All Forum Posts by: Simon Wold

Along with what others mentioned above regarding laws / rules, look for what other people in your area are getting per weekend for providing Airbnb.  From there you can calculate how many days out of the month you would need to Airbnb to make it worth while.  Make sure to include added management costs. 

I stayed at an Airbnb last weekend in Vancouver, B.C.  The local 7-11 had lock boxes where Airbnbs could leave their keys for tenants to pick up.  All the owner had to do was give us the code.  Never even met the guy.  Pretty cool system in my opinion.

I have QB for another company that I run so in my case, I just had to make another business under my same account.  Only thing I paid for was a QB advisor to set up my chart of accounts / lists.  Highly recommend not trying to tackle this on your own!  Can get very confusing if you don't have experience with the program.

I have been looking for multifamily buildings that I can perform the BRRRR strategy on in my hometown of Seattle, WA. Unfortunately, I haven't had any luck finding a deal that even remotely makes sense.

It has been several months now and I am starting to get anxious! From hearing people stories, there are areas out there where this strategy makes sense and can be done at a lower cost. Has anyone had success with the BRRRR strategy on apartment buildings in areas like Denver / Florida / Texas? I am trying to pick a specific market before I go looking for potential partners!

Any help / advise / knowledge is appreciated!

Great market update @Benjamin Riehle

Have you dabbled in the BRRRR strategy on apartment complexes in the area? I'm currently trying to find a market that would support this strategy (10-50 units). It's just too hard to find a deal with a good return here in Seattle, WA!

Be sure to include PMI in your calculations if using the owner occupied 3.5% down option. I calculate it at ~$65.00 for every $100,000 borrowed. On a $500,000 property, PMI would be ~$325 / month. This can have a big impact on your cash flow and you can't refinance out until you have 25% equity I believe.

Hey @Timoteo Guy

As far as social events / meetups, I would suggest downloading the app called "meetup".  You will be able to view and RSVP to most of the real estate networking groups in the area. Examples include REAPS, PacificNW Real Estate Meetup and Seattle Investors Club.

Real estate investors have a different relationship with their agents than someone that has little RE experience and is looking to purchase a primary residence. Rather than having one agent send me MLS deals, I draw from multiple agents and purchase from whoever brings the deal to me. In this regard, the agents that can find the great deals (usually off-market) are the ones that succeed in building solid relationships with real estate investors. Agents that bringing good deals to the table are hard to find... most of the time you just receive an automated MLS email when properties come on the market from someone that couldn't tell a terrific investment from a bad one.

It is also nice if they know REI terminology... It's surprising how many don't.

PM me and I can send you what I am looking for! Never hurts to have more eyes.

Hey @Account Closed. Currently, I'm searching for 5+ unit buildings in Seattle, WA that I can buy under value and implement the BRRRR strategy on. Because of our current market / high acquisition cost, this task has ben very hard.

I would be looking to do the same in Florida.  Reaching out to gain some insight on the different markets in Florida so I can narrow my search / build a team!

Hello BP-

I live in Seattle, WA and am focusing on implementing the BRRRR strategy (5-25 unit buildings). I have been searching in my local area, but it is very hard to find a deal that makes sense. You will be lucky to find a property that meets even the 1% rule here.

I'm currently researching markets to decide where this strategy would work best. Which areas in Florida would you recommend and why?

Any insight is greatly appreciated!

Would a commercial appraiser in the area be the right person to get a hold of?

Quick question BP...

Anyone know the market cap rate around Olympia / Lacey, WA.  Looking at a commercial multifamily building and am trying to get a grasp on the average.

-Hans