All Forum Posts by: Jimmy Woodard

@Jennifer Gibson CBIZ and Proper are your best bets.

@Justin Brown if you have the money for a down payment, your best bet is to own instead of lease an STR. If you don't, there are some great resources here in BP and external sources like BNB Formula that can help you with Airbnb arbitrage (and not pissing off your landlord). Good luck and DM me with any questions!

As long as you don't have a problem putting the property in your name, you shouldn't have an issue qualifying for a second home mortgage with 10% down. 

@Angeline Rebottaro if you end up going the self-manage route, here are some tools/resources that you'll need:

• Local cleaning crew and handyman (search BP, Angi/Homeadvisor, and Google for references)
• YourPorter or a similar PM platform to manage your listing on Airbnb & VRBO (no need if you're just going with Airbnb)
• Beyond Pricing or Wheelhouse for pricing (you're leaving money on the table trying to do this on your own)

Good luck and DM me if you have any questions!

@Account Closed I think the PM Rabbu has done something similar, they could maybe provide you advice here.

@Jacob Ellsworth there are tools like Propstream and Privy that can help you analyze the numbers for OOS deals. As a fellow CA investor, I definitely understand the struggle of price points being way out of line for first-time investors. Kudos to you for not giving up and instead looking for a market that fits your budget.

To @Jaron Walling's point, you'll need boots on the ground to see success with BRRRR. That includes a reliable agent/wholesaler to find deals, contractor to renovate the property, lenders to finance the initial purchase and cash out refi, and property manager to manage tenants. All are possible, BP and Google are your best friends to find them. Good luck!

@Joseph Heinen I can't speak to East Lake Tahoe but I've purchased an STR in South Lake Tahoe that's doing quite well. DM me if I can be of any help.

@Dennis Nikolaev the LLC depends on your goals. Are you looking to hold both the deed and the mortgage in the LLC? If so, you should get started on that now. If you just want to transfer the deed to the LLC, you can do that after you close but beware of a "due on sale" clause most lenders have in their contracts (rarely enforced). Transferring the mortgage to an LLC is extremely difficult, so it's best to check out companies like Visio and Conventus that lend to LLCs in the STR space.

Consult an attorney (I'm just a recovering law student), but best way to do it would be to create a California LLC. If you just need barebones, go with Legal Zoom. If you want a little more polish, I'd recommend Schinner & Schain who we used for our Tahoe property. Good luck and DM me for any more questions!

@Jay Wilson any property that's across from the beach should be making a killing on Airbnb as long as it's run the right way. Maybe the answer is to ditch the property manager and self-manage. Happy to show you how, feel free to DM me with questions.

@Keegan Lawyer if you're looking into the Smokies or Florida Panhandle, I'd definitely recommend working with @Avery Carl at the Short Term Shop. She'll take good care of you!