All Forum Posts by: Joey Budka

Generally, those areas are C neighborhoods with blue collar types of tenants. Definitely some nicer pockets in those two towns, where you can get single family 40-60k rentals with reliable long term tenants. If you're looking to flip, probably not a good spot. Lots of properties in the 5k-20k range, so if that's your preferred price range, then it's a gold mine. In my experience, it makes more sense in those types of markets to pay a little more- say, 40-60k properties vs. 5-20k properties- because of the intense management required on the lower end.

Will check it out, thanks Ryan!

@Jarod B. That broker quoted you some crazy figures! I'm sure you can find a more reasonable broker in town who understands your situation better. You'll probably have better luck talking to small mom-and-pop operations.

Jim Rohn says something about how your 9-5 is what pays your bills and maintains the financial status quo; it's what you do after work that ultimately makes you rich. From a more practical perspective, spend 1-2 hours per day after work during the week and a few hours on Saturdays and Sundays. Somehow, people like Bill Gates achieve incredible goals, but have the same number of hours per day.

One notable con is disclosure. Not sure how Indiana RE agency law works, but in California you need to disclose that you are a licensed agent anytime you're buying or selling 1-4 units, and even if you provide full disclosure, with off market properties sellers can sometimes argue (depending on their attorneys competence) they were swindled. Pros would be that you can save money on commissions when selling your properties. However, your E and O insurance would likely not apply if you're listing your own deals. Try hanging your license with a reasonable broker who will give you a high split, like 80-90%. Higher split is justified since you aren't a full time agent that requires resources from the company. Don't let any broker tell you otherwise.

@Jo-Ann Lapin The owner may carry back some financing, otherwise I may just buy it all cash. I think the main issue with my due diligence will be any prohibitive ordinances or local laws. But so far I'm optimistic!!!

@Patrick Liska Thanks! Definitely a helpful article.

@Isaak Brown Good to know. Do you have any experience with this personally?

@Patrick Liska Thanks for the pointer. Can you post the article in this forum thread? Would love to read more about.

I just negotiated a contract to acquire a piece of land in the hills of a California beach town 5 minutes from the beach. You can't build on it, but the city allows for RV's to be parked on the lot. Its roughly half an acre, and would be a great AirBnB rental if it turns out to be a feasible income strategy. 

The idea would be to acquire the land, buy an RV, permanently park it on the lot, and rent it out on AirBnB. 

Does anyone have any experience with this approach? If so, please share your thoughts, ideas, tips, etc.

Thanks!