All Forum Posts by: Sean McDonnell

Hey @Oguzhan Besiktepe

That is definitely a possibility and there are plenty of markets in the midwest and south east that will support your strategy. I would recommend the best thing to do is check out the BP Insights and try and find some growing markets that have properties in your price range. Then, work to start building your out of state investor team and interview them to see if they will be a good fit to help you achieve your investing goals.

I would not recommend investing in a STR that is in a big city. Major metro areas have seen sharp declines in travel and tourism. I think investing in mountain or beach STR properties is a good idea. We have a few on the NC coast that are crushing it despite the COVID lockdowns.

Check out Shelby Osborne's episode on the BP podcast #406. I believe she coined the term AirBrrrrnB.

It is at the top of my favorites bar haha. I might have a problem :)

@Wyatt Buttars

Hey Wyatt, I have a Carrot site for my real estate agent business. Like most things in life, the more time and effort you put into something, the more it will produce for you. I was looking for a set it and forget it site to have out there and only have to update once or twice a month. They say they optimize SEO for agents but I still had to pay for google ads in order to get any lead flow. The platform is easy to use for someone who knows nothing about building a website but I am in the process of switching to another hosting platform. Carrot is not able to integrate with any IDX and I really just do not love how the websites look. Message me if you have further questions.

@Sergey Mikhaylyuk

Each bank/lender will have different rules and requirements. I recommend reaching out to several local banks in that area to see what lending terms they can provide. After a little leg work, I found a local bank here in NC that offers investment property loans for 15% down. The interest rates are higher than normal but with the right properties, the numbers still work great. I’m sure your friend can find lenders that will give her better rates and lower down payments. Good luck!

@David Harman

Like they say, that is a good problem to have! I feel like it is common for people to accidentally get into REI. When you moved to MD, did you purchase another primary residence?

Have you read any of the BP books yet? They provided me with a lot of clarity and enforced the process. Set your investing criteria, narrow down your search, start analyzing properties and make offers when you find properties/prices that meet your numbers.

What kind of house hacking are you doing? 

For me, I am living in a house that has a separate guest suite that we rent out on Airbnb. The pro is that on average, over half of my mortgage payment is covered from the income from the airbnb. A con is that every time we have someone staying in the guest suite, I have to walk my dog on a leash so she (german shepherd) does not go scare our guests. Otherwise, we can just leave her off the leash. It is a small inconvenience for a great reward. 

Come learn, network, and grow with us! This month's speakers will be a power couple who are investors and property managers. They will discuss some of the lessons they have learned to effectively manage their rental properties. The systems they built allowed them to scale their business and start their own property management company, Cedar Ridge Management.