All Forum Posts by: Sean Walton

Hi Ernesto Hernandez its funny because I think there is an Ernest Hernandez already in the program. Brent Hill 's thread is great and has some of my thoughts. Bottom line is the gold program has a wealth of knowledge for a reasonable price but as with most coaching programs or life in general you need to take action and keep yourself motivated. The "accountability coaches" will give you advice on calls and ask Michael if they don't have the answer but they won't crack the whip if you slack off It was better when Michael did the q&a calls himself but he has so many enterprises going I understand that isn't possible. James is good but doesn't have the decades of knowledge MQ does.

In California all multi unit buildings with elevators need all units to be adaptable. It requires larger bathrooms and removable areas under sinks and lavatories and backing but not pre-installation of grab-bars Most of that stuff except the extra square footage for maneuvering clearance costs very little so I think it is a good idea. Grab bars can be removed when a less able tenant moves out

Hi Matt Finneseth as a general rule of thumb you can make the equivalent of one month of rent normal rent in 10 days with Airbnb. But it really depends on the market. You can and may people expect a cleaning fee so interview a few cleaners in your area and see what they charge and just include it in your listing or if you see other listing like yours charging more up your price and pocket the difference. Listen to Ben Leybovich's article on luxury house hacking. There are many ways to leverage Airbnb even in unexpected ways and markets https://www.biggerpockets.com/renewsblog/luxury-house-hacking/

Sorry I'm not that familiar with purchase prices in those areas but I would shoot for something that hits at least $2500/mo for a $250,000 (1% rule) purchase price. Doing short term rentals that shouldn't be difficult. What is your desired level of involvement? Daily or weekly rentals will bring in more money but you will need good systems in place or you will burn out quickly. Remember to factor in extra costs associated with STRs cleaning can be passed on but utilities, cable, internet, toiletries, replacing worn towels and linens. I would get a nest or smart thermostat you can control remotely so people don't leave it off and freeze the pipes or on blast and run up your bill

They are out there. I would start attending meetups there are several in the Bay Area. I would listen to lots of podcasts on wholesaling but realize targets like 70% of ARV minus repairs are very hard to hit here and some buyers will give you 80% Read Jason Buzi's book Smash your Alarm Clock" he has an interesting take on our market and targeting higher end areas. Deals are hard to come by so a lot of flippers do their own mailings. That said if you can find a deal and offer at a price with meat left on the bone you will have no shortage of buyers.

I think it is just another tool to use but I don't think it would replace in person showings except if you are targeting out of state investors. The bigger potential is if you can pay an architect or young designer to do a computer generated virtual showing to drum up interest while you're still rehabbing

Glad you cleared up the issue. So others can learn from my mistake I replaced a toilet flapper myself and left too much loose chain. The chain would only occasionally catch and hold open the flapper so be careful.

I would take a look at what your PITI would be after the refi and include vacancy, savings for cash reserves in case of eviction, cap ex and maintenance these are probably small on a newer house but make sure you at least have some liquid reserves. Does it still cashflow if the economy turns and you have to lower rents 10% or the HOA does a special assessment

My friend Daniel and his Mom Rosanna are great trustworthy people. Their primary business is listing properties as brokers but they also do property management http://www.sunsetrealtors.net/

Hi @Ungwang Boiteto I think the 1 story vs. 2 story really depends on your market. If there are hardly any 2 story buildings then that may tell you something. Are there a lot of multifamily buildings in that area? If not then you may have a hard time avoiding vacancy. Would you do 2 level townhouses/row houses or flats with one family living above the other. With either you should look into good sound isolation

Your revenue after debt service doesn't factor in maintenance, capital expenses, vacancy, possible construction cost overruns or delays. I would do some research on what those are in your market.