All Forum Posts by: Edwin Williams

@EJ K. how is that possible? Is that a VA loan. What's the payment going to be?

Another thought is back in the 2006-2008 pain.  Most home owners didn't have a lot of money tied up in their properties.  Most started with about 10% down and the values dropped way below what they owed so they just ended walking away and gave the properties to the banks. 

This time around investors have some amount of equity in their property thanks to the lending rules since 2008.  I can't see people wanting to walk away this time so it going to be sell before the prices start coming down. Right now with the forbearance we have a stay but the time is coming, maybe after the 6 months mark. 
 

@Natasha Ostrem @Account Closed The thought process is that possibly 80% of the owners are going to be okay no matter what happens but in real estate there is always a percentage of owners that will run into a bit of headwind and have to off load to save their primary residence.  Two months ago pre-spring break when the weather was turning all was well and they had big expectations but now all this vacation industry is in TROUBLE... Airlines are seeing zero bookings and that is not going to come back anytime soon.. You figure businesses are not going to be traveling so there is no way any of us are going on vacation.  I think everyone of us who have a mortgage have from 3 to 6 to even up to 12 months of relief available.  My thinking is what we were all promised with the CARES act and what we individually end up with is going to be completely different than what was promised. I guarantee some are not going to get the relief as first offered.

They will be owners in both the sides; normal rentals and short term rentals that are going to need to off load and I feel the airbnb crowd will be the first to start the fire sales..

@Nicholas Aiola Hello Nicholas awesome opportunity you are providing here. My question is about becoming a Real Estate Professional. My wife currently does not have a W2 job. We have properties out of state and use property managers. We do rent one home my wife owns directly with a tenant, this house is also out of state. We are always activity searching for properties to buy and working with our property managers whenever problems arise. We have a total of 12 units so there's pretty much some turn over each year. 

How can I take advantage to become a real estate professional. Is getting to 500 hours a year going to be enough?  Thanks in advance. 

@Marcus Johnson my thoughts are most Airbnb properties are tied to vacations. The returns per night are great and now all of a sudden that income has pretty much dried up. Once the forbearance has past and the vacations don't return I'm guessing some owners are going to have issues.  I'm betting the really successful Airbnb properties are stand alone properties (the owners are not living in them) and with the loss of revenue it may make sense to sell and conserve cash. I think vacations are going to be the last thing to come back right now. I'm guessing you don't have people on vacation staying at your property? Converting to long term rental may be the answer but those returns probably don't compare. 

Good points. I don't use the site so I didn't know I could reach out and contact owners directly without making a booking.

I'll wait at least until month 4-6 to see which owners need to off load a property. I'm guessing with the CARES act they could get a whole year off from making payments.

With many Airbnb owners probably needing to off load a few properties. How would you connect and find those owners?

Hey Lucas be careful what you ask for. My opinion here is that you are getting some crazy advise. What you see as a negative should be viewed as an opportunity. Talk to your tenant and explain the situation and level set expectations. You are texting with your tenant which is great. I would explain to her what she is doing to you. She may be a complete idiot and not be aware that whenever she makes contact there's a consequence. 

Just tell her you will be more than happy to fix, repair and upgrade anything she desires but you are going to charge her for each hour and for the parts it takes to address the request. 

This way she will really consider her request and you can make some money on each request. People with mental illness need to live somewhere. 

Getting rid of a paying tenants who are a pain in the rear is not worth it. If you hate dealing with tenants consider a property management company. You need to separate yourself emotionally from your tenant. It's a business that is not always as advertised. 

What you are explaining is the fun side of this business. Dealing with people!! If we all start trading D class stories, we could write a book. 

We have now entered a new environment. Going forward landlords are going to be lowering their rent to keep or attract replacement tenants. If you are now getting into the market calculate your numbers on the current rent number and minus about $100-$150. I lived this situation in 2005-2006.  The longer you can hold off on buying the better, as times goes forward landlords are going to be dropping out of the game and you will be able to make some good deals.  

@Theresa Harris the due date is the 1st, but you don't get charged a penalty if you pay before the 15th. So my plan is to pay all on the 15th. Maybe by then I'll know which or my tenants are in trouble.