All Forum Posts by: Chris Armstrong

@Account Closed 

Nice pics. I will default to " It should be up to the person who owns the property to decide what to do with it." Yes, technically as a property owner in a city you have to abide by those rules that are dictated by people (law makers who might not have your best interest at hand but rather their interest at hand).  It seems like New York has overwhelming issues with this, whereas, other towns do not. 

Let me ask you a question considering (and I assume) you deal in real estate to some degree, What do you do when looking at a property in a specific market that might be out of your price range (arbitrary reason, you have a picture of a yacht as your profile so perhaps you dont have this issue)? Do you stand out front of the property with a sign? Do you make a big stink about the fact that you cant buy the property? Or do you move to another area where homes are more affordable for you? 

All I am saying is people as a whole need to complain less and if the market wants airbnb and you (as a potential tenant) want a place to live but cant afford to buy in that area then move. Its really simple actually. And if you turn this question around and ask me if I were in the shoes of the protesters above would I move, the answer is 100% absolutely. 

Also, in regards to places being up to code as mentioned in earlier posts, again people have the option not to stay in the rental if they are not happy with it. That should not be a point of contention. 

Who knows, the only thing you can do is be in a position that is not over leveraged so that when things do settle down you're not the one without a place to call home. I dont remember the exact quote but it was something like " Its better to miss the last 20% of the rise than to catch the first 10% of the fall." 

PowerBall Lottery Tickets is the best bet. 

No seriously, short of selling crack there really isnt much you can do with $2000 that is going to earn you an appreciable amount of money in that short of a time period. It would take almost 7 years to double that money in a mediocre performing account earning between 5-10%.  Set the money aside, cut your living expenses then save save save save. In due time you will have enough cash. Patience grasshopper. 

I would have to agree that this all stems from the government acting in accordance to whomever hands them the largest wad of cash. The hotel lobby is very strong (and corrupt) and people like that free money so, its likely going to be a long and drawn out battle. It just sickens me that they would limit the market in such a way. The consumer loses in the end if the lobby wins. I understand price controls and things like that but this really isnt the case at least in my city where airbnb is becoming a very hot topic. less government is better government. 

The way I see it is that the W2 job is a good thing if you enjoy the work. Real luxury/wealth in my opinion is having the option to quit if you wanted to. Those who HAVE to wake up everyday and punch the clock have a negative mindset about work. The world and work seem much different when you HAVE THE OPTION of doing something or not. I will own many properties in the coming years (I own 3 now), and I will reach the point where I will be able to quit my job if I wanted to but the best part is I will have that option.  A small difference in mindset can have HUGE impact on quality of life. 

@Buddy Holmes Again I am glad to see this is going on! As stated before some of the other groups I have been to always have an agenda of selling something to folks. I just wanna talk shop and see who is doing what in this area because there is a ton of work getting done

I am very happy to see that there is a BP meet up being started. A few of the REIAs I have been to have been a bit lacking in my opinion, always trying to sell stuff and promote something or other. I just want to meet with folks and talk shop without obligation to join or buy anything. Fantastic @Buddy Holmes

Honestly, did not care very much for that podcast last week. I feel that the bad name airbnb gets is in part due to the behaviors that she exhibited. Being upfront in all situations is the best way to operate. 

Yes, she was lucky and has managed to keep that momentum going with airbnb but what if this bubble bursts and airbnb becomes a) over saturated or b) outlawed in her areas? What then? Just from the sound of her finance situation it seemed like she was just getting bye and if the huge cash flow ceases then her happy care free day could turn very rainy, especially with that very large interest only loan coming due... 

Short term vacation rentals are a neat niche of real estate (one in which I take part) and it was neat that she managed to make something out of it. I just felt that she was sort of a loose cannon with respect to the other investors that you all have on the show. You know the ones that have strong motivations, multiple goals and plans to achieve them all, multiple businesses to fund the real estate. Different strokes for different folks I guess. 

Again, it just seemed like you could have done the same show on a person who won the lottery  and interviewed them about how they got to that position in life. That being said, I love the podcast and have been a listener for over a year now. Learned a ton and made some good money while doing it. 

I just want to get the perspective of some folks who have a little more experience in this area than I do, I would love to know the other perspectives that I am not seeing. One of my favorite quotes is " you don't know what you don't know" so lets see what the consensus is. 

I have 3 properties at the moment. One is completely paid off, the other two have mortgages on them. I generate significant cash flow per month ($2000+ per house) after all expenses. My ability to borrow money is very limited right now (~$100k) because of the amount of money I make at my W-2 job and my current debt load. I owe a total of $210K on the other two properties.  Currently I am taking the extra cash flow and plowing it back into the mortgages to pay them down as quickly as possible and I should be done and own all three within four years. I literally do not take $0.01 from the business right now.  My question is, is this the best approach to building a portfolio? 

I know I could cash out refinance the property that is owned outright or get HELOCs, there are many things I could do. I just want to know what others in this situation have done and their thoughts. Thanks 

BS Chemistry 

MS Chemistry 

Neither of which help real estate except to give me a stable well paying base salary and W2 with which I fund my deals. 

I m am about to enroll in Real estate school to become an agent and start working at it nights and weekends. This pursuit will most likely launch me closer to my goal.