All Forum Posts by: Heather Bailey

Awesome!! Good luck out there. 

Hi Emily, getting started is definitely the toughest part.  I would  recommend that you work on practicing analysis of properties that you see in Zillow.  To learn how to do the analysis, I highly recommend you read, highlight, and reread two books:   both by Brandon Turner, first is Rental Property Investing which talks about finding, financing and everything to screening tenants for rental properties and the second book is  volume One of the Multi Family  Millionaire.  This book has an excellent chapter on the Math!!!.  Write down the formulas and practice these on properties that look like they have potential. And, if you want to invest close to home, find a realtor who works with investors who can help you look at these properties.   Also, see if there are investor groups in your area where you can start to network. As you are building your knowledge base on analysis, think about how you plan to finance these and begin to speak with lenders so that you'll be ready when the right deal comes along.  Good luck.!!

Hi Chris, congratulations on getting your STR ready. Any real estate photographer should be able to help you with photos. You could ask a local real estate agent who they use or Google real estate photographers. I use Vht here in New Jersey, but I know they are national so they may be available in your area too. Good pictures aren’t expensive. Maybe 200 +- You can also use the app CubiCasa to make a floor plan. I think people appreciate seeing the floor plan when planning guests.

Hi. Check Sam Weigert in Charlotte NC. He has an established model that she can show you to help streamline your operation and maybe expand. He has a great community on this.

Comparing real estate to the stock market really depends on your needs. With real estate investing, you have the tax benefit and depreciation along with what is hopefully an apreciating  asset. One other thing that people in their 60s can consider is - if you are planning on taking Social Security and making passive income part of what you live on, rental income may not count as income against your Social Security benefits. Definitely consult with your accountant on that. Ideally, it would be nice to have both types of Investments.  

Hi Diana,  i'm in New Jersey and I'm in the same boat. Nothing pencils out here so I am looking at other states as well. A really important thing to keep in mind is tenant landlord laws. States like New Jersey and New York highly favor the tenant and evictions are very difficult and can take months.  A lot of people in the comments mentioned Ohio and Texas. Both of these states have more favorable tenant landlord laws then New Jersey and New York. Building a team will be your most important starting point.  David Green wrote a great book: Long Distance Real Estate Investing.  This is a great read and gives you a good road map for starting your out of state real estate investing journey. Good luck to you.  

hi Jennifer I'm in Central New Jersey and I'm a realtor with Coldwell Banker inMorristown. Happy to talk to you. I've got some contractors in this area. Prices here are crazy, so I am starting to look out of state. I do have some familiarity with auctions and I can help you with that but the auction prices are getting competitive too and now we are starting to see nonprofits come in claim the Community Wealth Preservation Program exemption.  But if you can travel to different counties, especially out in Sussex and Hunterdon, you may be able to find a good deal.   Let me know where you are located and if you want to meet up.  

Congratulations! Thank you for sharing. Good inspiration that successes out there.

Thanks Jeff!   I do the umbrella policy and will check with my carrier.   I was planning on shorter term rentals as I have a family member who comes for 2 months in the summer, but I assume a landlord policy would cover that as well.   Insurance is getting to be like taxes.  They never go down!   Thanks and good luck to you.

Hi all!  I purchased and renovated a house with a separate legal mother/daughter apartment that I am preparing to Airbnb here in Central NJ. 
I wanted to find out from those of you who are house hacking; do uou have separate insurance for the rental?   Are you able to separate it from your primary residence for tax and liability purposes?