All Forum Posts by: Ethan Evans

@Chris Mury, thanks for your response!

I've heard of My Porter, but need to check them out...same with Stessa. I'm a tech guy at heart, so I'll be all over the smart gadgets to help streamline things.

Yes, once in have this running and I have possession, I'll be sure to post my deal. I'm not anticipating making a great return initially, but it's a starting point and will help reduce my personal housing expense and give me experience at the same time. I'm married with soon to be 5 kids, so I need the rest of the space, but when I'm ready to move on, itll provide a great space for larger groups too.

Thanks!

@Michael Dumler, thanks for your response! I put this in the subject but should've been more clear in the post...I intend to use the suite only for short term rentals, not long term. I think I'll focus on using air bnb and VRBO first to get going.

Totally agree with the need to screen tenants, any advice on short term tenants?

Hello BP!

I am under contract for my first investment property, a house hack with a private main floor bedroom suite. I feel strongly that it's a desirable location (private wooded lot on a river, plenty of nearby attractions) and should be able to do well.

I'm planning on managing it myself but want to start off with good processes and methods. I am willing to do the turnover when necessary but want to use a cleaning crew as Plan A. This property is in the Lansing, MI area.

What are your best recommendations of what TO do, and NOT TO do? Book, blog, podcast, and software recommendations are greatly appreciated too.

@Anand S., thank you! I dont think I've heard of that one before. I'll need to check that out. Thanks for sharing!

@Drew Brown, thanks I appreciate that. I'm already working with @David Hall, and were off to a great start. Thank you to you and @Landon Allen for previously recommending him to me! I'm very excited!

@Landon Allen

Thanks man! It's something that my wife and I have talked about forever, and just realizing that we can probably do this now, once we get a house hack (STR in guest suite). I'll let you know as I get moving!

@Kevin Boyd

I'm actually looking for a house hack option in the Lansing, MI area that can have a guest suite on AirBnB and also have an option for special events such as weddings. Something like a farm/barn, near water, or an orchard/ vineyard.

I just searched the forums for this, and it appears that not many others are looking in this niche. :)

Did you find something yet or are you still looking?

Hello fellow Lansing, MI area investors and RE professionals!

I just saw this in my news feed:

WLNS: Lansing to administer $27 million in emergency rental assistance grants.

https://www.wlns.com/news/michigan/lansing-to-administer-27-million-in-emergency-rental-assistance-grants-2/

Has this already been done in other states or major cities? Would this likely help landlords get money for missed rent or deferred rent?

I dont currently have any rentals (yet!) But I was excited to see this presumably good news for our area.

Looking forward to seeing any thoughts or further analysis by others in the Lansing area.

I'm interested in creative financing techniques, to include seller financing.

Once I reach an agreement on the specific numbers for the deal...how do we set that up?

Does the amortization schedule get filed with the sale of the property? How do you document your payments to keep records that you made payment on time? Does seller financing typically allow for extra payments to be made? What if i send an extra $100 on Monday vs Friday, how do you have transparency on keeping that ledger up to date? Does the seller have the responsibility to give you a tax document showing how much money went to interest, as compared to principle, for tax deductions?

Lastly, are there any older BP episodes that go into this kind of detail? Thank you in advance, BP family!

@Nathan Kirgis, awesome, thank you sir!