles. However, there are some regulations that hosts must follow:

• Hosts must register with the city and pay an $89 fee.
• Hosts must post their permit number on their listing.
• Hosts can only list their primary residence.
• Hosts can only host for up to 120 days per calendar year.

What type of rental are you looking at? House or condo etc?

Its really hard to make the numbers work as a house in LA

Ask why do you want STR - just better cashflow? You are not in the rental business anymore you are in the hospitality business and there is constant turnover, cleaning, managing and handling every few days or week etc. Do you have the extra time to do so.

All that being said, and you want and can buy a property in LA, and want better cashflow, Id skip STR and do MTR [Medium Term Rental]

We rent furnished units to nurses and traveling professionals from 3 to 6 months. Better cashflow than LTR and lots less headaches than STR.

It opens your options up, you do not need to buy a big house but a decent condo works fine or duplex etc.

Also less risk of being  affected by any downturn and you are in compliance with housing  rules etc.

Most corporate rental companies do not allow subletting.

You can ask if they would allow corporate housing to say a nurse or similar.

Its also called medium term rental, the idea is you sign a long term lease and furnish and manage and put nurses or what not in for 3 to 6 months etc and keep the difference.

This also works for condos as its a rental 30+ days and should get around the no short term rentals. 

And any dealings with landlords, I would not mention short term rentals or airbnb

Wow lots of great info.

Im from Londonderry, now in Southern Cal last 30 years.

Yeah the website is clunky to use, needs better search and sort options