All Forum Posts by: Annie Irizari

Mardochee,

here is my experience on STR...for what it's worth. I would check Atlanta GA Airbnb and see what they post there to get an idea, scope out the market at least for what to charge. You don't want to over/under charge out of the market - best to charge lower and get more booking, to keep cashflowing. Might want to call some of the Airbnb to inquire as if you are looking for STR yourself, cold call them and just say you are just inquiring fees, house rules, local rules etc. and looking for now and have not decided. This is how I would do it, also what is the market rate. In NM I find that it's not unusual to be able to charge market rate $2500 - $2800/mo for 3bd 1300sf home when typical 2 bd rent is maybe half or less than that or 2.5 - 3x the note that I have plus charge other fees like cleaning fees, refundable deposit, etc . I'm house hacking my STR and can basically live in a nice home for free by monetizing my primary home. It's a decent side hustle, which I'm attempting to scale without owning the property, using my own money or credit - its OPM, OPP. STR can be lucrative across the board, better in growing locations but not absolute must. There are various reasons for STR for people, from vacation to consulting work, military, internship etc. it runs the gamut. Just my thoughts and experiences on STR. Just do as much due diligence as you can - ie local rules, if any etc. Hope this gives you food for thought on approach....

Diamond is saying for $1400 and 4 hrs of training, could already be $$ off and going, thoughts? Sounds too good to be true.....I read through some of the previous comments and this may not be the true, so I'm proceeding with caution but wanted to get more comments......

Some food for thought for you....First, layout some goals and plans. What's your BHAG big hairy audacious goals and strategy. key thing to remember - It's easier to change a strategy and plan than it is to correct a mistake(or a f**ck up) which can cost you - 1 year, 3 years, 5  years, 10 years. start with the end in mind.  First, let me congratulate you at starting early, I wish I did- as they say If I only then at 15 what I know now I'd make different choices....LOL. Start with the big picture (1 page swim lanes strategy - start with S.W.O.T or S.M.A.R.T. exercises).  Find a mentor, whether that's a parent, someone  who can guide you in this journey. Learn as much as you can. At 15, I imagine your goals will change over time and that's okay or maybe not - maybe you know exactly what you want. Expect to evolve over time - hopefully smarter. Some things will resonate, some won't, might want to keep notes. Have a strategy. Heck even keep a strategy journal. Then you can see for yourself how you evolve. On mentoring - You can have more than one, depending on yourfocus at any given point in time.  In a previous career, still am a project leader and CEO/ certified PMP and Scrum Master, now entrepreneur in real estate investing also. Feel free to reach out to me if I can help you in anyway, we can take it offline, for discussion, be glad to help and be vor/voice of reason.....Annie

@AP Horvath

Good suggestions here. Thanks everyone. For me, I'm more likely to use it as a private lender for other re-investors..let someone else be the active owner/investor and I'd be a private lender for flippers-sf or mf . At the end of the deal I get a share of $ no matter what just depends on desl/time table..with sf you can get it sooner after sale of flip/reno-do this over and over for the flip/reno..could be private lending 50k for example + get share of arv market sale+interest...50k could become 75k in 3 mos. vs MF when maybe it's a year-2 out but could also have monthly income until buyout if structured well so it's a win for all on this deal . Let my $ work for me without the typical active 'landlord' stuff. But I prefer behind the scene passive investor. Depends on your goals, your time table tolerance, and all other factors being equal..you have options...good position to be in. Happy for you. Hope this helps.

I'm hearing same as Michael Davis. It sounds too good to be true. Glad to have checked out the feedback here first.  Thank you everyone.

Happy Thanksgiving everyone. I have holding cost on 2 homes. I live in house 1. Can I foreclose on house 2 without affecting house 1? What's a good legal way to solve my issue. short sale house 2? find an investor to pick up note on house 2? I need some cash out - 10-15k if at all possible. Help....eight 4 seven 3 one two 844 five. Annie

I've run into selling assignable redemption rights on a fix/flip, I get different answers depending on who I talk to, and every state may be different, how does one navigate this space?  What's the pros and cons? Where do I need to be careful and what should be clarified in the deal/contract?. 

This is what I found in  NM: Right of Redemption After Foreclosure in New Mexico. ... For both judicial and nonjudicial foreclosures, New Mexico law gives a borrower nine months to redeem the home after a foreclosure sale. However, the terms of the mortgage or deed of trust can reduce the redemption period to not less than one month.

Jordan,

There are many facets to real estate. You may start on one point and the roads can branch out in different ways. It's not a matter of right or wrong or just going down one path. A few key points to keep in mind:

1)what's your why(go 7x deep on your why) and your goals?  There's a lot of great feedback and input here for you to mull over. Give it some thought. Are you just interested in the selling aspect of real estate or the investing side too? These are two different mindsets, different outcomes, different navigations. One is debt/liability, another is asset based which leads to point #2

2) financial IQ/literacy/intelligence is important as you deal with different demographics or target audience/client - single family consumer, investor of all kinds, hotel, bankers, lenders, regulations and putting all of this together for your target audience/client. Are you dealing with an investor or just an a-typical consumer,  there is a difference. Investors are not a-typical single family consumer. They don't purchase with emotions, they purchase with financial IQ, asset, profits  with risk management

As an investor, I'd rather deal with someone with financial IQ and not just an agent selling to an average consumer.  

3) An education shows your teachable and can learn, it doesn't guarantee anything. There is a difference between traditional education and financial IQ/intelligence/literacy. Historically, traditional schools are lagging in teaching financial literacy/IQ/intelligence.

4) commercial, mixed use, single family, small multi family, or hotels?  the analysis vary depending on which real estate segments. Where do you want to specialize or should you?  It's okay to maybe start out in SF then move towards commercial or hotels as you gain more knowledge and experience, some knowledge and information overlap, it's just a matter of you connecting the dots for your toolbelt.

:-) just some thoughts for you to mull over ....

I'm in business discussion to be a down payment private lender to a business colleague who is looking to start investing on a 4 plex. I can provide the down payment to an FHA loan. I'm thinking we need a business contract of some sort or owner financing ? What type of contract is applicable in this scenario . What should be in the contract/terms? Do I need an attorney to draw up the paperwork? What about an exit strategy? How does one typically structure something like this? Thoughts? Caveats? watch out for ? Thanks :-)

I'm considering private lender for 4 plex investing, how does one choose a private lender? Is it better to find someone local or outside of residence state?  

What are typical terms on private lending? interest rates? fees? 

Any caveats I should watch out for?

Thanks everyone. :-)