All Forum Posts by: Amanda Dallman

Hi @Jay Wilson,

The golden questions! 

I would first evaluate your P&L are there places you can be doing better on?

Can you pass on some costs or can you raise rents? If not is there another way the property can be making money? How did you get into the property? 0% down or pay cash? Are you paying PMI? All of these will effect your cashflow. Your monthly dollar is not a great way to judge an investment this is why we use ROI and COC calculations.

I would first evaluate your P&L are there places you can be doing better on? Then consider the cost of closing on the property. Selling a property is almost always the last choice for me. Think about a refi to possibly lower your interest and pull some cash. you could have some leverage here. 

Best of Luck and have some fun!

Amanda Dallman

Hi @Joe Rivera

since this is your first deal I would highly recommend getting a lawyer. You will learn a lot and real estate transactions can bite you years down the road if you don't have the paperwork right.  

Best of Luck and have some Fun!

Amanda Dallman

Hi @Leon Lee,

I have 2 sets of sheets so our cleaner can take bedding with them if they need more time. I have been noticing that hotels have started putting top sheets on top of their comforters for quick turn around. It serves the purpose of a duvet but less time consuming. I have also stayed in a couple hotels that offer dog sheet and towels to be used. I will be starting these practices with my worn-out towel and sheets. 

Best of Luck,

Amanda Dallman

I would contact an attorney. I was part of a condo complex that thought there was a cap of 5% of units that could be rented. This was rumored and followed for 20 years. It wasn't until we had our declaration reviewed by an attorney that we found out the rule would never hold up in court. The wording in this is odd, I would have it reviewed. 

I have been putting a lot of thought into the housing market and our homeless issues in Washington and I'm wondering if all these tenant rights are pushing investors away from LTR? I have always wanted my investing to be about a bigger cause and hold long term rentals but the laws seem to favor tenant heavily. The icing on the cake is now what look to be a 18 month evection moratorium.  With LTR cap rates dropping and risk rising I feel pushed to change my strategy... which in turn seems to be part of the problem.. what's your thoughts? What is this going to look like in 5-10 years?

My vote- if your not over leveraged - invest!

Get it girl!

@Christopher Brown

I would agree with @Joshua Strickland, it depends on the market on how accurate the analytics are. I like to cross reference other properties in the area. It also helpful to check what others are charging for pet and cleaning fees.  

@Dylan Bergum

Hi Dylan, 

Start with checking the zoning of the property and see what's allowed. I'm personally a big fan of storage if there is enough demand for it. Leasing the land is another great idea.

Hi Lance, 

I use airdna.co. There are a few STR analytics websites out there with information on how many days/year rented and average $/night.

Hope this helps!

Amanda Dallman

@Pat Ryan

Hi Pat, 

Welcome to bigger pockets! Real Estate investing is a big world and there is so much you can do with it. Set goal for what you want and know your comfort levels. In the begging of my investing career I though I wanted to go out of state because of the cheaper enter point. So,  I traveled around and looked into areas in the south and mid west to find a lot of competition. In the end I changed my strategy to buy less doors in Washington, his meant less properties to manage and more return on appreciation. This year Washington's population grew over 14% and I believe this will continue for many years as tech keeps moving in. There are still a few markets in WA you can get houses for decent prices. If you ever want to chat more about investing in WA give me a shout!

Best of luck and have some fun!

Amanda Dallman