All Forum Posts by: Rachel Luoto

Morning BPers!

What are your thoughts on listing your rental on Airbnb between tenants to offset vacancy?

Pitfalls? Advantages? Has anyone tried this?

Thanks in advance!

@Patrick Mortenson, the only site I've ever referenced is affordanything.com

A lot of it is common sense business - know your market, know the competition, find a niche, etc

Good luck!

@Alyssa Kruger, if your situation is like mine (sounds similar) I'd argue against wholesaling. Why?

1. You work corporate finance, so I assume you are making a nice amount of money

2. You live free/cheap, so you can keep most of that paycheck

3. If your job is like mine, it means a lot of long days. Your time is at a premium.

If this all rings true, buy a property FROM a wholesaler. If you decide on a condo, make sure the HOA allows you to rent it out, both short term vacation rentals and annual leases.

Good luck!

Hi @Sarah D. I would do it, simply because it is very difficult for someone in the military to lose their job :) Personal opinion. Great question!

@Daniel Cuevas, I've learned when people give advice... ask if you want to be on the path they are guiding you along.

If you want to be debt free, follow Dave. If you want to be an entrepreneur, follow Kiyosaki.

So if you want to be just like Grant Cardone, follow his advice!

But maybe you want a different investing method, lifestyle, or balance sheet. And that's when you listen to the people on the forum coming from all walks of life with different opinions :)

Hi @Joshua Huddleston, try to see if you have a local chapter of National REIA (nationalreia.org). I joined my local branch and I've met a ton of local investors, wholesalers, flippers, etc and always learn something. No hype :) Good luck!

Hi @Tawa W. - I have an AirBnb in Bremerton, and everything @Scott S. said about the markets in the Puget sound is spot on. We mostly get the weekends booked for birthdays, anniversaries, etc, and this winter have hosted/had requests for longer term rentals - now slow season here! PM me if you want to chat more :)

@Steven Scheer Maybe I'm missing something - are you buying the whole house with a credit card, or just the down payment portion of a loan? I'm buying right now and had to sign a document with my lender specifically promising I'm paying with actual cash - curious if you are using a lender who will allow CC for a down. Thanks!

@Ethan S. Some advice from a fellow newbie - just start talking to everyone you meet and know about your goals. I've networked and met a lot of people in REI. However, just by putting word out, I found out that THREE people I already had a connection to were successful investors. These people weren't at the networking events or hanging on BP. They are at the bar or the beach spending their cash flow and enjoying their financial freedom. Spread the word with your current network and you will have access to mentors other newbies can't even find!

Hi @Patrick Flanagan  - I'm in the same boat with you looking to house hack (different area, no worries about competition!) If you are worried about roommates, here are some options:

1. Don't post an add anywhere; take roommates by referral only

2. Buy in the nicest area you can, and charge more. Better property = better tenant, so you are more likely to find someone you get along with

3. Rent out on Airbnb - currently making great income from that. It is a job, not an investment, but the money is better than a lease, for my place.

Parting thought: What if you met an incredible person through having a roommate who became your best friend, catapulted your career, or changed your life? Don't just focus on the bad things that might happen :)

Best of luck!