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All Forum Posts by: Chinmay J.

Chinmay J. has started 50 posts and replied 1178 times.

Post: Fundrise?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

@Farak Kazmi - Yes, 3 months seems to be the norm unless you want to pay penalty.  I really like that actually. I own some publicly traded REITS, and they are super volatile. I had some email back and forth w/ them. 

Does anyone know how to confirm that the property listed in the fund is something they actually own? Do I have to go to the county records for each state? Any quicker way of doing it? 

Did you guys not get the memo? 

Don't fix if it ain't broken.. 

Who thought this was a good idea? What garbage UI. 

Post: What are the things to keep in mind when using turnkey company?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Quote from @Chris Clothier:
Quote from @Chinmay J.:
Quote from @Chris Clothier:
Quote from @Hemal Adani:

Two important things to remember. One, if turnkey company does not have time to spend with you and answer your questions in detail and discuss them, in my opinion, move on. 

  Great questions to ask Chris, but how does a potential investor, much less a new one verify the answers..? You think they are going to entertain these questions from a rookie? Most will say FU


 I answered that right at the beginning.  If a company does not have the time to spend with any investor asking these questions, they probably are not a company you want to deal with anyway.  And if as you say most won't take the time, then that makes it much easier for those that do to stand out!

To me, this is really simple.  You have to be patient and take the time to make an educated decision.  Regardless of experience or even what you already know, these questions help get you educated on the how a company operates.  The easiest ones to walk away from are the ones that act too busy to talk to their future clients and answer their questions.  If they are too busy now, they are absolutely going to be too busy in the future when they are helping manage your investments.

In today's market most don't have time or need to. People are buying $h1t unseen. Hence I wouldn't recommend anyone going TK. Do your homework. Don't be lazy.. If you really want to have passive RE, just invest in Fundrise or something. Get a dividend and be happy. 

Post: What are the things to keep in mind when using turnkey company?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Quote from @Chris Clothier:
Quote from @Hemal Adani:

Hello fellow BP members, I am looking to use a turnkey company to help me rehab and manage property. I am full-time software engineer and investor. My job is 100% work from home and requires little interaction using phone and laptop. I would like to screen company to invest. Anyone can share their experience? Here is what I am looking for.

Name of the company, Location of the property, Any challenges, How to screen them?.

This is how you go about screening turnkey companies.  I'm happy to give what I think are the best answers to these as well.  I made this list based on my own experiences and share it quite often here on BP.

Two important things to remember. One, if turnkey company does not have time to spend with you and answer your questions in detail and discuss them, in my opinion, move on. Two, a key about asking questions is to ask mirror questions.  A mirror question is where you ask what is the average vacancy rate each month. Write down the answer. Sometime later in the conversation you ask the mirror question of what is your average occupancy each month. Write that answer down.

A high quality company will be on top of their KPI's and their numbers will match. A 3.5% vacancy number will match a 96.5% occupancy number.

Lastly, after you have their numbers research what you were told. I'll never forget a conversation with an investor who was amazed that a turnkey company had a 1.5% vacancy rate and a 98.5% occupancy. It sounded amazing. He asked how many properties they managed and the answer was roughly 1500. He then went onto their website online and researched their property management online and was shocked. Their website listed 198 properties for rent. They had an ad online for prospective tenants advertising 200+ vacant rentals. Their true vacancy rate was roughly 13% not 1.5%. But they felt like they had to market a low rate to "keep up with the Joneses". So ask your questions, get your data and do your research.

Lastly, take nothing on faith!  Including my families' company.  We have a stellar reputation which matters, but you still have to ask the right questions and do your due diligence.  You still have to make us earn the right for you to trust us.  Often times, going and visiting a company in person is what seals the deal either in favor or against.  It is the only true way to determine if the answers you get match what you see in person.

Best of luck to you!

Are you an investor?

Do you own in the exact neighborhoods you are selling?

How many investors do you work with?

Do you own all facets of the operation?

Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

Do you defer maintenance?

How many properties do you manage?

Do you own the properties you sell?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between tenants, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?



  Great questions to ask Chris, but how does a potential investor, much less a new one verify the answers..? You think they are going to entertain these questions from a rookie? Most will say FU

Post: What are the things to keep in mind when using turnkey company?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

Not a good idea... 

