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All Forum Posts by: Barry Je

Barry Je has started 24 posts and replied 33 times.

Post: Turning residence into a rental

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

I'm moving to NYC but just bought a house three months ago here (very last minute job offer that I just couldn't turn down).  I'd like to turn it into a rental.  It's new, no issues, ready to go.  

What kind of insurance policy do I need to change my homeowners policy to?  Does this alert the mortgage company?  Are mortgage companies converting mortgages from residence to rental/investments?  How is that done?  Can it be done in these weird COVID times?  The house was bought for 1.1M slightly over 3 months ago.

Post: Weird situation - what would your strategy be?

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

Let’s say you’re able to invest 30k a month for 4 years and after that your funds available drops down to basically nothing - forced early retirement.

What would your strategy be to live the rest of your life with an almost certain 10k passive?

Would you do nicer houses nationally pay them off completely hold no mortgages and sit on the cash flow?

Would you do an apartment?

Index funds?

For those 4 years though there’s no time to manage C class houses or property managers. To make that money you’re working so insane it would be literally impossible to find more hours.

One thought I had was higher value A/B class properties. Fewer units with higher cash flow that’s in a more reliable tenant population with newer houses. I’m less concerned with ROR I’m more concerned with the end of the 4 years to have a very solid less headachey 10k+ a month. Over 48 months can get 8 180k houses all cash that rent for hopefully 1600+ and cash flow 1300 which is about 10k passive.

Thoughts? I understand no investment is truly passive. I went the C class route the returns were good but not worth the hours. I care less about the hours and more about hitting the 10k mark and not have to manage many managers with evictions and weird tenants.

Post: Who’s the best realtor who helped you?

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

@Michael King

Thanks Michael! Yeah in my short years in this space I have more than a few losers as well.

This is great!

Post: Who’s the best realtor who helped you?

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

Just like the title says...who’s the best realtor you’ve worked with, no ********, honest truth, great advice, great leads, and great connections with PM and other help?

I’ve had great realtors with terrible PM, great PM who’ve made terrible realtors, etc.

Who out there has worked with someone who’s got it all?

I’ve worked with Smartland and I’ll give them kudos.

I know it’s nuanced and depends on the market and situation and how bad a crash happens if and when it does.

But, what goals do you use? I have 25% down in all my acquisitions and with some new money coming in, I’m tempted to get to 50% before acquiring new ones to keep me safe.

I’m a normal buy and hold rental investor.

I’m trying to learn more about long distance Airbnb ownership and short term rentals.

Some say that all can be done online with cleaners and maintenance without a local PM, which usually run more expensive than normal PM.

Are there resources, guides, books, blogs, or courses that review everything one needs to know to get started in this business?

Post: WHAT TARGET COC RETURN FOR YEAR 1?

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

@Derrick Alexis

Mind sharing where in philly you’re getting 12-15%?

We live in Seattle. Been doing traditional rental investing a couple years and looking to get into Airbnb/vacation rentals.

Are there any resources to read to familiarize myself between differences of vacation vs Airbnb vs Vrbo vs other short term rentals?

Also...location?? I’ve been thinking oceanfront along west coast preferentially?

I’m not looking for insane returns or cashflow. I’m looking for a house we can vacation in ideally waterfront and beach for summer long weekends or a week and rent out the rest of the time. Don’t care about cash flow more interested in not losing monthly income.

Post: Investing in condo units

Barry JePosted
  • Tacoma, WA
  • Posts 33
  • Votes 7

Does anyone have insights into investing in condos?

I understand HOAs can be restrictive, rental caps, Airbnb limitations, etc.

However don’t have to worry about roof plumbing electrical etc.

I’m thinking about taking less returns and more fees with less headaches in nice condos. What am I missing...please poke holes!

Everyone clamors around the Midwest and south as being cash flow Kings but many of these have never appreciated.

What areas are you guys investing for less cash flow (but not negative) but more appreciation?