All Forum Posts by: Federico Gutierrez

Yes, ensure you have a toaster in your air bob

BUT honestly I think AIR BNB will go away for a while with this Covid19 Situation so I wouldn't bank on you investment being used solely for AIR BNB

You can write in a contingency that seller needs to provide leases EVEN if they are on month to month.

Now all the extra stuff about putting money in escrow it's all negotiable.

Trying offering CASH for KEYS?
It might hurt the hip pocket BUT least they would be out.

Being that this is your first investment do you have reserves? A safety cushion WHEN (as it will happen) things go wrong.

IF you don't then this isn't the time for you to be investing. As tenants won't pay, that's a fact and you'll have to take the hit for a bit

Tenants should always make 3x Rental Income. Have no Felonies or Evictions. That's the basic criteria. 

It's what you can control and what you can't that you need to consider.

What's your budget? That's going to funnel you down to a few select markets. 

Then which of these locations are landlord friendly. No point paying hard earned money and then not being able to control your asset when things go wrong eg. Tenants not paying. 

I think it's on your level of RISK.

IF you're RISK tolerance is low, a coach maybe a good choice. BUT You need to choose someone that will get you where you want to go

IF you RISK tolerant, then go at it yourself. There is plenty of free advise here for when you get into a sticky situation that you'll be able to get out of it. You'll also learn on your own and that money you spent on coaching would go into your first property

Location, Location, Location. Especially for an AIR BNB. 
Do some leg work, check what neighborhoods are renting for on AIRBNB.com

SO wait you want to take advantage of the system BUT you're also seeking advise about a tenant that's taking advantage of you?

Oh that's hilarious. You need to get the tenant to lay out a date they are going to pay else it's time to lodge the eviction papers. No point you getting stuck with payment penalties over someone that's no paying and has a roof over their head that your paying.

Don't do it.  Partnerships always start of great BUT will always have hard times and UNLESS you have everything written down on the steps if X to Y happen then you won't know how the other party will react.

Money always changes people also, so IF you can go at it on your own do that instead. 

That's because there is not many out there in Cleveland. Landlords who are selling are selling/asking for top dollar on these. Especially in B areas.

You won't find them listed for under market value as you may want. It's a supply demand equation right now. No supply and demand is high.