All Forum Posts by: StevieAnn Nance

@Charlene McNamara I'm encountered the same problems as you and looking to incorporate. I took to BP today to see what information I could find on the forums. What solutions did you come up with? 

@kristen bowen - I'm happy to sell you my ticket for cheap. Message me if interested. 

Hi - Is anyone interested in purchasing my BP Conference + cocktail hour ticket? I'm asking $1k OBO.

I'm selling my ticket as well. Event + cocktail hour on Sunday for 1k OBO. DM me if you'd like to purchase it! @Nick Radjabov @Ozzy Sirimsi

The question I ask myself is "Can your (real estate business) weather a 30% downturn for 12 months?"  Be familiar with possible worst case scenarios and have a plan B, C and D in your back pocket. 

Secondly, history never EXACTLY repeats itself; before the Mortgage Crisis, it was the Dot.com bubble.  If I had to wager black or red, I'd put my money on the App bubble.  There's a field people are mindlessly pilling money into with zero understanding because it's "trendy"; 90% of apps will unlikely ever see the light of any iPhone screen. But alas, I'm not a gambling kind of girl any more, nor an economics expert, so I do my research and make the best decisions I can.

If you've really got down and dirty with your analysis you know that you've either bought in a stable market that will weather the storm, or your high risk investment is worth the ROI to take a bit of a hit on the downturn. There are statistics and newspaper articles a plenty that will tell you the history of the last economic downturn in the town you've purchased in. Do a little digging, Google is your best friend! Well, after BP! :)

@Jonathan Pacilio I'd be happy to share my 2 -cents.  DM me anytime. 

@John D. Let's connect there! Perhaps we can both share some thoughts and tips about the greater Coachella & JT areas. 

I'm going! I'd love to meet STR operators in Joshua Tree / Yucca Valley / Twentynine Palms area (I own 2 there), San Diego (2 here) or the 3 top areas I'm interested in: Gaitersburg, TN, Pompano Beach, FL or Palm Springs, CA. That said, I'm excited to meet and talk with people in general! I learn fantastic hacks and ideas every time I chat with another STR operator or a BP member in person.

Oh and I'm super excited especially to meet other female Real Estate Investors!!!  :) 

I'm going! Just registered and can't wait!  Any females out there want to "hotel hack" and share an Airbnb or hotel room with me?

It's a great tool but there are plenty of downfalls, absolutely!  Like all tools, you need the right one for the job.  

BRRRR-ing a property comes with additional timelines. It may take you 3, 6, 9 or 12 months to complete the rehab on the property. What's the opportunity cost of your time for that 12 months? Would it have been easier to just purchase a turn key property and save up your own personal cash reserves from other income sources (job etc) for that same timeframe? When analyzing a property, consider the "time opportunity cost."

If you over run your budget on a BRRRR, this opportunity cost looks bleaker. It becomes less of a BRRRR and more of a learning opportunity! It depends a lot on your own personal abilities and the numbers of the property and rehab.

That said... I'm a big fan of BRRRR & learning opportunities! There is no method of investing, no method in life that is "perfect" and free of problems or downsides. Just pick one, do your research, do your research a 2nd, 3rd & 4th time and go for it!

@Maggie Jones I love what you did with your cabin! I was looking at this on Redfin to see what price it would sell for. (We own 2 properties out there and our latest BRRRR is near Cielto. I find this long post so useful! We are currently looking for a concrete contractor in Joshua Tree area for our latest purchase out there. Can I DM you to compare notes & names? I'd love to hear what epoxy product you used, it looks amazing! As for co-hosting. I wish I had found you earlier. We self manage our Joshua Tree property & San Diego properties and should start offering co-hosting! :)