Post: Seller won't hand over property vacant, Red Flags?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Originally posted by @Ryan Pearson:

Some of you guys really need to get better at comprehension. He already said it's in Philadelphia. As in Philadelphia, PA. Why are you guys saying, "If the property is in CA".. It's doesn't seem to be the case..

You should be glad that in this market the seller is even talking to you, and has not moved on already with another buyer

The current market reminds me of old Seinfeld episode of Soup Nazi.  One small thing that's even slightly upsets the seller and they are onto the next one.  

If the deal makes sense, take what you can get or move on to the next deal, and hope for better. 

Post: Airbnb Rentals Ideas

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Originally posted by @Bruce Woodruff:

No worries, Dude, just having a little fun.....

Usually, I don't pick on other people's grammar, spellings, punctuation etc. I completely understand that people come from all backgrounds, cultures, and a lot of people don't speak English as their primary language.  

But when you encounter jerk like Puke.. Errrr.. Luke... you have to put them in the place where they belong. 

Like I said, he and Pharma Bro make a good pair. 

Post: Airbnb Rentals Ideas

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Originally posted by @Bruce Woodruff:
Originally posted by @Chinmay J.:

 The word you want to use is "proverbial" not "preverbal" 

Preverbal is a word in English language, but has a completely different meaning. It means something that comes before a verb. Hence, PRE-VERB.  Proverbial means something that has an idiomatic reference. 

But again, why would you care about nuances of English language. You have a yacht. 

May the good Lord have mercy on your English teacher's soul. I am sure he/she passed away after having you as their student. 

You may not know this, but a lot of people 'talk' their messages into their phone, hence the occasional misuse of words. We try not to be so picky on the forum, it's just not the point.

Having said that: it's Northern Virginia, not Northern, Virginia. Northern is not a town in Virginia.

I know it says Northern Virginia, but I didn't make that change.. BP made that change.. Maybe they are the ones who need to be careful. 

Thanks for pointing out BTW.. I've told them to fix it.. 

Post: Airbnb Rentals Ideas

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Originally posted by @Luke Carl:
Originally posted by @Josh Calcanis:

@Luke Carl interesting to hear that about AirBnB - I've got a friend here in Florida that does a brilliant job with his STR holdings on AirBnB (also on BP - Travis Zappia). While he's mentioned how AirBnB doesn't really support it's hosts as much as he should he's got quite the process built up.

I'm currently only in the LTR space, but have been inspired by the cash flow for those properties and the financing for them. Could you detail the VRBO and direct bookings a little more for me? What's the difference for those two? Also just ordered that book.

We’ve opened the preverbal can of short term rental worms that has been going on for a decade. Keeping in mind VRBO was around for 15 years before anybody dreamed up Airbnb.

The Shop does believe that VRBO takes the advantage in a head to head comparison.

That said we encourage the use of both and do your best to maintain 50/50 bookings.

Personally I’m at 65% VRBO and that’s exactly where I want to be. It does take work too achieve this.

That said:

The two platforms are very much two different types of personalities for both hosts and guests. I realized a long time ago it’s foolish for me to try and push one or the other. It’s all about whatever works for you.

PC rules Mac Sucks
Mac Sucks PC rules
It’s a battle that’s not worth fighting.

The weird thing is I am 100% a Mac and always have been yet I prefer what most people would consider the PC of platforms.

 The word you want to use is "proverbial" not "preverbal" 

Preverbal is a word in English language, but has a completely different meaning. It means something that comes before a verb. Hence, PRE-VERB.  Proverbial means something that has an idiomatic reference. 

But again, why would you care about nuances of English language. You have a yacht. 

May the Lord have mercy on your English teacher's soul. I am sure he/she passed away after having you as their student. 

Post: Airbnb Rentals Ideas

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903
Originally posted by @Luke Carl:
Originally posted by @Chinmay J.:

All the hoopla over the guy calling STR an AIRBNB. I mean really? Get a life.

Maybe @Luke Carl. Learn some basic grammar.   Maybe use some commas in your post.. They are free to use.. 

And what's so wrong w/ sounding like a millennial if you are one. I am not one BTW. A bit older than that..  And you know what the new generation hates. This "get off my lawn" attitude. 

I am a millennial sir. I also don’t need commas when have a yacht.  

 Ahh one of the millionaire jerks.. You should hook up with Pharma Bro.. Y'all make a good pair. 

I don't give a rat's a$$ what you have or don't have.