All Forum Posts by: Dan Guenther

Quick tip on the forums: make sure to tag @Michael Elkins anyone you're replying to so they get a notification. Shoot me a message and ill give you a few pointers on ARV

Hey @Michael Elkins - Welcome to the community! 

There are a lot of factors that go into these questions. What type of investors are you targeting, are you targeting highly distressed properties off market or properties on market? "Making the numbers work" means very different things from investor to investor. 

To keep it simple, one of the biggest factors you'll need to learn is determining potential properties after repair value (ARV) or what will the target property be worth once it is fully up and running. The deeper the discount you can get on a property, the bigger the margins on profits for you and your investors.

I'd focus on determining basic rehab estimates which will be market specific based on the cost of services there. Also, make sure you are networking and building investor relationships so that when you do find a deal you have buyers ready to go. 

Reach out if you want to chat a bit more! 

Hey @Justin Strait - The only way that I'd consider including common areas is if one tenant is bringing in a pet that could potentially cause damage to common areas (this should also be covered in a Pet Addendum). Other than that it can be really hard to seek payment for common areas unless you can clearly prove that said tenant was the cause of any damages. Other scenarios that could be tenant specific would be renting out an additional space as an office or art studio space within the house, then I'd definitely include that as well. 

As long as you are screening your tenants and setting clear house rules/expectations, you shouldn't be running into any significant damages though.

Do you have a specific example or just curious about potentially future tenants? 

Welcome to the community @Kaleigh Sanchez! Based on your initial post it sounds like the best route you can take is learning how to find deals. If you start getting good at finding deals then you can rely on more experienced investors to help you through the transaction process. 

Reach out if you want to chat more about some strategies that you can implement right away! 

Welcome to the community @Calvin Huang!

Take full advantage of the opportunities here on the forums and resources that come along with it. It sounds like your degrees should come in handy in the real estate investing world! Reach out if you have any questions on the investing side and/or getting started as a new agent, always happy to provide any advice I can!

Good luck to you! 

@Laura Romaniello - 60 days is the norm per FHA guidelines. What would be the penalty for breaking the lease? In that 5 months that you'd be renting you could be halfway to shopping for property #2, paying down your own loan (not someone else's), saving a lot on taxes etc. I'd run the numbers in both situations and make sure your best move is to keep renting.

@Tucker Arlosoroff - I’ll send a message and we can find a time.

Hey @Jason Ascencio - Welcome to the community! Your network is your networth in this game, get out there and meet as many people as possible. Let me know if you want to connect and chat a bit about some different routes you can take when getting started!

Hey @Tucker Arlosoroff - Welcome to the community! I'm an elementary school teacher turned real estate professional so I'm always open to helping young individuals with big dreams! Let me know if you want to get on a quick call to get some goals lined up for you and a good plan to get your start. 

Keep on educating yourself and you'll be absolutely crushing it in no time!

Hey @Chelsea Lingenfelter - the place looks great. I'd agree that one of the best investments you can make when getting started is to drop the money on professional photos. I'm not sure if you are local/self-managing but another popular idea is to leave out a cleaning fee. Not that your cleaning fee is crazy high but a lot of people are thrown off by cleaning fees when booking. 

Let me know if you want to connect/have any other questions I might be able to help with. I've got an awesome STR/MTR property manager here in Longmont that does great work and is usually happy to provide some advice for getting up and running. I'm just a few hours south of your place :)