All Forum Posts by: Belinda Lopez

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Hi,

  I own vacation rentals in Galveston.  It's a great business model - if you know the tricks and best areas. Feel free to reach out to me.  We've also put together some training events for short-term rentals.

Hi Scott!  Welcome to BP and the biggest, largest friendliest group of investors in the country.  There are tons of local Meetups, REIAs (Real Estate Investor Associations) and local events in the greater Houston area.  I recommend you try them all starting with the RICH Club, Wealth Club, and even Lifetsyles Unlimited.  All have different niches.

There hundreds of Houston/Galveston area real estate meetups just join Meetup and search.  Also some are on EventBrite and check out my signature for info on the largest, oldest friendliest Real Estate Investor Association in Houston.    Michael Boyd hosts a monthly meetup at Las Brisas on 45 as well.

All businesses can hit speed bumps during any growth period.  I applaud Brian for personally reaching out to respond to the situation and make sure things are addressed going forward.  Would love to have you or Kevin come speak to our investor group.

Hi Sammy, The Realty Investment Community of Houston will be there with Linda, The Queen of Foreclosure, Muscarello!  See you there.

You may not want to evict so quickly and you'll want to do as much due diligence as possible before just buying at auction.  Is it a mortgage or tax auction?  Have you thought about approaching the owner directly to purchase it before it goes to auction?  There could be other liens that may not be extinguished by the auction so be very careful there. And depending on the type of auction, say Tax, the owner could have redemption rights so you would not want to make any repairs until the end of the period.

Most RV parks have guests and not tenants - if the paperwork was done correctly.  Guests can be asked to leave for a variety of reasons but if they are tenants then it could be a lengthy and costly eviction process for each person who chooses to stay.  These small parks, when run correctly can be cash cows but also fraught with moneypits when maintenance and other issues are not managed well.

Twenty means everyone knows everyone and everyone's business.  Does the owner live on-site? This sounds like a residential type park where folks live because they can't afford anything else.  What are the current rents?  Twenty is just enough to warrant someone living onsite to manage but not enough to pay someone other than free lot rent.

I would try to contact the owner if possible and see if they would just sell it to you for what is owed on back payments plus a small amount.  Try to get as much info as you can and find out what other parks are charging for lot rent to see what the true potential might be.

Good luck!

Interesting that folks telling you all the bad things about AirBNB are mostly not actively doing that business model!  There is a great site called AirDNA that has the vacancy rates and other stats for airbnb in any city.  Totally worth paying for.  Also, many might be surprised that the units with the lowest vacancy are not vacation rentals but regular homes catering to business travellers and families.  You need to think about what makes AirBNB appealing to different audiences as well as the scalability factor.

I know several folks who have scaled and with 3rd party management, it is still much more profitable than monthly rentals.  You might also think about hybrid models.  For example, many folks love duplexes b/c they can live in one and rent the other to pay their own mortgage.  Maybe see the condos in packages that let someone buy one and rent the others?

What AirBNB has done so well is to totally disrupt the business model for individuals who want to take advantage of the technology platform that makes it easy to earn extra money.  Same with Uber.  No, not 1 person can dominate in that market which is why it often does not scale effectively.  So maybe what you need to do is develop a new model that could work for both you and future owners.   

Would like to brainstorm with you on this further.  We're doing similar projects in Galveston and see a hybrid model as a way to double cash flow but we don't want to be so large that we're running hotels - yet.  Good luck!

There are a ton of meetups, happy hours and local REIAs for you to check out.  The best, imho, is The Realty Investment Community of Houston, the RICH Club!  Just search the Bigger pockets marketplace and meetup for groups local to you.  There are some agents that specialize in working with investors as well as firms like Big State Home Buyers, Net Worth realty and a few others who are mostly wholesalers.  Those folks know how to find great properties for investors.