All Forum Posts by: Ryan Williams

Like @Plato Asadov, I took the dive into real estate full time this year. My wife and I decided to rent out our first home, buy a house hack, start an airbnb, and I quit my job and started a real estate business this year and it has been all the emotions! Fortunately, I've been able to hit most of my quarterly goals and things have really crescendoed at the end of last quarter and into this current one. At times it was extremely intimidating and I wondered if I had made the right decision, but I've done my best to keep going and things are really looking up! Now, towards the end of this year we have a rental property, our house/hack airbnb has paid our primary mortgage, and I have had a successful start to my real estate sales/STR management biz, and we are positioned well to acquire more real estate. It's been tough, but it's been worth it!

Hi @Yna P., I agree with everything @Erik Stenbakken just said! And please share if a statewide law has passed! 

For the counties and cities that have established rules, generally, if you play by the rules you can run your business. It's good to call the permitting office, run them through a potential scenario and see if they foresee any problems with your plan as you are doing your research for a particular area, and asking people that do it in your target area. In Colorado each municipally/county is different! 

I hope that's helpful!

I'm looking at conventional loans and deals that break even or make a little return for our next house hack with the hope that rents/STR rates continue to increase and that a refinance opportunity will come down the road!

I'm open to private lending and creative financing but feel like I run into scams when I try to network with "private lenders" and haven't found seller financing options just yet! 

I really value having direct access to people who have experience and are successful in a real estate strategy I want to do myself or that I'm trying to learn more about. Those people can tell you the little missing details that aren't as obvious from a quick video or article, and can tell you the pitfalls to watch out for! Networking with experienced experts has been so important for me!

@David Lemont Hey David, everyone else has made great comments so far. I'm not sure if I'm following you 100%. If you are cashflowing, your net profit would be $1858, you should highly consider making that property an investment property. Having a cash flowing property like that in Denver is what everyone wants! Paying more on a primary is ok, because the cashflow will mitigate that increased payment, so your monthly budget will come out to close to the same, but you begin building equity and appreciation in a great market on two properties. If you can have a cash flowing property in Denver, that's generally one of the best moves you can make! 

Great question @Alicia Marks! Our big "why" goal for my wife and I is to reach financial freedom. To choose what we want to do for work, not worry about finances, be able to give our time and resources to causes we care about, and have plenty of time for our family. 

We think real estate is a huge part of that and want to take bite size steps towards that. For our real estate investments we have come up with the goal of "5 properties by 35". We have been able to take steps towards this by buying a property, renting that property, and buying the next one. We are looking to repeat that at least one more time and potentially looking out of state for STR opportunities as well.

For my real estate business I am still relatively new and have the goal of getting to 1 deal a month and 10 short term rental properties managed in the the next 12-24 months. I break those goals down into smaller 12 week and weekly goals, and revisit them often and see if I'm on track. Both of these are big, hairy, audacious goals to me, but property and business goals fund my bigger goals and get us closer to financial freedom!

We are 30 and have two properties so far, and on our way to our 3rd/4th and moving forward on the business goals!

Would love to hear what other people's goals are! 

for automated messaging I use guesty for hosts but I have multiple listings on multiple platforms. For just one airbnbs auto messaging and quick replies should get you pretty well automated from a messaging standpoint. 

Hey Warren, glad you got under contract! I've shared our house hack airbnb experience with you already but it has just got better and better for us. If I could go back I would try to automate my messaging and hire our cleaners as soon as I started the property. I manually messaged and cleaned myself the first few months, it was great learning experience, but I wish I would have saved myself the time and energy!

Hey @Clayton Hepler being a 1099 myself I'm exploring this same question. Everyone's situation is different, and all of these scenarios may not work for your scenario but here are some ideas:

Co signing - if a parent (or someone else) would be willing to co-sign with you - that can help you qualify for a higher purchase price. 

Bank Statement Loan - these kind of loans will look at your assets and the last 12-24 months of your bank statements and calculate income based off that, but rather than getting a 3-5% down payment like a conventional/FHA loan you're looking to bring 10-20% down with this kind of loan product.

Paying yourself a w2 from your business - if you have the option to restructure your business into an S corp you can pay yourself a salary - if you're a single member LLC and that's where most of your income is coming from there may be some tax benefits of going this route as well (I'm not a CPA so I would consult a professional before you just take my word on that lol)

I hope this is helpful!

@Corbin Larsen that sounds great, I'll send you a DM with my info!