All Forum Posts by: Corey Zant

Under Contract

Very helpful. Thanks!

I'm super curious about the profitability of Airbnb/VRBO houses in Lubbock. I've combed through all the active listings on AirBnb in order to try to compare our prospective short term rental to others. Based on "comps" I think we could rent for $250/ night and expect 50% vacancy. Or maybe 200/night and 75% occupancy. Obviously this is on the higher side, but we have quite the sqft and its totally remodeled.

My largest concern is the vacancy...I have no idea what to expect. I tried Mashvisor and not sure I was convinced in it's validity. And when I check AirBnb's booking availability...I can't tell if some of these rentals are actually totally booked or are simply blacked out because they don't feel like renting it for the week.

I'd like to have coffee or a drink with someone experienced in the field..maybe someone that manages short term rentals or maybe has been in it awhile or has a few themselves. I'm experienced in marketing-- and understand appeal will obviously drive occupancy, but assuming the marketing/photos/appeal are all the best they can be, I still wonder what general occupancy is.

Insight from anyone would be great!

Great opportunity to add to your portfolio. Zillow Rent estimate @ $950/mo. Roof 1-2 years old, newer HVAC. Only minor cosmetic updates needed. Appraisal on hand for $90,000 (if assuming up to $8,200 in repairs). 

See more photos on my Google Drive: https://goo.gl/fG8inf (may need to sign in to Google to see).

Cash preferred, but will consider conventional too.

The struggle is real. Reputable full service contractors are hard to find. There's a lot of people that can do the work, don't get me wrong...but few are competent enough to do it right for a decent price. I've gotten nickled and dimed, had sub-par work, and had people outright steal from me. Moral of the story-- you get what you pay for.

Don't ever pay up front. Get a contract. Pay for materials yourself if they ask for money for supplies. Good luck!

Welcome Vivian! 

Duplexes are insanely hot right now in Lubbock. Anything on the MLS, especially <$200k, goes under contract in a matter of hours. Same goes for quads. Single family is competitive too, but not near as much as duplexes. Can't go wrong with Lubbock! Glad to see more interest. Best of luck increasing your portfolio!

I've been a full time agent for 5 years now. None of it was ever fun or easy. Honestly, it still isn't. It's just a job. The only time it's fun is when you have an offer accepted (halfway to payday) and when your broker cuts you a check after closing.

However, if investing is truly your heart, it's a great compliment. But there's a lot of industry gurus that sell the idea of making millions as an agent you have to be careful of. Try not to get caught in the "you can be a millionaire real estate agent" trap-- as it's just a transactional job and takes time away from your investing goals.

Being self employed is quite a struggle. But also rewarding. If you're an investor/agent, you're going to be fully dependent on yourself. So is your family. Not dependent on anyone else. Keep that in mind.

I will say being an agent has taught me a lot about the process (offers, escrow, closing), and most importantly how to negotiate/deal with clients. I'm grateful for that experience... It's given me immense confidence to invest and communicate within the process. But I've seen other people self educate themselves and never were agents--and they were just as confident and competent. 

Also remember, it costs to be the boss! I pay about $430 a month in dues/fees. So add that into your monthly expenses if you're seeking to be financially free.

Looking for a handyman that can do few repairs on a house we just purchased. I generally have done most repairs personally on reno's, but looking to start a relationship with a handyman or contractor to work on this house and more in the future. I've had a not so great experience with previous handymen. Any suggestions?

@Jeff Gonzales 1% is certainly achievable. 2% is unlikely unless you find deals off market. I analyze daily and I find the better MLS deals go for 1-1.5%. I'm curious how you narrowed down to Quincy Park and Tech Terrace? (two majorly different neighborhoods). If you want to rent to families and not students, then you'll want to steer away from Tech Terrace. Tech Terrace is highly competitive anyway, especially if you're not going to rent to students.

Are you looking for rent ready properties? Or deals to force appreciate?

Good luck! I'd be happy to provide any info—send me a message if I can help answer any questions in particular. I've lived and operated in Lubbock for 10 years now—it's growing like crazy here and definitely a great place to invest!

@Cody Winters, It's really going to depend on what class rentals you're looking for. Lubbock can be spotty with neighborhoods. University to Indiana from 19th to 34th (even 50th) is a good area for college rentals. Maybe even slightly east of University north of University. For single family rentals, again, Lubbock can be sort of spotty with neighborhoods, so it'll depend on what class rentals you're looking for.