All Forum Posts by: Jon Crosby

You can do whatever makes sense to the two of you, that's the beauty of real estate investing deals.  :) 

It sounds like you want to invest time for money in the deal and he's the silent cash investor (so you would have a limited partner and managing partner situation)?  Generally on a first deal, the person putting in the money gets most of the benefit of the deal until you have proven that your 'time for money' is working and consistently dependable for the future deals.   So you could something like a simple 75/25 split on profits and if it works well you could go 50/50 on the next one...you could certainly also try the deal structure you mentioned above as well, but it's going to require more tracking and management is all. 

Best of luck! 

Usually HOA rules all from a restriction perspective...so the HOA can (and often has) superseded any municipality, county or state 'allowance' of STRs by restricting them for their association(s).

Foremost

The real trick is a dedicated checking account and credit card for your expenses and rental income.  That makes everything SO much easier.  From there, you can link those accounts to free tools like Mint or Wave Accounting (depending how complex you want to get, Mint is usually fine) and it will feed your transactions directly there and you simply go in and and categorize your expenses/income weekly, monthly etc. and at the end of the year you should have a nice clean report out for your CPA or Turbo Tax. 

Best of luck. 

6-8 weeks?  Sounds a little random, but I'm sure there is more context they provided on the arbitrary range of time.  Being from California, I understand your concerns on this though.  If it doesn't feel right and you are fairly confident you can fill that time with other short-term stays, then just let it go...no reason to lose sleep on it if there are plenty of people waiting to book your place. 

Best of luck!  

As long as you are disciplined with your financing, the ability to use debt in real estate is one of its biggest advantages to other investment types.  You will achieve much greater cash on cash returns using leverage...just make sure you don't 'over-leverage' and you should be fine.  

Sounds like a basic BRRRR strategy from what I can tell? If you are finding homes for $50k surrounded by $125k homes and they only need $30-40k in rehab, then seems like those numbers would make sense. Sounds almost too easy to be honest so just be thorough on your due diligence and inspections with those properties. Yes, you will likely have to wait at least 6 months before you can refinance your money back out to repeat the process (the last R in BRRRR) and how much you can take out is going to depend on the appraised value at that time. Additionally, you will want to make sure your property still cash flows under the new refinance PITI (principal, interest, taxes and insurance) amounts.

Best of luck! 
 

@Dado Vucak  Yes, I am an Airdna API customer and use their API when evaluating properties for myself or for clients from time to time.  

@Scott K. 

I would just caution to not over-engineer a solution to this problem.  If you had 30 properties, maybe it would be worth the exercise but if you are like me, you tend to want to use your technical superpowers and end up trying to kill and ant with a hammer.  One of the problems with creating a web app, is that your vendors will have to conform to using it (which some may simply not want to), or worse, they will say they are going to, but do not and your have even worse communication loop than you had before.  Additionally, I'm not seeing much more in your feature set that you can't do with a simple Google Shared Calendar (maybe throw in a Zapier flow if needed)? 

Totally possible I'm missing something there, so apologies if so, just want to save you the pain I have gone through in the past with over engineering fairly simple procedures.

Best of luck! 

I video inspection of the sewer lines by a qualified plumber is what I'm referring to, this would be on your own dime as part of your due diligence costs.  

Thanks