All Forum Posts by: Adrian Lammersdorf-Scioll

I appreciate all the help!  I actually did get someone, but then they tried to hustle us with a wayyy lower price when he went to pay.... :/

I'm working on helping some clients/friends of mine get their condo rented as a medium term rental, but not getting many hits on it, only one person that never answered me back after multiple calls and texts (stay has to be 30 days or longer).  

The trouble I am having is there is no comps to look at in the immediate area, so I just took some comps that were miles away up further north, and subtracted a little bit since the area was located near more desirable restaurants and shopping. It has been about 2 weeks of having it listed on furnished finders, air bnb, booking.com, facebook marketplace, and the MLS. I have only got 1 person that requested at 3 am, but never answered me when I called/texted in the morning.

Has anyone run into this issue with not finding any comps and if so what did you do to find the right price and get it rented?  I am lowering the price this week, but am just curious on how often it should be reduced if I'm not finding anyone in the medium term rental world?  Any help is greatly appreciated, and I am also not looking to outsource to anyone, so thanks for wanting to inquire, but please provide some help alone if you have any

**Also side note there is not even comps for long term rentals in the area either, I am a realtor and have never seen something like this, I even went years back to see.  It is a populated area, and not in the middle of nowhere either.**

Go to Facebook and find pace morby subto community, you may even find one for you specific city.  Once in there you will find plenty of people that are doing it, although the ones that will connect with you will most likely be begginers that don't know too much.  If you have the money find the top player for sub to in your area and partner up with them, just make sure you got a great attorney to help structure the partnership.

The best way to cash flow/live free from something like this in my opinion is find a 2/1 on both sides duplex near the actual city of Orlando (theres alot near the advent hospital) that you can fix up to add immediate value. Make sure to do a FHA 203k loan so you can finance most of the renovation and save some money for anything that may come up, and furniture. Air Bnb the other side while you and your friend live in one side so you live free, and after a year you can make both sides medium term rentals and buy something else. Look up on pinterest some good ideas to make the renovation stand out and place have trendy furniture. Then after a year refinance into a conventional since most experts say they will drop by that time, and do it again. You may not cash flow that much, but over time you will eventually get there.

I'm doing this myself, but made the mistake of not doing a 203k loan and put most of my funds into renovation with cash. The 0% down FHA wasn't available at the time either. Anyways you will need a job to get that so make sure you have something lined up and maybe live in a medium term rental with your friend until you have enough income to buy something, and learn how they are run.

Nice! BRRRR is the way to go!

- Of course it's always important to find great deals, but how "great" is necessary for student rentals? I.e. We'd love to buy low and add value, but if the numbers seem to work on a turnkey property, is there a reason not to go that route?

Turnkey homes from what I see are still getting sold pretty quickly, you may be better off finding something that needs a little work, or even a duplex that you can fix up.  Try offering to multiple duplexes and even calling the owners directly (try calling the ones that have owned 10+ years) and seeing if they will sell to you.  I find these are the easiest cold calls to make, but usually they will hit you with a big sticker price at first.  Another route is looking at all the listings that have been sitting for a long time and sending an offer that makes sense for you to cash flow with interest rates and rooms/units rented.  Use FB marketplace to figure out what you can rent the rooms for.

- How risky are student tenants? We were pretty good kids in college, but of course we had parties and made our share of messes. I can handle some college shenanigans, but I'd also love to hear some horror stories if anyone has one.

I would highly recommend screening very thoroughly and asking questions to see what they're lifestyle is like, theres no need to only get college kids either.  I had a roommate like this for my first house hack and she was great at first, but I didn't stay strict on certain rules and things got stretched out more than they should have haha.  Of course make sure you are being compliant and letting everyone get screened and not being discriminatory. 

- What sort of turnover can we expect? The idea of a natural turnover seems more of a benefit than a drawback to me, but I'd love to know some rules of thumb for just how frequent can be expected.

This would be set by you, you could go the Padsplit route which is company that rents by the week and helps secure tenants, or you can find them yourself through FB marketplace or Zillow and get a lease made and take a deposit.

Sounds like a great idea, just make sure zoning allows you to do that.  Why not take out a home equity line of credit thought so you don't need to borrow from someone else?  

Call the city to see what zoning you have, and if you can even do it, and make sure you get a licensed and insured contractor that has done ADU's to see if its possible. I know a good contractor that has a lot of experience with permits if you'd like the contact information.

 I agree with this answer

Heres some books that I think will help you a lot:

"Rich Dad Poor Dad" -  will help you understand the power of investing.

"Managing Rental Properties" - will help you get really good tenants and make you a great landlord that keeps great tenants.

"Tax Free Wealth" - will help you understand all the tax benefits of investing in real estate.

"Finding and Funding Good Deals" - really good book on helping you get properties for a good price even in this type of market.

I would consume these as quick as possible over the next couple months, it will definitely give you a boost.

I started in real estate AFTER the covid boom, and I'm doing well off.  I did the house hack route, about to buy my 3rd now.  I definitely made some mistakes, but nothing really bad that I couldn't recover from.

 There's duplex's out there that are 3/2s on both sides, you could always do something like that.  Theres a lot of percs to owning as opposed to flipping.  Appreciation and depreciation are two really good ones.  

Flips are good, but you definitely want to know what you are doing, if you can find a duplex that fits your family and needs work you could get the experience fixing it up and making it really nice for your family.  

You could also do a live in flip.  Next best thing would be to partner up with a flipper and help get them deals.

Best thing is to just pick one and go for it all in otherwise you get analysis paralysis.