All Forum Posts by: Brandon Allenczy

Honestly, the best experience you can get is just from doing deals. Quality is in the quantity. You'll learn a lot of interesting things from these books, but things just aren't as linear in the real world as these books make them seem. Over time, you'll learn what kind of leverage you have throughout different points of the transaction and how to utilize it.

Caveat: this advice is coming from a newer agent as well. I've been in the game 9 months and have closed 4 deals so not exactly a veteran, but I've just found a bit of a disconnect between advice from these books and what actually happens in a transaction.

I agree with @Bruce Lynn. If you have an agent that has a good track record, they didn't get there by being shady like this.

From a practical standpoint, again, sign a representation agreement. At that point you go from being a 'customer' to an actual 'client' in which you are owed fiduciary duties by the agent. 

Being an agent and investor myself, I really only play with on-market properties. If it's listed, it's fair game UNLESS one of my clients is interested. My #1 goal is to NOT be in competition to a client of mine. If I offered on something then a client wants to offer, I'd probably withdraw mine and help them get the deal instead. 

Hey everyone:

An update! After extensive research, I think I'm going to give this a shot. I've talked to people using MTRs in my market, and they seem to do very well with very little vacancy. 

I close on our next househack this coming Friday. It's a SFH with an in-law suite in the basement, and an addition that used to be the garage. My plan is to live in the in-law suite, have the addition as a private room Airbnb (typical STR), and have the remaining main level as a MTR (2 bed 1.5 baths I believe). Additionally, the bottom unit of our duplex will become a second MTR.

I'll post here to let everyone know how it goes and I'm sure ask some follow up questions!

Quote from @Michael Baum:

Hey @Brandon Allenczy. I don't think you need to spend 10k on all of that IMHO.

If you are local, then scour your local Craigslist, FB marketplace and OfferUP for nice, used USA made furniture. You can spend next to nothing on quality pieces if you search around.

If you do a search on my posts, I have often done lists of products we use that can save you some money and work very well in a STR. Kohl's Big One 70/30 percale weave sheets for one. $30 for a set when on sale and they wear like iron for example.

Check out this bedroom at our lake house

That is one of our queen bedrooms. The total cost to outfit that whole room was under $500.

The bed is a Thomasville Americana series. Super common. It was $25. There is a very nice one free local to me right now. The big hutch was $100. It is a traditional Mexican hutch and a super cool piece.

The mattress is a Zinus Green Tea 12". They go on sale all the time. I got ours for under $200, but that was before inflation but they can be bought for under $250 from time to time.

Linens were under $100 for all of it, including the pillows. Everything else was found for free. Included a office chair that is in the corner. Nothing fancy, just a simple armless lounge chair.

So if you are diligent, you can do that room up for a really reasonable price.

 Thanks so much, this is exactly the approach I was looking to take. I’ll take a look at your posts for some ideas.

 Gotcha, thank you and thanks for the tips!

 As I mentioned in the original post this part is just a private room and an office. Thanks

 Thanks Kerry! I wouldn’t need the kitchen stuff you mentioned since this would be a single bedroom listing but I appreciate it!

Hey BP! I'm closing on our next property at the beginning of August. It's a unique property in that it's a SFH with a full in-law suite in the basement (2 bed/2 bath with full kitchen) and a separate addition that can be blocked off and used as a private room STR.

The private room will have a bedroom, full bathroom, office space, and coffee bar/hot plate.

With this being my first STR, could you take a look at my prices below and let me know if they're a fair estimate? I plan on filling in the actuals as I go and seeing how things vary. These prices are for a bedroom, bathroom, office, and coffee bar.

Thanks @Andrew Syrios! I was happy with it, especially as my first duplex that wasn’t a house hack. How are things in Kansas City?? 

Hey @Kevin Collins

No one had shown up to the past few meetings so I decided to put these on pause until after summer. But if there’s a group that is interested, I’d love to start them up again.

Are you looking to purchase something in Hagerstown?