All Forum Posts by: Dj Larsen

@Zachary Bohn, Yes, students only.

I am interested in purchasing properties with small groups of families for student housing (their kids). Each property will be purchase and manage through a seperate LLC.

1. As the managing partner, will I need to qualify investors (accredited/sophisticated)?

2. Is there a minimum ownership (any) that I need to have in order to manage the LLC?

3. As a non-Realtor, am I able to sell shares in each LLC, as owners transition out?

Woukd enjoy hearing your LLC stories.

Hi Shannon,

We are doing similar in San Jose. However, we will be offering other parents a chance to recoup their rents by syndicating.  We have looked at mobile homes, quads and larger homes. This way we have 100% occupancy all the time. Most parents take a total loss on rents for +4 years and call it good. 

Would love to hear your progress along the journey.  The local high schools has been helpful in passing my info to families who are selecting schools in San Jose.I

Craigslist has been a big help with what rents really are, in the area. The link below is also a great resource.

https://www.biggerpockets.com/rei/fair-market-rent...

Sounds like it's going too be an exciting summer!  Please keep us posted.  DJ

Hi Michelle - Thanks for the headsup on the Meetup groups.  Looks like attendance is pretty light, so it should be a good chance to meet everyone. At least for the groups that are meeting this week.

Free parking - Broadway Plaza 3 hrs, and 3 hrs in the Il Fornio structure (they are very forgiving).  Take care - DJ

@Kris Marmol

Kris - I need to do the same, find a local REI meetup. I'm down the road in Lafayette and look forward to folks responding to your post. If not, I can be found at the walnut creek Capital One Cafe (free parking, 1/2 price Peets, plenty of meeting spaces). Either way, I am sure we will get a chance to meet. Good luck - DJ

Steve -

Emily is spot on with the accessorydwelling.org. Looks like you are in the center of the ADU universe (Portland). Plenty of local news online regarding ADU's and the use of modulars.

https://portlandtribune.com/pt/9-news/420756-32499...

Containers are an option.  There are some cool to crazy modular offerings that can be trucked in complete or assembled onsite (Perhaps Amazon soon).

https://www.businessinsider.com/cover-granny-in-la...

It's also an interesting time in areas outside of Oregon. In CA, state legislators have passed a bundle of land use regulations to assist in the development and delivery of ADU's everywhere (almost).

https://leginfo.legislature.ca.gov/faces/billNavCl...

There are also some very nice academic studies to help identify market demand drivers, and cost projections (Go Bears).

http://ternercenter.berkeley.edu/more-ADUs

Looking forward to reading about your progress.

Good luck,

DJ

Ariel - Looking forward to your STR pro tips blog (please!). Especially for those of us just getting up to speed with STR.

Francisco - My folks live on horse property in Waimanalo.  I've been thinking about putting up a Yert  (https://www.yurtzbydesign.com/?lightbox=image_1zicso) they can generate a revenue to supplement their fixed income. Any thoughts on what a nightly rate should be?

Daniel - Thank you for the offer to provide STR insight. As an out of area owner, what are best practices for "Hosting" a large format home? Do you recommend renting by room or as whole house only? What are considerations when deciding between large single family homes or Multi-family units? Appreciate hearing your thoughts.

We love the promise of STR (short term rental) returns, but have zero experience. We have been focused on long-term MF rentals in destination locations, in the hopes of reduced vacancies, higher monthly rents, and enjoying our asset tours. As an "old dog" I am comfortable (trapped) with what we know and fearful of what we don't. So, we did some research (staying in ABNB sites and talking with managers and owners - very enjoyable).

So we purchased a distressed 5 bedroom house with a commercial kitchen in South Lake Tahoe. We will have a great retired couple (long term tenant) provide the hospitality and day to day care in exchange for a deeply discounted rent to live by the lake. We will have 4 rooms with baths to rent out at $70/night until we can figure out what the market really is for this property. If all goes we we will convert the commercial kitchen (separate building) into a bunk house with a bath. If it does not go as planned we will go back to what we know BRRR it.

We will kick-off our STR experiment in June. Would love to get input from STR pros or feedback from others doing it, or tying to diversify into STR's.