All Forum Posts by: Andrew Myers

@George Turner Alpine Building Performance is another great option! Always one of my recommendations to clients. 

Hey @Luis Puente! These are great questions. I would start with your short and long-term goals. Sounds like you have some long-term goals around being an investor. I agree with many on here that you don't need a license to become an investor. Being an agent can save you $$ if you are a flipper or someone doing a lot of your own deals in your local market. But it also costs money so if you're not doing any deals, it can start feeling expensive. 

Now if you want to quit your full-time job and do this full-time, that's different conversation. Being an agent is a job...it is a sales job. You provide a service (offer), you find people who need to buy your service (leads), you need to close them in order to get their business. There is plenty of agent competition, in Denver especially. So it can feel like a grind - it's a grind that I love personally, but that's not always the case for some people. I work way harder as an agent as I did in my 18 years in my past corporate jobs, but I love it way more and am 100% engaged in the work and my clients' successes. I'm also a full-time investor. If anything else, being a side hustle investor helped me be a better agent, not vice versa.

All that said - start with your short, medium, and long-term goals, map it out and then take action based on that! Good luck!
 

Investment Info:

Single-family residence buy & hold investment in Fargo.

Purchase price: $190,000

1031 exchange property, hybrid STR/MTR, fully furnished

Hi all:

Setting up my Airbnb listing for a medium-term rental.  What's the best way to open up the calendar?  Ideally I want to allow people to book in the next 4 or 5 weeks, with a minimum of 30 days.  But does this mean I need to open up the rest of the calendar so they can actually request their desired dates and it shows up in their search. I would hate to open up my calendar for the next 6 months and then someone requests to book 2 months from now and then I lose an opportunity for a 3-month nurse contract or other longer stay.

Is there a setting for this type of thing? I hope there's a setting that only allows someone to book in the next 4-5 for a stay 30 days+ without having to open my entire calendar 

I hope this makes sense. 

Thanks in advance!

Andrew

Hey Coty - local to the property. I spoke to one of my lenders today (small local bank), and they're looking to make loans as they are in growth/expansion mode. They've also seen activity take a bit of a pause during COVID so they're "hungry". That's just one bank's position.

Def get some referrals from RE contacts you have there of you can - much better than a cold call - and build some solid relationships with local banks (if you haven't already).

Ps great BRRRR project, I hope you get to the finish line with infinite returns!

Thanks @Anson Young!  @Coty Dolan Yes, I would talk to local banks - community banks and credit unions. I did a BRRRR recently and refinanced right before COVID hit hard, received great terms - those might have changed though. I'm going to chat with a couple of my lenders (who are all small and local banks) to see if their standards have changed since the worst of COVID. I'll follow-up if I find anything out.

@Tanner Stoddard I would keep this as simple as you can.  Try a simple exercise with him of listing all the financial considerations and purchase/management activities that you can anticipate today - who will do what, who contributes what - consider putting all this in writing in some sort of operating agreement.  Your time is worth has a value as well, which should be taken into consideration.  How active will you/he be after the property is acquired?  If you are the one doing all the day-to-day work, then that should be factored in.  I think you two can probably come up with a scenario that keeps things simple 50/50 equity in the deal.  He can't do this without your hustle, and you can't do this without his down payment.  

One way you could go about this is that if you ever refinance or sell the property, he gets his initial capital back first and then the remainder is split 50/50.  I've done that on one of my partnerships.  My partners get their initial capital back first, before I get my share.  This respects their financial position in the deal.  

Hope that helps.    

@Andrey Foksha October 5-6 New Orleans

event info link

Hi Ashley! Definitely check with a CPA who understands STR/vacation rentals, but we do everything via Schedule E (as advised by my CPA). Schedule C, I think, would be more if this is your full-time gig aka if this were a full-time AirBnb manager for yourself or others. If you have a full-time job and this is your side gig, I would say Schedule E. But def engage with a CPA who knows this stuff!

We house-hack using a short-term rental in our garden-level downstairs suite for the last two years. Pretty much covers our mortgage. And we love the tax benefits! 

House-hack = using your primary residence to generate income, making it a true asset.