All Forum Posts by: Timir Shah

@Alice Chen I would NOT use Upwork. I think if you're going the route of STR, there are property managers you can find in your market through Realtors or AirDNA.

You can also self manage if the property is close to you and you’d need a team of cleaners and handymen which you can find through Angie’s List or Facebook forums

 HI @Rasheed Ward,

I took my coursework at the Illinois School of Real Estate. The courses are online and self-paced and if you have questions there is a contact number for the professor to be reached. Let's connect, I would love to chat and help guide you. 

Timir Shah

Coldwell Banker Realty

Hi Matt,

Curious to know what is driving you towards mid term rentals in Naperville? Naperville is a fantastic market and stable for yearly leases. Let's connect, I would love to chat.

Hi Steve,

HELOC loans have become common with investments and I have a few clients who have done HELOC. The rate could be a bit higher than conventional and risky as you are leveraging your personal home to buy another home and if you default on the mortgage payments on your investment property due to vacancy or tenant not paying, this could be an issue.

Let's connect. I  am located in the NW Suburbs of Chicago and would love to chat and see if we can be of assistance for one another. 

Timir

Anyone investing outside of their state? If so, what state are you investing in and what has your experience been like?

I have been in Milwaukee since I started and looking to expand to other states as well. I live in Illinois. 

 I'd love to connect Ivan and have a chat. 

I think it depends on the duration of the rental lease or method of renting (posting rental on forums vs. AirBnB). Personally, by not screening any tenant, you are opening yourself up to possible issues down the road. Best practice is to screen all tenants if posting as a standard rental on forums, websites (i.e Zillow, Redfin, MLS, etc). AirBnB is different from what I understand where they usually collect the money for the duration specified by "tenant" up front of right before the stay and if anything were to happen after the fact, AirBnB assists their clients with damages, replacements, maintenance (god forbid) or any other significant damages.

 Rental rates may increase and property value will appreciate over time but not over the next 2 years where you see a significant return. I think with the interest rates where they are and a possible decline in home prices, you may not get the expected value which you are looking for in order to get a return of 10% (decent return in my opinion). Happy to connect and discuss more. 

I second what @Thomas O'Donnell said. Traveling nurses seem to be a very popular thing ever since the pandemic and many friends and colleagues have bought a short term rental (AirBnB) and signed multiple month agreements with the tenants. They had to furnish the homes but it seems like would not have that expense as you already have the furniture there. 

AirBnB also assists landlords in the case that there is damage so that may be worth looking into. 

My only concern with setting this up as a LTR while being fully furnished is that you could be limiting the number of possible tenants interested in leasing out your property as most tenants in my experience prefer to have their own items in the home. 

I do not believe you can time the market but if you look at home prices in general for any given home or area of interest, over time, home value has appreciated. Real Estate is about being patient and you may have to buy and hold. I have been buying investment homes with the long term goal in mind and that is building equity over time and becoming financially independent within the next 10 years. 

@Spencer Herrick - I think you live in Pittsburgh based on your location provided and if that is the case, there are some nice properties for rentals which I have found in my search near Pittsburgh, PA and Ohio boarder. 

I am an out of state investor who started in Milwaukee Wisconsin and currently looking to grow to PA, OH, TX and NJ.