All Forum Posts by: Isaac Chun

@Erik Schneider

Thanks for your comment! I actually have changed my strategy to a fix and flip as you have mentioned. 

@Kent Caldwell

He will be staying in one of the bedrooms inside the home. I think it will potentially reduce my total cash flow, but I’ve adjusted my marketing to compensate for the added benefit and disadvantage of having a live in property manager. I can now target those seeking private rooms, shared rooms, extended stay guests 30+ days. The property will have less expenses for upkeep with an on-site manager upholding house rules (so definitely won’t be having house parties and drawing negative attention from neighbors or law enforcement)and taking care of small fix problems that arise. Only time will tell how much this new approach will affect the overall cash flow, though I’m comfortable saying that it should definitely be in the positive!

@Account Closed

Thanks for those pointers. Some were addressed already, but I can use the rest to further vet him

Hello, I am still learning how to do my due diligence. I need some sound advice on how I go about vetting a private investor that has contacted me from BP. 

As a piece of reference, his name is Steven Wilson. I would like to accept his offer, but want to be sure I’m not being led into a scam of sorts. 

Please help me out fellow BP’ers😉😁

If a buyer uses a “subject to” method to structure a deal, can they bring on a investor to help fund rehabbing etc. ? Would the buyer be able to offer a guarantee to the investor for their contribution to the deal? If so, how would that work?

@Terry Lao

Those listings that are closer to strip tend to list there minimum price and as you add more guests the price goes up above my price point. Also, the demand still out weighs the supply. Which means that those closer listings will get booked up and I’ll still have a customer base looking for what I am offering. Demand will only keep getting bigger as we bring things like football to town and more entertainment events etc. I really do appreciate you bringing up these thought provoking issues, which allow myself and anyone else who hasn’t already put thought on them to make plans to address them👍🏽

@Terry Lao

I will be catering to those who drive in as well as those who fly. Think about how many rooms a large family or group would need to book on the strip, then they still can’t stay next to each other in many cases. You didn’t address the pet issue I brought up. There’s no getting around folks that just couldn’t afford to book a bunch of rooms on the strip (if the rooms are even available at the right time for their occasion). I haven’t even mentioned when huge influxes of people come to Vegas for events like life is beautiful (downtown), EDC( up north, so I’m closer then any strip hotel). Hotels are even nickel and dining their guests with paid parking in many cases. 

@Terry Lao

Hi terry, are you comparing what I can fairly charge for a 6 bedroom house which can accommodate 12+ guests)to a studio or suite hotel room(max occupancy of 2) on the strip?

As far as my location, it’s only a 10-15 minute drive to downtown and 20 minutes to the strip. Some other features/amenities that my guest can do at my property that they can’t do at any hotel are: have pets and walk them right by the house, 421 legally, BBQ and have 20 friends and family over to celebrate a special occasion(way cheaper to do a celebration at my property as well), full kitchen access(saves even more money, especially with a family or multiple people in a group). 

I’ve seen other comparably sized properties on Airbnb charge this much and much more then my averaged out price of $250, so I think it’s a very reasonable benchmark for me to run my numbers on. The only thing I may adjust my overall numbers on would be my vacancy, which I admit could be as low as 40-50% on the slower seasons. I’ve accounted for those slower periods with other marketing sources to assist in keeping my vacancy averaging around 20% or less, as well as adjusting my pricing accordingly for supply and demand. Hope this clear up any issues that you mentioned in your post.

Thx

@Kyle Affronti

All good information. I really do hope that the bank doesn’t exercise that option. Though my goal is to be able to refinance 6-12 months after, if interest rates are favorable 

@Mariah Sanchez

Thanks for sharing that! I will continue to do more research