All Forum Posts by: Eliott Elias

The best way to know what your property can rent for is to see what other similar properties have rented for in your area. Realtors typically have a good idea of this and have access to that data.

Hopefully you vetted the buyer before sending deals to them. You should have a proof of funds, deals they’ve done in the past, and criteria.

The amount of earnest money you require to put down is completely up to you. If the buyer is serious and the wholesale fee is juicy. I require $5000.

I am assuming you will be wholesaling this owner finance deal? You can still assign this. Just change the down payment you have with the buyer to reflect with your fee.

The biggest challenge with Airbnb when I had one is finding a property manager/cohost that is halfway competent. Most want to make mailbox money instead of creating mailbox money for their owners. They are as hands-off as possible and don’t really add value to the owners.

Welcome to the group Jenny. I invest heavily in Central Texas. Happy to connect!

The market is great because it is a lot easier to find a good deal, and buyers have dried up thus limiting your competition. 

It is a bad time to buy for the same reason. Buyers have dried up and you are a lot less likely to get your deal sold for ARV today.

Choosing the right brokerage is very important when starting out. The agents in your office are who you are going to look to for guidance and to set a blue print for your career. They will hold a heavy influence on you. There are investor focused and realtor focused brokerages. I am happy to chat and help as well. 

You do not need an LLC to purchase a property. It would actually shrink your lending options tremendously if you bought a property in an LLC. Your conventional, VA, FHA, or any primary loan options become unavailable. It is however good to stat your LLC and start building business credit.

 The interest rate does not matter if no more income is being made. 

What is the meeting going to revolve around? Is it just to get to know you, or to get a complete track record of your portfolio? I would go into the meeting being as honest as possible and let them know what your goals are and how you can help them reach their goals as well.