All Forum Posts by: Ellis Hammond

As always @Justin R. and @Dan H. thanks for the great insight on this question. Justin that response on where we are currently is very helpful. 

Cheers!

As a owner of an Airbnb and a potential investor in more Airbnb properties, I’m trying to figure out what the heck is going on in San Diego. Rent control, appeals, new bills... what is actually going on and when will we know if it’s here to stay or not? Can someone help shed some light? Cheers

@Brad Penley look him up on here or linked in

His name is Jeremey Cisneros 

@Brad Penley I do agree with many who said on here experience is the best mentor but I think there are levels to this. If you want to keep buying duplexes and small complexes then sure you can get by but dude If you are going to scale and get to 75, 100, 200 units then I’m not sure I would recommend “just go for it” approach. I personally have not done a program like this. I got started by coming alongside a mentor and raising capital for his deal. I didn’t try and go out all on my own. That’s the key. I do have a close friend who is just starting this program with 37th bc he is ALL IN on this business. If that’s not your mindset then no don’t waste your $25k. If this is what you are committing your next 20 years to then $25k seems like a good investment in yourself and your future success. If I was to pick a program this would be on the top of my list to pick from if that helps. Takeaway: do what you need to do In order to get started!

@Vlad Denisov there is a reason $100+ million dollar work house multifamily funds are being created bc of the long term demand for this asset class. Sure the recession will cause values to dip but follow the cardinal rules and I still believe strongly in this commercial size multifamily B and C class asset 1. Invest for cash flow, then appreciation 2. Use longer term debt. 3. Have in place capital reserves from day one

@Darius Howell I’m not sure I understand your cap rate argument completely but I imagine like most sellers he wants at least what market is selling for. The first thing I would do is call a commercial broker in your area and see what similar assets in a mile to 3 mile radius have traded for in last 6 months. That’s your base. Now figure out what cap rate the property could be at after stabilization. You’ll need his current rent roll and expenses to figure this out. If you think there is a 300 basis point spread between these two cap rates then possibly you could pay him what he wants (or at least the market cap). I imagine if he is a single apartment owner it has to be under-managed. I really like the Charlotte area myself. Reach out if you need more specific help with this property.

@Joseph Back are you getting emails as well with those #s? Not sure what all TLO will provide 

@Joseph Back can you provide your upwork person?

Thanks @Dan H. really helpful

Not trying to build a business around STR, I'm focused on acquiring multifamily properties.

I’m just trying to get out of our primary residence with most cash in our pockets on a monthly basis. 

We are considering renting out one unit of our duplex through Airbnb. We currently live in this unit but ready to move out to see more cash flow. What do I need to know as far as the new air bnb restrictions that just passed? Do I need to apply for anything before July? Is there an appeal that may extend that restriction timeline? Love to hear what other operators are currently doing and planning to do come July. Thx!