All Forum Posts by: Christopher James Lloyd

@Adam Gollatz @Rebecca Knox

Thanks for the quick reply! Ill have her look into Jodi and Premier Point. Happy holidays 😬

Chris

Hello all,

My partner,Jess, is looking for a good way to become a real estate agent in the Milwaukee area and was wondering if anybody had any good tips as to where to receive the training and who to work for initially?

Currently she is an assistant property manager at an apartment community and would like to test her skills as an agent.

Any information would be greatly appreciated! Currently shes looking into Robins and Lloyd to fulfill her pre-licensing requirements.

The only advice we got after that was to work for a large firm.

Kind regards,

Chris & Jess

Hey everyone, thank you for all the replies and comments. Just wanted to let everyone know we finally decided not to go through with the deal for many reasons. 

First and foremost, we couldn't afford a property on our own and seeking funding was difficult to say the least. Even if we were to find funding, the left over cash flow would have been minimal and for the amount of work needed to run the property, it would not have been worth it. 

Second, we are primarily looking to provide long term housing, at least for the start of our investing careers! We though to ourselves what we would do with the place once the crew base closed and we couldn't really come up with something to convince us. We thought about converting the property to a standard rental home but being a five bedroom house, we believe it would have been difficult to do so. Furthermore, we thought about all the bunkbeds and other miscellaneous things we would have to get rid of. It would have taken considerable time to get rid of everything and we would have had to store it somewhere in the meantime! Not to mention that we would be losing a lot of our investment there because we would have to mark down the prices quite a bit now that they would be second hand beds and or furniture. 

Also, if we where to go through with it, we would not have been able to purchase our house hack which is our primary plan at the moment. 

Never the less I still think its a great idea, I just think we weren't in the position to act upon it and it was too risky of a deal. We certainly didn't want to start on the wrong foot. 

Once again, thanks for all the comments and I hope to be posting again about our future house hack/BRRRR home!

Cheers,

Chris & Jess

Hi @Mary M., Thanks for your comments. I share your concern with the cleanliness of the property. However, I believe since our clientele is a close knit community (only one airline will stay) they have more incentives to maintain a clean property. Also, to differentiate from an Airbnb, the crews will be coming back to the property, so I would hope they leave the property as they found it, so that they can find it clean, once again, when they return. I would do my best as well to have all and any cleaning supplies they need to ensure they have no excuse to not clean up after themselves. A dish washer is a must. 

@Justin Poulsen, thanks for your input! I would love to hear more about your crash pad and how you run it if you are willing to share. It brings me peace of mind that my expense numbers are fairly accurate. What do you do to keep a clean pad? Transportation is a big concern of many of my coworkers. A colleague of mine who opened one in Columbia, South Carolina told me they hired an Uber driver to cater to the crash pad whenever needed. However, when crews called at 4AM nobody would answer... I have tried to think of creative ways to transport the crews to and from the airport but all I can advertise right now is that an Uber ride is less than $10 and less than 10 minutes. Also, I was thinking of putting a ride share log by the front door where crew members can see whos leaving at a certain time and share an Uber to save some money. 

As for parking, I know of only one person who has a vehicle that commutes in. He purchased a van and turned it into a camper but asked me if he could use the house to shower and to use the bathroom. I said we could work something out and that he could even park his van in one of the 4 parking spaces that comes with the house. 

Hi Jane. Thanks for your comments! 

It is a very specific niche with a lot of potential if done correctly I think. 

The high turnover rate is a must for crews since their base can change from one month to another. No pilot will sign a lease for longer than a month. I plan on having two different types of reservations and that is a nightly rate and a monthly rate. Giving crews with different needs more options to choose from. My partner and I would manage the property ourselves with a digital door lock that will allow us to generate codes for guests without us being there. Professional weekly cleaning is taken into account in the expense estimate. 

I have looked into the legalities and havent found much. Also, even if crews were to rent monthly, the varying schedules would rarely have more than 7 or so people on the property at once. 

Two bath is definitely a concern but again with not having the house fully occupied on a given day, it will free up time in the bathrooms. Also strict rules on shower times and bathroom usage would be put in place along with a shower log to reserve shower times. 

Being a pilot myself I believe I can really cater to crews and I can communicate effectively with them to change anything that might not be working. 

Once again thanks for your comments! 

Thanks for your reply! 

Yes they are. Its actually quite common among pilots to sleep in bunk beds for a few nights a month. They are commonly reffered to as crash pads. 

The expenses pre mortgage include taxes, insurance and any recurring expenses as well as utilities. Remember its essentially a hostal, so we need to factor in costs of bath soaps, dish washer soaps, internet, cable among other things. 

Currently looking for a partner to assist with the down payment. 

Hello everyone,

Chris Lloyd here looking to close my first real estate deal. Attached is a link to all the details and I am looking for a partnership with some liquid assets to help fund the deal. Please reply with any questions comments or concerns!

Looking forward to speaking with you all. Crash MKE

https://drive.google.com/open?id=1HcVhCBVcYxtoH7RAtvoOyxtR3C8N3c0Voo_u8SrqQ90

Hello everyone!

Im posting this unique deal. It is unique in the sense that it is a very specific niche market. Catering to commuting airline crews, opening a crash pad here in Milwaukee, WI is sure to attract pilots and being one myself, I know numerous colleagues I've flown with that usually need a place to stay. Ill attach a document further explaining the details and more analysis.  

Looking forward to hear from everyone! Any questions comments or critiques are welcome!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi @Rebecca Knox,

We most definitely are interested in connecting with local investors and other valuable people. I am looking into Milwaukee REIA and plan on attending a upcoming meeting and possible join the community. I will certainly tell her to contact Jodi Graf. Thanks for the comment and we hope to meet you soon.