All Forum Posts by: Will Gaston

@Kyler J Sloan try and remove yourself from the emotion of the decision. 

Would you advise a close friend to rent out a Jeep for an AirBnB that required 4 wheel drive?

In my experience, the best investments are simple and easy to manage. I'm wrong dozens of times every day but it seems like this situation has too many variables. Find another property - you won't regret it.

@Linda Thomas I have about 150 college students that rent from me. I learned a long time ago that not allowing pets with students is swimming upstream. My choices are:

1) Get a $350 non-refundable fee.

2) Get $0 and have them lie the entire year and say "it's my friend's dog who is visiting from ______ college for the weekend."

My guess is that 87% of college kids have either a Yorkie named Winston or a yellow lab named Bailey. 

Life is just easier when you accept pets. At least in my experience. 

@Brittany Stradling BRRRR method + using a portfolio commercial lender has helped me a ton.

However, I think that it's important to note a ton of my scaling success (and on these forums) is due to a rising market. It's not too hard to BRRRR when properties values go up 10,000% every 30 minutes.

@Shaun R. this thread may be helpful Nearing 1,000 College Students: Here's What I've Learned.

TLDR: My experience is it is a high management/profit niche.

@Joseph Waitkevich this student rental thread may be helpful: Nearing 1,000 College Students: Here's What I've Learned

TLDR: My experience is it is a high management and high profit niche. 

@Account Closed this is going to sound harsh but what are you doing differently than anybody else to find them?

The deals that are brought to me are due to seasoned, long-term relationships with brokers, just as @Ryan Swan says.

In my experience, the key to getting great deals sent to you is make brokers as much $$$ as you possibly can. We are all humans following the past of least resistance. Make them money and they will come to you first. 

@Adam Kruse this is going to seem rude and harsh but some of the best advice I ever received in real estate is this:

“Do you want to be right? Or do you want to be rich?”

Almost every single day a tenant or a contractor or a lender or a neighbor does something to me that I deem unfair. I have been much happier once I realized that I can still do very well even when I ignore these inequities.

If this is your only complaint of her then give yourself permission to just let it go. 

@Jack B. that's a reasonable argument for a primary residence.

But the several (very) wealthy people on this thread are amassing it from rentals. I sure would've loved to buy Microsoft at .02 but that doesn't mean real estate doesn't work. Especially with long a term mindset and conservative, low-interest rate leverage. 

@John Chace that seems like a great rate. What's your goal in refinancing? 

@Tyler Lloyd my first question to those who are looking at their first deal in this market: 

"How long are you planning on holding it?"

Time does a lot of the hard work in RE. If you're buying in a location that will have great tenants and you hold it for 15 years then does it have to be a good deal on Day 1?

Many others will disagree on this forum but I think if you can hang on to it for 10+ years then you won't regret buying just about anything in a great location.