All Forum Posts by: Brandon Elliott-Pandey

I love my Honeywell 9000 thermostats and ring cameras.

I don't pay for any 3rd party software.

Vrbo and Airbnb integrate with each other and send all the messages I need.

I track my entire rental portfolio in Excel.

Ill give you a brief look at our tech stack below.  However, I think the best tech products depend on your size, budget, goals and pain points.  We are a local PM in FL with 85 or so doors so something like automated lock software is essential.  However, if I were self managing 3 properties not too far from me, I could do it with the free Schlage app.  If you have a specific pain point let me know and I can maybe offer a suggestion!

PMS - Streamline

Pricing - RevMax w/dedicated revenue manager

Locks - Lynx w/ Schlage Encode hardware

Channel Manager - BookingPal

Marketing (Guest) - Constant Contact for emails, StayFi for email capture/wifi automation

Marketing (Owner Acc) - Vintory

Probably forgetting some but that is the bulk

This is something I hear real estate investors talk about all the time. Their goal is to build generational wealth for their kids, grandchildren, great grandchildren, etc. They believe by building a good real estate portfolio and acquiring assets they will create generational wealth for their family. I believe I have a controversial take on this stance. I 100% disagree with this line of thinking!

There are stories of family’s that have had multiple generations build wealth through owning land, real estate, oil, etc. that have lost it all in 1 generation! Wealth is incredibly hard to obtain and 10x harder to keep. Just because you are able to hand over your children and grandchildren wealth doesn’t mean that they will know how to keep it. They have to know how to handle the wealth if they are going to keep it. My focus will be on teaching them how to create and keep wealth, not handing it over to them.

How I will focus to create generational wealth will be the complete opposite of what most people want to do. My kids will not be handed anything in life, they will EARN everything. I will not give them money, instead I will be there to teach them what they need to know to get their own money. I will teach them what I’ve learned in my life that they can use to create their own success. When they need advice, I’ll be sure to provide it. When they are struggling through the rough times, I’ll be there to support them. My goal is to create kids who are good people. If I can do that, they won’t need my wealth, they will have their own.

What are your thoughts about creating generational wealth?

We've done very well catering to travel nurses via MTR's the last few years.  

What is everyone's long term outlook on this strategy, and do we foresee travel nurses going to continue to be a healthy tenant market to cater to?

Thanks for sharing!

I've built up a rental portfolio of 8 cash-flowing units in a very solid area, netting roughly $6k/month. I've done this by living in them, and renting out the other units. It's worked out wonderfully, and I've been able to build solid equity while creating a strong cash-flowing portfolio in a good area.

My next purchase, however, will be my primary residence. I live in a fairly MCOL-HCOL, where I'd be looking anywhere from 500k - 900k for a purchase price. This would give me a PITI of up to $6.5k where I live (higher property taxes).

My question is, what is a reasonable PITI that I should be looking at, so that I don't overwhelm myself and can continue living a comfortable lifestyle? My thinking is, my real estate investments should be able to pay my PITI payments. My wife and I bring in roughly ~200k/yr, but I only work part time. I have no plans on going FT, and may ratchet down my work even less in the future. Any help/guidance is appreciated! I just don't know the best way to approach buying a principal residence, and what factors I should consider to continue living a lifestyle where money isn't a huge issue.

I think of a 'house' as just the building itself...and a 'home' is when it is furnished and full of people and family....

I think the definition might be different depending who is responding. On a fundamental level, a house is something that provides a place to live for individuals and or families. Investors/Banks look at a house (SFH) as an asset that can appreciate and/or generate income. I think the value of the house is that is used by individual/families as a purpose to live in.

A "house" is a free standing, single unit property IMO (not very philosophical, I know) 

On the other hand, a "home" could be a bunch of different types of properties, including a house obviously.