All Forum Posts by: Michael C.

Sonny - We've looked at Oahu Airbnb and have some friends who are very active in the area. This is a good site to get started when researching the rules. 

https://www.hawaiiliving.com/blog/risks-of-short-term-vacation-renting/

Thanks. My situation is a bit complex as both my wife and I are entrepreneurs and most our income is partnership income. Any advice on how best to approach these situations?

1) we have a business w 2 years of tax returns and increasing net income

2) I have a separate biz with a year of tax returns and positive net income. It's related to my previous profession and I've read lenders will take the one year of income if it's connected/related to a prior profession. 

Hi BP -

I’m Michael and a newcomer to BP. Would greatly appreciate any helpful responses to my question. Thank you.

- I currently rent in New Jersey and looking to either move or get a second home in Florida.

How would I qualify for a conventional mortgage if there are multiple units (fewer than 4) for either a primary or second home?

- I am a first time homebuyer

Thank you.

@Jimmy O'Connor

Thanks Jimmy. I really appreciate that! Coming from finance, it’s refreshing to join such a welcoming community.

Where do you focus on your time on your consulting practice?

@Evan Polaski

Yeah, it’s probably the biggest issue w third party management where the landlords don’t put in money. We operate all of our units except one so don’t have that issue.

I think that's one of the biggest pitfalls w management model for STR. The owners are another constituent to manage and their interests don't always align w yours and it creates big problems down the line IMO.

@Kevin Moyer

Thanks Kevin. We wanted to focus on building something more sustainable albeit with lower initial margins. It's different but we've found it easier to scale by working directly w developers and landlord of these large multi family. If they can get vacancies down from 5 to 3%, big impact on NOI and ability to refi.

@Michael Chang thank you! Outside of the East Coast, we’ve invested as part of a syndicate so it’s all passive.

We just got a STR property in LA that's onboarded and cash flowing. We want to build the expertise to enable us to do long distance STR property management

The City of LA recently effectively banned STR operators but there are neighboring cities that are legal to operate.

I look at your website and congrats on your texas investments. do you manage them?

Hi Odie - thanks for the note. We own as well as lease properties for STR.

Where do you spend your time in real estate?

Hi Joseph - thanks for the offer. Happy to take a look but mostly focused on STR and multifamily south of the mason dixon. multifamily tough in NYC with new regs.