All Forum Posts by: Brian G.

@Michael Weigum what would the gross revenue be on a $150k beach front condo in Myrtle Beach? Does a $150j beach front actually exist? 😆

@Mary Ainsworth yes even with an MTR I would still use a 3rd party interior designer unless this is an area you excel in personally (ie if you’ve done several redesigns yourself and crushed it). They will be able to save you a ton of time and make sure your units will pop when photographed upon completion. This is key to land bookings. Also, study your competition (listings) in the market. Find properties that book well and have a lot of reviews (ideally 100+). See what amenities they provide. Look for ideas of all kinds that you might implement yourself. Good luck!

@Beau Alesi as long as your wife thinks you should hold and not sell, I would hold. I suspect it’s a very desirable asset in a good area. Having said that the ROE is pretty low (you have $200k+ of equity tied up with very little cashflow) but nothing wrong with holding an asset that has a high likelihood of future appreciation. There’s always an opportunity cost to consider. Continue to talk it through together and do what gets you closer to your personal goals. Good luck with your decision!

@Mary Ainsworth one more thing: I recommend working with an interior designer unless you are gifted and experienced in doing that yourself. Probably cost a few grand but totally worth it from a business point of view. Good luck ✌️

@Mary Ainsworth go yourself is my advice. Call and interview a couple cleaners as well as talk to a few local handymen. Meet a cleaner or two in person while in town. Try to line up a handyman that will commit to being there to work for at least 2 full 8 hour days helping you. Schedule the handyman to arrive 2 days after you land. Spend the first day and a half planning, going room by room and writing a list of to-do's, buying supplies, sorting & making an inventory of the items you ordered, etc. If this is your first time setting up an STR I recommend going for a minimum of 5 days (you need this if everything goes perfectly) but ideally a full week. Additionally, bring someone you know with you (spouse, friend, family member, etc). You will need moral support, trust me. Pay for their airfare, food, etc. so there is no cost to them. Choose someone you enjoy spending time with and who thinks the idea of setting up an STR would be "fun"! The important thing is to plan well and then execute. It won't go perfectly but that's part of the deal. Go get em!

@Tylere Weaver if I had to choose one meal to eat for dinner the rest of my life, it would be tacos. Thankfully my wife makes the best tacos!

@Jimmy Lieu will you please give a recent example of a successful Columbus, OH brrrr? pp, rehab, arv, rent, cashflow after refi, etc. Thanks!

@Monica Bynum would you mind sharing a recent example with #’s? Purchase price, rehab budget, timeline, arv, monthly rent, cashflow, etc. Thanks!

@Cody L. What advice do you have for someone at the early stage of investing that wants to do what you’ve done (grow a multi family portfolio without raising capital from others)? Thanks!

@Vince Mathis congrats! So the seller owned it free and clear?