All Forum Posts by: Zambricki Li

@Ronald Cooperman

You can do it!!

I have both Str and Ltr and disagree with others who say you should change up because of your age.

Seems like you want to have some fun and try new things. That’s great. You can start and 1031 something. See if you like it. You need to test it. From your location in New Jersey - I recommend Burlington, VT, by the lake so you can also rent it in the summer

If you want to stretch father I suggest

A) Scottsdale,,Arizona

b) Tampa, Florida

C) Myrtle Beach, SC

If you have any interest in going even further I have opps in CA and NV send me a message anytime and I’m happy to help.

Good luck!!

I'm excited for this! One of my str's is in Lake Tahoe and I've had a blast at the Tahoe meetup, look forward to meeting you all here in lovely SoCal!

@Cody  tricky because you probably should have disclosed to #2 that you were already in contract with #1. I get the jazzy flex of writing multiple offers on multiple properties simultaneously though you are playing games and this time you got played. All is good. Move on.

Single family whenever possible. A house usually has a greater appreciation potential. For STR why be in a condo when you could be in a house? Why deal with a condo neighbor if you don't have to? Sure, there is less to deal with in a condo though that's because you own less "house". You just own the air between the walls in many cases. With condo you don't really own your porch for example it's often technically "community". Once you renovate a house there are rarely monthly costs that would rival a monthly Condo HOA bill.

Hire great housekeepers and you may not need a management company. The clean is the turn. Just hire housekeepers you have a good relationship with so you can text to check on the details and status. Install driveway/garage cam. Amazon your supplies when needed. Airbnb app on your phone. You can do it all in an hour or two a week playing on your phone. Sincere good luck and have fun. 

Keep in mind this is just your start. You don't need a dream situation. Make sure the numbers work, try and remain unemotional about the outcome. It's kind of hard to mess up real estate if you are serious about your numbers. Be creative- in what you buy- not just how you buy it. 

If it's not a hell yes, its a no. 

@Kyler J Sloan hard no, wouldn’t do it. Are you saying a Jeep is needed to access property? If so i would not buy it as an Airbnb. They need to be easy to access or it can eat your time which defeats the point. Possible outcome: someone breaks the 4x4 and then leaves you a bad review about the amenities not working properly and how it ruined their trip. Better off just say long 4x4 required and only rent to people who own one.

Some really good points here. @Dan H. thanks for bringing up appraisal. This is probably a separate thread, though do you think it possible appraisers will "catch up" in their valuations since ADU's are so new. It's interesting to me that they attribute 60k easily for a swimming pool, though an ADU which could potentially cover most of the mortgage on the property value appraises way less. Any signs that appraisers will be required to become more educated on the value add and start to factor it in?

Benefit---innumerous. Cheaper than buying a house, use the land you already own, optimize your current investment. Keep your property tax base

Complications- picking the wrong team will cost you> its construction and it can go off the rails with the wrong team

Utilities--ADU needs own hot water heater, other than that you can tap into the main house, usually. You can separately meter though it is not required

Replace, move on, next time you purchase get a plumber as well to inspect during inspection day. General inspectors often don't give good detail and basically only pass/fail systems. Once these systems are old it's just a matter of time so its not that surprising, or worth calling a lawyer. Check out tankless as a replacement while you are at it the efficiency is way better.

Hey, this is a great question. I'm building 2 ADU's right now in LA. The rental market here is so strong it's hard for other states to compete. Your property tax will only go up based on the percentage of your new build. There is a ton of ways to look at this. Life planning, goals, ect. I could formulate arguments for both though depends on how you are financing the ADU's because its not like you can get a residential loan on building an ADU. So it will some other kind of financing, or cash out of pocket to build. Whereas getting residential loan on a place out of state may just be easier, in some cases.

Out of state, can be great, though cat's out of the bag on Bozeman, MT/Asheville, NC/Burlington, VT charming destination places so you would have to be creative there anyway. The Austin's and the Portland's are just as expensive as CA so ADU would be cheaper. Still early to say if other still even cheap far flung places will really appreciate(Jackson, Michigan for example) and become a thing. I do mainly NV/CA that's my out-of-state specialty. Just to keep it simple.