All Forum Posts by: Gareth Fisher

Dont even worry about asset protection until you into a million networth.  If your there, find a good lawyer and listen to them.    Keep your focus, on your income, and investments know your lane.

I have not ran into this, but as an someone who is actively involved with training of dogs.   I would never allow a pit in a rental or any other junkyard dog.   Nothing against the breed but most owners can't train and meet the needs of a lab let alone pitt or doberman.         I tell all my applicants will be collecting applicants until an applicant is selected.   At which point you will be notified if you have been approved.  I would accept the letter, and the application fee and include there pets in the decision making process.   She is just frustrated because she isn't being accepted because of the pet.   By not giving her a yes or no it leaves the ball in her court to decide if she doesn't want to apply or not.  

Interesting reading this 2 years after the fact.   There are two types of investors those that try to predict macro trends and others that just focus on quality purchases at a good value.  There are full time economists that try to predict marco economics and can't.  Why would anyone think that they could do so as a part time investor?    

I would instead focus on find value, making sure your finances are in good order.  Your playing good defense as well as having an offensive.   I think most guys get into trouble when they have success and get to aggressive with borrowing.

I believe our qoute came in at about 8k a unit.  We ended up backing out of the deal.  A buddy told me they made him dig an extra water line for the system. Something else to keep in mind.

Ok thanks for your help.   I have thought of most of those things.  I never seem to make as much money as I hope to with any of my venture but that seems to be how it goes.  I was under the impression that the cleaning fee, takes care of the cleaning costs or at least the majority of them.   I was planning on building systems around dealing with clients, then hire an employee to handle them once we start to scale, but for now was going to self manage.

Any idea on how could research the amount of tourism that my market generates?

I did do my research with the boroughs some are on board others are not. 

I was going to do one close to home.  Our market isn't really a vacation area but a lot of people do come to visit Hershey PA, Lititiz PA, Lancaster PA, and come to see Amish.  A lot of people end up moving here to transplant  from NY, and NJ.   Strong economy with a good family oriented communities.    My dad had one and had no problems staying full and I have talked to others.  I guess my market would be a mix from people vacationing to folks on business.   I haven't done a lot vacancy research but have talked to quite a few people and they all have been able to do well.   

My goal was to have a higher return on my debt.   My long term rentals, seem to killing my debt to income ratio plus I am trying to generate income not build long term wealth at this time.   

My plan was to start with one local, build systems.  Once I am comfortable with our systems we could expand into other markets if we felt that we could do better at the beach or another vacation hot spot.

I am leaning on trying to find a rancher from 1950s that has never been updated.  Pick it up at a discount, update it, and rent it out.   Pretty basic, but I am more of dive first figure out how to swim later type of guy.  It has worked well for me so far.   

Do you have any suggestions on other research I should do?  I look at local places online, seems like there filling up.   I ran the numbers based on 15 day occupancy.  Which I think is conservative and it looks really good.  I'm not really sure on how to do any more market research.  If it doesn't work out I could always turn it back into a monthly rental.  Our rental demand is huge hear its pretty much impossible to find a good rental at a good price if your tenant here.

Thanks in advance 

Hey guys, I have been investing for several years now and am looking to try my hand at nightly rentals.

I am looking to do a hybrid of the BRRR strategy. I own a contracting company so it fits well with my skill sets. I'm looking to buy a run down or outdated property bring her back to life. Then refi it and furnish it for a nightly rental.

I have a few questions about criteria for the property.

1. Does a 3br perform better then a 2 br?

2. Is being in town close to everything aka walking distance to bars and restaurants outperform a quiet setting outside of town perform or can they do ust as well.  I know a prefer a quiet setting but everyone is different.

3. Does the type of home matter? rancher vs bi level matter? Or are the finishes more important.

4. Size ? Is 1300-1500 sq ft big enough or does it need to be a full on 4br 2bth home.

5. Are pools worth the extra expense? They seem like a money pitt to me.

6. Has anyone used an aprtment in like a multi unit as air bnb before? It seems to me that to take a 2 unit and rent both out would provide extrodanairy cash flow.

7.  Any other tips on what things to look for in a property?

Sorry if these are kind of general.  I am trying to be a lot more focused in real estae goals

  I feel like now that I habe decided on a strategy for the upcoming year.  I need to figure out what type of property would suit the nightly strategy rental the best.   But because I have never done this strategy before I figured I better ask someone who has.

Thanks in advance guys I appreciate you taking time to help me out.

There was a podcast on this not to long ago a girl from colorado.  PA is overpriced and taxes are high imo.  However pittsburgh isn't bad.  Its a matter of opinion really, but I think your looking out fringe markets that have lagged the hotter markets.  However I would look for job growth, warmer climates, good taxes, 5% -7% appreciation.  Schools and hospitals would also be a plus.  Basically your looking at learning market research which is a whole another ball game. In my humble opinion if your newer and still learning the game, and you can't invest locally. I would just go out and buy some riets through the market many pay 5-10% dividends.  With a whole lot less headaches.  This will buy you some time to learn how to market research properly.

Best strategy out there imo...avoids capital gains, infinite returns, additional revenue streams.

I will be happy to help you out.