All Forum Posts by: Jason Knight

@Ryan Foster  @Michael S. @Jonathan Avellaneda @Garrett Kroll @Giani Brussich @Priscilla Pimienta @Lyndsey Garza @Steven Caldwell @Michael Jones @Dave Finigan

Please message me and answer the above questions (especially schedule) in my reply post above by tonight if you would still like to participate. Tentative schedule and group will be chosen of the first 5 qualified who answer by tonight. We go live next week or the week after depending on schedule.

Anyone else reading this post who qualifies and wants to attend, please message too, you may make the cutoff. Look forward to getting started!

@Manny Vasquez  - Please message me with the answers to my follow up post above until I am unspammed by BP to get started.

@Jordan Tinning - Please message me with the answers to my follow up post above until I am unspammed by BP to get started.

After 2 messages, BP started blocking me for "spamming", so . I changed the messages slightly. Then I was blocked because I can apparently only start 10 conversations per day. Please message me directly if you haven't heard from me yet. Please see below an edited version of the message that I likely tried to send you:

Hi Future STR Mastermind Member,

I am copying and pasting this message to everyone because I can’t figure out how to group message in BP and thought this would be quicker. First of all, thanks for your interest in joining this mastermind. I’m excited about the potential to learn from each other!

About me - According to Stessa, my wife and I currently have a real estate investment portfolio valued at $*,***,*** leveraged at $*,***,*** debt (I’m pretty sure Fannie/Freddie will stop loaning to us pretty soon!) with 11 properties (18 units). Due to the run up in the market (and trying our best to buy low), our leveraged asset return currently sits at 38.5%.

Up until recently, we had been buying mostly in C class and doing a lot of reno, so cashflow is another matter altogether. Which brings me to short term rentals. We are thinking that we can trade the amount of effort that we are putting into the C class properties for self managing STR and significantly increase our cashflow while buying in a better class (more appreciation upside). We just closed on one STR and have two more in contract.

We’ve been actively investing for about 2 years and I am still running my other business, so I classify myself at stage 1.5 as a RE investor. I define stage 2 as having a fully leveraged portfolio of (relatively) stable properties. Stage 3 would be financial independence and Stage 4 would be generational wealth.

The Mastermind – In general, I am leaning toward roughly Brandon Turner’s model:

1. Highs and Lows
2. Topic/Hot Seat
3. Goals Status

I would recommend one hour and am open to suggestions on this. I would recommend an incentive for attendance in the beginning. My other group puts $20 in a lottery for every absence regardless of reason. Generally, masterminds are best at 5 people, again I’m open to discussion on this.

Meeting schedule – I would recommend the same time once per week. Either mornings or late nights during the week are the best for me.

TO JOIN – PLEASE REPLY WITH YOUR TOTAL AVAILABILITY. You may need to carve out time for this, but I will try to schedule for a day and time that works best for the most people. Once I have a time that at least 5 people can do, I will send this out to those attending with a zoom link.

REMINDER – THIS WILL BE A VIRTUAL MASTERMIND

I look forward to talking to you soon and seeing you in our first mastermind!

Jason

Hi Everyone,

It’s great to see such a response right away. I will PM everyone later tonight to discuss best times for everyone and get this rolling. Talk soon!

Jason

Hi BP Community,

I have a fantastic general LTR Mastermind group that has been going strong for over a year now and I am looking to add a second mastermind group. This one will be focused entirely on Short term rentals. I just closed on my first one and am in contract for two more. I have been in the process of 1031'ing the C class properties in my portfolio and have been moving these over to STR. I have worked through Avery Carl's system and am looking to implement some of the strategies from "Optimize My AirBnB" as well. Would love to start masterminding with any experience level, I would just ask that you own or are in contract for at least one STR. This will be VIRTUAL over zoom, so you can live anywhere and attend.

Thanks!

Jason

A response to those who are advocating buying within driving distance. I get what you're saying. However, this assumes that you can find a cash flowing property near 1% rule within driving distance. Some of us unfortunately are not in that position. If I lived in the midwest, I'd be buying next door all day long so I can cut my rehab costs. 

Having said that, if you plan to scale at some point, you're going to need to have a team in place. At that point, it doesn't really matter if your team is within driving distance or OOS. What matters is that you learn to build a solid team.

@Remington Lyman I 4th Columbus if you go with Remington

I agree. They are underwriting you, so it's relatively equivalent. In my other businesses, personal credit seemed to be more important than corporate credit. For very large LLC's they are getting credit on different markets that most of us don't have access to anyway.

@Kevin Murray I have created a portfolio at 10 CAP from the same position that you are in. PM me today and I'll get you set up.

I'm one of those active investors who found that they loved real estate so much that I'll be changing careers full-time to real estate. I'll be receiving my salesperson license in February and am currently planning out my niche and business plan. The niche that seems most exciting to me is the one that my OOS agent occupies. He works primarily with investors (most are OOS) with SFH helping them to build their portfolios based on their goals. He generally sends out several deals per day via different channels based on the investor history of purchases.

This niche seems more challenging in CA. Price point is high and cashflow is lower in my market (LA). LA has investor agents, but the brokerages seem more structured as commercial (50% splits, etc.), making it seems that I would actually earn more net commission focusing on traditional residential sales where the price point is equivalent to commercial for those getting started. It seems like the way to occupy this niche in CA would be the way David Greene is doing it: traditional sales + consulting for OOS investors.

Brokers and agents: Anything I'm missing? Thanks!