All Forum Posts by: Grant Med

@Ashley Bitner

How awesome, I live in Oceanside haha. If you'd like to connect sometime I would be happy to help you out. My wife and I run our business here so we could share some ideas. Good luck!

@Ashley Bitner what city is the property in? I use all three strategies and I love the STR/ MTR combo. I target MTR clients and in between them I Airbnb the property to keep it occupied. It's the best of both worlds. LTR here in California can be pretty difficult to navigate and if you go that route I would highly consider getting a property management company to create a barrier between you and the tenants. I list my MTRs on furnished finder, AirBNB and VRBO and have had success on all platforms. Just don't have the AirBNB or VRBO leads sign a lease through those sites. The taxes and fees will be outrageous. The trick with furnished finder is to actively contact all the people who are searching in your area. If you wait for them to contact you, you'll be waiting forever while your competition is hustling to fill their properties.

@Alan Asriants

The property was totally updated within the last twenty years which is a big plus. We will probably end up renting the main house by the room so we can have higher cash flow for now.

@Fay Chen no problem!

If you don't mind sending me the banks you are using I would really like to repeat what you are doing.

Hey @Fay Chen!

I am an out of state investor who has a property in Texas as well and tried to cash out refinance. Here is how it was explained to me by a brokerage/ lender based out of Texas: Texas law essentially states that they don't want you to cash out refinance because it would "burden the homeowner with more debt". It is an old school thinking that has not been adjusted for modern times. I honestly would've probably skipped investing in Texas if I had known this before I bought. The broker did say that smaller local banks have a work around for this but I haven't had any luck convincing one to do a cash out refinance for me.

Hope this helps a little bit.

@Theresa Harris solid points for sure.

We definitely are fixing these issues because we know many buyers couldn't even with a credit.

We have marketed the income producers that the MTR and STR provide but it seems most people don't want that or don't really understand how powerful these can be for them.

You hit the nail on the head with repairs haha. Our first year here every major system of the property broke but the last two years have been easy but now all the roofs are going out.

Thanks for the advice!

Hey @Jaycee Greene

Thank you!

The cash flow is after and is for the two MTRs and the ADU/STR: all income and all expenses. So PITI, Landscaping, pool service, cleaning fees for the STR, utilities because they are included for the two MTRs and the STR.

Now the property was purchased for $482,000 and we have it listed at $560,000. Pretty solid appreciation but the list price is definitely on the high end for this area. The school districts are not that great where we are. The area is desirable but sadly crime and population decline is happening here.

Thanks for the reply Austin!

I would prefer to not real estate go as well. I know over the long term things usually work out well. It's tough because this city is more or less losing population and has insurance out here has almost doubled in the last three years. With the money we've saved from house hacking and from the sale(hopefully happens) we are in a pretty good position to use these funds to buy in a market with more upside.

We definitely are torn. That's solid cashflow for us, but in the sale wed make 5 years worth of cash flow and the headaches go away.

Hey Everyone!

My wife and I are attempting to sell our home that has been a cash flow machine but has had quite a lot of capex and other issues over the last few years.

This property has been a great house hack for us and we have lived for free here however we are moving. It's a pretty high end home for the area but is having trouble selling due to a few design choices of the previous owner as well as I think the age of the home might be turning people off.

Specs and strategies we use: It has a main home, above garage apartment and an ADU in the back yard. We MTR the apartment and STR the ADU. Both bring in exceptional cash flow. We are confident we can MTR the main home as well however after all expenses we will be bringing in around $600 a month in cash flow after accounting for capex, maint, vacancy.

We have been hit with multiple major roof repairs in the last two months because of spring storms and are faced with having to replace our main houses roof as well.

So here's my question: Would you rather fix the issues and continue using the strategies above and wait a few more years to sell, or would you still fix the issues(because you have to, sell ? We are anticipating walking with between $15,000- $30,000 after all taxes and fees.

Thanks in advance and I will do my best to respond to everyone!

Hey there!

I am an investor in San Diego and have a few properties in Texas and Louisiana. I can assure you that this is unfortunately not the case. My LLCs are in the states of the properties and California can and DOES tax your world wide wealth. Just make sure you're getting all of the depreciation you can to offset this.

Hope this helps.