All Forum Posts by: David Flores

@Chris Schweitzer

Go to local real estate meetups. You can find them on meetup websites or even here on bigger pockets. These are important though as this is where you will meet investors and wholesalers alike in your area.

@John F. Hebert

Do you have any experience or no anyone that has intentionally signed a lease for air bnb purposes?

@John F. Hebert

Yeah its interesting. I was thinking about leasing an apartment I have no intention on living in and using it as a cashflow machine. But want to see if anyone has experience with this/ if there is anything I should consider.

Does anyone have experience with this?

I live in North Jersey and its obvious NYC which is 2 miles from my home is the most visited place in the entire world. One time my girlfriend and I placed our place on air bnb because we would be gone for 2.5 weeks and had bookings within 2 hours. Filled all 2 weeks no problem and on short notice. Had my brother clean and get the place ready for the next person to come and threw him a few bucks.

Anyway, the demand is there that is no question. In NYC you can rent private bedrooms with a kitchen and bathroom common area for 1k on the minimum side and 2k on the higher side per month. These places are fully furnished and seem perfect to airbnb. A private room can easily rent for 80-100 a night in NYC so the numbers would definitely work with 50% vacancy. I think vacancy in NYC is more in the 5-10% range. Reason I can tell is places on airbnb are solidly booked for months out on air bnb in Manhattan.

If i had a sub-lease agreement in the contract to allow me to short term lease I feel like it is too obvious of a way to make money. Does anyone know of any setbacks here or have any experience with this?

@Jesy Carnero

Sure, when you breakdown your deal just make sure the numbers you are using are the actual numbers. For example, what are the taxes, what is the insurance being paid, how much are the utilities every month (if tenants are paying utilities obviously these can be excluded from your numbers), are their going to be management costs, and most importantly find out how much you can charge for rent. If there is rent being paid ask for the signed leases to ensure the seller is being truthful about their numbers.

Quote you should always go by in business “Trust but validate everything”

@Jesy Carnero

On top of those emotions you should feel comfortable about the deal. Before you go any further just make sure your numbers work. Get the real numbers ask for the proof of current insurance, taxes from MLS, proof of utility payments, proof of signed leases, etc. Numbers are obviously the most important part.

The rest do not worry too much as you will be protected in your contract. Get a good inspector and if there are serious concerns try to get them fixed or exit the contract. Appraisal you will be protected and same with the approval of a loan on a standard loan contingency.

The contract should hopefully never be used but it should take away being scared at least. It is there to protect you so make sure it reads the way you want. Other than that ensure the numbers work and all you should be just excited!!

@Robert Wardlow

67 is the new 47! Your going to do great, very realistic goal.

@Victor Wasson

Pretty good inspection. I would get the soil in the basement excavated and put up a foundation wall. The soil can wetness can lead to mold which can be a bigger problem in the future. Other than that pretty good.

I agree i would do the walk through for another 200.

@Derrick Smith

Sent you a message

@Jonathan Iamarone

100% start off with a house hack