All Forum Posts by: Bonnie Low

Dan, with your experience doing rehabs, I have a couple of loan options that would work in the above scenario if that's still a deal you or your son are looking at. Those numbers are really attractive, especially for San Diego!

Hi, Isaiah. I invest in Ohio, too. I have a couple of Realtors I can refer you to who I have personally worked with. I highly recommend @Tyler Everidge. I don't have any recommendations for an attorney, but I'm sure Tyler does. Also connect with @Patrick Drury who does a great job of working with investors. Both of these guys are my go-tos for all things Ohio. Also, I'm a lender working exclusively with investors. As an experienced investor myself I can help you with your analysis and underwriting. I'm happy to take a look at your projects any time. Just shoot me a message. Best of luck to you!

If you get a place in an area that allows 30+ day stays you may be able to appeal to the traveling medical professional (aka 'travel nurse') crowd when you're seeing guests. I say this because Florida has notoriously low travel nurse per diem rates so a lot of travelers won't take an assignment there because their rates are too low vs. most housing. That said, I see people all the time looking for less expensive options. So you could be on to something. Not everyone visiting the Orlando-Kissimmee area is going for Disney, though that is no doubt the main draw. You still have medical professionals, digital nomads, construction workers and other seasonal employees - all of whom could be looking for temporary furnished housing. If you're buying the property anyway for yourselves and aren't dependent on the revenue from guests, I'd go for it. I'd also list on the sites that cater more to this type of guest. Specifically, MiniStays and Furnished Finder. Good luck!

Hi, William - 5% is going to be very difficult to find on a 5 unit right now unless you're using seller financing or some other type of creative finance mechanism. You may get in the 6's if you're an experienced investor. Realistically, we'd have to know more about the particular deal to help you find something that works for your criteria. Specifically, location, rents and what  your exist strategy is (if you have one.) If you want to send me more information I'd be happy to take a look at it for you.

It's hard to go wrong with a small MTR so long as you can furnish and price it appropriately for your customer avatar. If you're targeting traveling medical professionals, a 1/1 or 2/1 or even a studio can be a very attractive option. I hear from "travelers" all the time that per diem rates have been dropping and it's getting harder for them to afford to travel. A lot of travelers are not taking contracts in more expensive areas because it just doesn't pencil out for them. If you have the chance to make your tiny home pet-friendly that always helps attract a broader segment of the population and keeps occupancy rates higher.

Just curious why you're opposed to hard money? As someone else pointed out, rates are competitive and often better than PM.

My white linens are mostly ok outside of what I would consider normal wear and tear. The items that really seem to wear out quickly at my units are wash cloths. I don't know if they just get used more frequently and therefore washed more frequently, but even when bought in the same pack and/or product line as the towels, they just look rough and dingy sooner than anything else. I have one unit with all white towels, one with some gray and some white and one with some dark green and white. They're all aging about the same. But, like someone else mentioned, the colored ones sometimes fall victim to bleach. In the future, I'm going to buy the chlorine-safe colored towels.

Congrats on your first purchase and for getting it under your belt at an early age! Are you buying for appreciation primarily, or cash flow? Are you intending to use it as a house hack? 

Yes, I understand that. My point was that I don't get many international travelers at my STR, but have had a few, so I might feel the impacts of slowed international travel there, but it's unlikely to affect my MTRs in California. I just don't get international travelers there.