All Forum Posts by: Brett Deas

Defenitly Airbnb, Zillow and places like that can work as well the but the majority of people on the longer term sites wont want the place furnished. From  my experience VRBO is not worth it as the fees are high and relatively little action comes through them.  

From my experience there is at least some demand in a place with 2 or more, and the key is being within 30 minutes to the hospital they work because when they are on call 30 minutes is the expected response time. From what info you gave I think it would be worth a shot. You could also look around on FF and see how many places there are in your area and if they are always available or not. 

Definitely talk to a lawyer. And from my limited experience when it comes to structuring partnerships like what you are proposing it sounds like a syndication could work. Having the three acting partners be the GP's and the capital only partners being LP's. But some piece of advice regarding people investing is always vet them first. People who are inexperienced in the process and or not knowledgeable can ruin what was a good deal by pulling out too early and or never fully committing. 

If it was that easy everyone would be doing it, therefore it would be useless. This definitely depends on where you are (I am assuming a larger state), but I will use Colorado for example because thats where I am. 

First start out with learning about the strategy you want to employ, do you want a full gut? Lipstick reno? BRRRR? Once you have learned about that hopefully you know some major aspects and metrics to look for when regarding properties. Then you just find areas that fit that bill.

For example, in CO Denver prices are high, so Flipping can have huge spreads, but cost of entry is high. Colorado springs is less expensive than Denver and has a high amount of military personel, so typically tennants are higher quality and there is a constant flow of them. But flipping does not have huge spreads because it is cheaper, typically first time home buyers are buying in the area and can't afford higher-end products so there is not a huge demand for flips. And then there is always the mountain markets so if you want to STR the demand is extremely high, but flipping is basically non-existent because people scoop them up off market long before any individual could ever get to them.

In my experience in the Denver area, If you furnish the rooms and put them on places like Airbnb or Furnished finders, you can get exponentially more for the room than if you were doing long-term unfurnished. And in case your wondering you don't have to do short term, you can set a minimum number of days for stay on both and vet everyone before hand. 

Definitely find a local lawyer to get things set up. You will need an operating agreement or JV document. State-to-state rules are too different, and many people can and probably will give you the wrong answers online.

Brown and Taylor are pretty great or 3 pillars law. Hope that can help! 

 By now we have had about 3, all the tenants have been good and no troubles. The only issue is getting a payment system set up, the 3 wanted to use the FF system but we refused so we had to find a 3rd party system. 

I personally don't like using furnished finders accessory systems as they have big holes in them, but one thing I have learned is they are a travel medical professional you can ask to see their contract. Medical professionals are vetted thoroughly, even more than a background check to do what they do, so if the hospitals think they are safe I have no reason to think otherwise. Also, you won't have to pay for screening or anything. 

This is a question to ask your employing broker