All Forum Posts by: Chris Bane

@Michael Mullins I’m interested in finding out if you used them. Tried to DM you but not sure it went through.

@Tim Schroeder Hi Tim - Thanks for the feedback. How many bedrooms are your properties in the Smokey Mountains?

Thank you for all the input everyone! I appreciate it. This is helpful and one common theme seems to be having someone trustworthy as boots on the ground.  

I would like to hear from anyone who is investing in STR/Airbnb properties from a distance (Out of State) and whether they would recommend it based on their experience. I would appreciate advice as to some of the pitfalls to watch out for if you do recommend it. Thank you!

@Jordan Ray Thank you Jordan! Let’s connect and I would be interested in learning where you are in the process.

@Paul Moore Thanks for the feedback Paul! I have already come across a few of your posts and you provide some great feedback and insight. I also have your upcoming book preordered. Looking forward to it!

Hey Biggerpockets crew! I have been spending a ton of time reading and listening to podcasts on REI. A common theme I have heard is that many investors say they had wished they had gone bigger sooner. I am taking that advice to heart.

I have house hacked to get into my personal residence in CA and I purchased my first rental in NV a few months back. I made a few mistakes in that deal but nothing too bad. I have been networking and talking to many seasoned investors and that has led me to commercial real estate. Below are some of my goals:

1. 1) I will not be doing any more SFR buy and holds unless it is an Airbnb property that will have high cashflow. While it is certainly possible to build wealth and create cash flow with SFRs, my time frame is too short to accomplish what I need to in the SFR space.
2. 2) Short-term goal is to purchase a self-storage property or multi-family property in the next year. Ideally, I hope to find the deal off-market with a value-add opportunity so that the property could be improved, stabilized, and refinanced to pull out the initial investment and then rinse and repeat.
3. 3) Long-term goal is to be in a position after 5 years to be able to quit my W2 job if I want to at that time. To accomplish this goal, I will likely need to get to $20k/month of cash flow.

My advantages going forward are my analytical background and ability to learn quickly.

My current disadvantages are my introverted nature and limiting beliefs, which make it more difficult for me to reach out to others for help and network to find those off-market deals. I am enlisting help from my brother and fiancé in this department.

If you're still reading this... thanks for sticking with me! I wanted to share my short and long-term goals and I would love to hear how others have made the transition from SFR to commercial.

Thank you for the replies everyone! There are some good suggestions above. What has gotten me thinking about this is the Rich Dad Pour Dad concept that your house is not an asset although I would not have the options I have now without having purchased my home. If I take out money from my house (in the form of loans) to buy property elsewhere I am limited in the amount I can take out by LTV and I have to pay a bank to use that money. That cost just has to figure into the analysis of the property or properties I purchase elsewhere. If I were to sell, I have all my equity to use without having to pay to use it but I miss out on any future appreciation in my local market. I am also finding blog posts like these on the site: https://www.biggerpockets.com/...  https://www.biggerpockets.com/...

I am new to BP but am finding a lot of good information on the site.  I purchased my townhouse in the SF Bay Area in 2015 for about $750,000.  I could sell it today for around 1.1 million after making a few minor improvements to the interior like installing hardwood floors.  I would then have close to $400,000 that could be used to invest in rental property in other markets where property cash flows easier than the Bay Area. I would then be renting in the Bay Area rather than owning.  I just read Rich Dad Poor Dad again which has got me thinking about this. What would you do?