All Forum Posts by: Jeremey J.

As a rookie investor who is not having an easy time connecting with contractors, this thread has been very intriguing and insightful.

I love gleaning all the sage advice on BP and from seasoned investors, but either some of the advice may not be sound (like @Jay Hinrichs suggests with BRRR, etc.) or investors aren't implementing good practices.

Or maybe there's a whole in the real estate investing education similar to the business practices acumen missing among many tradesmen, per @Luciano A.'s and @Nicole Heasley Beitenman's observations. 

@Emilio Ramirez said, "...feel like I should post..."How do you find a good investor,""

I think it would be a great thing to hear what makes a "good investor" from the other side of the table: like from GCs', agents', and other professionals' points of view.

This discussion has already mentioned a few good tips like:

• Everyone's time is valuable -- don't waste it.
• Don't expect top shelf for bottom dollar.
• Do expect to get what you pay for.
• Look to create situations that are win-win for everyone instead of merely how everyone else can most benefit you.

I'm sure I missed some others that were mentioned.

Not trying to hijack the thread, but there's a running sub-theme here about bad investors potentially being part of the bigger picture. (Or maybe I'm reading too much into it or displaying my ignorance or both!)

My wife and I are new to this game, but we want to do it right. 

What does a desirable situation look like when it comes to contractors working with entry level investors? What can we, as investors, do to be considered good investors to work with?

@Nicole Heasley Beitenman

@Brian Berryman  You might look into using land trusts to do this. Clint Coons from Anderson Business Advisors has some informative videos on YouTube about it. 

Do note that land trusts themselves do not afford any asset protection (that's what the LLC's in your structure are for), but they are apparently a way to move mortgaged properties without having the note accelerated by the due on sale clause.

(Full disclosure: we are clients of Anderson Business Advisors. While we have been very impressed with their services, expertise, and professionalism, we are in no way obliged to plug or review their company. We're just satisfied customers.)

@Shelby Pracht 

Thank you. Never thought to ask another local host. There aren’t many (despite low supply/high demand in the area), but worth a shot.

My only hope is that their answer does not echo my previous experience double checking with the local offices.

But definitely worth an inquiry.

 I was afraid someone might suggest this... :-p

The properties I'm looking at are in a different municipality than where I live, but the one time I have had to deal with the zoning office here, it was borderline ridiculous. 

Several (unofficial) sources told me I wouldn't need a permit for a remodel we were doing on our very rural primary residence. A retired county gov't employee overhead one of these conversations and said I had better check with the zoning office anyway. Not wanting any trouble, I heeded the advice. When I inquired about the permit, the ladies in the office looked at me like I was crazy. They said that people out our way don't come in for those, basically because the county doesn't have anyone to enforce it. BUT, since I was there inquiring I would be required to have one...

I'm not sure if you call that funny or sad or what. I completely get better safe than sorry, but it sure felt like a waste of $150. 

Thanks for the advice, though, on which office might have the information I'm looking for. 

I just hope they don't decide to start enforcing some new regulation just because I showed up and asked. I hate being the guy who ruins it for everyone else.

@John Oden 

This is sage advice you have provided:  

"...your best defense is to make sure that you aren't underwriting your investment on STR revenue alone. Make sure it also works as a LTR, fix and flip, etc."

Thank you for the insight.

@Jon Crosby Thanks, Jon! 

Step #3 turned up a result from the state's website that was somewhat helpful. 

I was missing the right terminology for my web searches -- I think "TOT tax" was what did it.

Looks like it'll still require a call to the county/city offices for specifics, but at least I have some direction.

Thanks again!

Anyone know a good way to find out what, if any, STR laws and regulations exist in a given locale?

Useguestbook.com only lists major (or random) cities. Are there other, more detailed or exhaustive resources for this?

Other Google searches have been useless.

AirBnB’s advice is to check with the local government, which makes sense, but how?

This is great! For visual folks like me, there’s nothing like a good spreadsheet to help make sense of things. Would love to have a copy if you’re willing to share. Thanks!