All Forum Posts by: Isaac Gwin

Howdy! So I got a couple days of free time ahead of me and would like to practice analyzing properties. I have a grasp on what different expenses are, but would like some guidance on how to properly estimate expenses for different areas, and where to even get the numbers for utilities, property taxes, etc.

I know of the BP calculators, but are there any others out there y’all would recommend?

Thanks

Backstory: I’m visiting my brother in Hawaii for 2 weeks, 13 nights. I was informed that his landlord wants me to pay $45 a night. However, my brothers relationship with my landlord is very informal. There is no lease, no paperwork, nothing. They just stuck him in there and he pays them rent every month via PayPal. Is charging guests this much even allowed?

I can’t imagine a world where a landlord is so greedy that they would charge friends if their tenants rent for the short term, especially if there is no lease or paperwork that outlines any terms or conditions regarding instances like this.

@Joshua Hardy oh yes I’m well aware! It’s a real blessing

@Joe Splitrock thanks for the reply, that’s some really good stuff.

I am experiencing FOMO but the last thing I want to do is be emotional about RE. If a house isn’t a deal, it isn’t a deal. You’re helped set my head on straight and relax a bit. Due to my ignorance it seems my dreams were slipping away and I was panicking some.

Yes it’s so hyped up right now. But I think that will die down eventually, everything runs on trends right now, and real estate is trending. Once young people focus on something else or aren’t willing to devote the work needed for RE it will die down.

@Scot Howat never thought of the dollar-cost averaging mindset, that’s a good one. If it applies to stocks, why not real estate?

And if the market does crash that’s just more opportunity to get in when things are cheap and you have experience.

@Ivan A. Luciano

Thanks for the reply!

My hometown is just north of Austin, I was thinking of using short term rentals there to maximize cash flow so I have the option to retire early or not. Austin is booming, and it’s becoming much more of a touristy city as of late. Have to get creative with the financing and am already working on partnerships with some like-minded friends.

@Andrew Tripp thank you for the reply, that’s a lot of good info.

I’m a overthinker by nature, need to work on it. I really resonate with that point of seeing all the ways something can go wrong. But I’m young, have a good career lined up, so I’m willing to take the risk ASAP when I graduate.

Good luck to you!

@Maurice Bishop I know! Best of luck to you, this craziness could continue but hopefully for not too much longer.

@Sam Barnsley good luck to you! Off market would be good too, just need to look in the right places!