All Forum Posts by: Joel B.

Hi @Marjo Naci,

That's a great question. The simple answer is yes, however, it will vary depending on the state that you live in. You will need to research the laws of your state to see if minors are allowed to form LLCs or corporations. If you can, that is one way to be a wholesaler without needing to be an official adult.

Hope that helps. Blessings!

From what I have seen, yes, absolutely! You will need to do the research in your area to get a good idea, but in my area there is definitely a difference. With rooms in my area, you can rent long-term for $500 to $800 a month. On FurnishedFinder.com, medium-term in my area is $900 to $1,200 a month. Not sure how many bedrooms your place has, but if you had two or three nurses staying there, that would be a great source of income. If your place is small enough, you could offer it up as a whole instead of renting each room out. Renting out each room will almost always net you more in the end though.

This is one that you will have to do some research on since medium-term rental is dependent on the area you are at. I'm close to a hospital and lots of other big businesses, so it's a little easier for me to find medium-term rentals.

Does that answer your question?

Hi @Elizabeth Seiferth,

I STR a room in my house and am purchasing an STR in Orlando to start expanding (I live in Happy Valley, Oregon).

I love the way you guys are thinking. I agree with you that path 2 is the least desirable. In fact, I would remove it from the table and not even consider it (in my humble opinion).

I like path 1 the most because you are turning your existing place into a rental, getting cash out of it through a HELOC/cash-out-refinance, and picking up another property. What I'm not clear on is whether you would rent your current place as a short-term, mid-term, or long-term rental. I would explore those options in more detail as short-term and mid-term may net you a lot more income than long-term. If your assumptions for path 1 was to do a long-term rental, you may be pleasantly surprised.

Another item to consider is that by doing a short/mid-term rental on your current place, you will gain the experience necessary before jumping into an STR in a mountain resort town. That is precisely what I have done by running an STR in my current home. I have a big list of things to do to my future STR in Orlando once I close on it.

Hope that helps. Blessings!

Hi @Donald D Michna,

You're listing looks great. I would suggest painting the walls something other than white. I like a light gray so that the white cabinets, flooring, and other items stand out better. Besides that, it looks clean and simple. Perhaps a few more wall decorations would add a warmer feel to the place. Photos are professional and very nice.

As for the first potential tenant, I would definitely take on a long term tenant through Airbnb, but I would be cautious about leaving the platform after the first two months. There's really no reason to move away from Airbnb for you. If you use Airbnb, you show occupancy, your numbers are added up to move you towards being a Superhost, and you have all the protections of the platform. I would need to see a real good reason as to why to move away from Airbnb. It honestly smells a little bit like a scam to me. You might take them on for a month and then see how things go from there.

Are you wanting short-term, mid-term, and/or long-term rentals with your unit?

Hope that helps. Blessings!

Hi @Josh Gentry,

Personally, I would go with vinyl plank flooring again. It's one of the toughest and best flooring choices out there. Not sure how dogs ruined LVP, but I'm guessing it was cheap stuff that wasn't waterproof. Whenever I replace carpet, I always choose LVP. It's worth it to pay for a better quality LVP so it lasts longer.

Hope that helps. Blessings!

Hi @Christopher Batista,

Please provide a wee bit more information about what you are looking for as your question in its current state is really vague and it would be difficult for most people to give you a good answer. For example, if you're dealing with a real estate transaction, the answer is to talk to a Realtor. If you are wanting contracts and addendums to rent a property, BiggerPockets has plenty of state specific ones, but you can also find plenty online. A good real estate attorney can help with complicated situations.

So, what is your situation?

Blessings!

Hi @Jefferson Castillo,

If it's an "arms length" transaction, meaning you don't know the two of them and there's no hidden motive or agenda, then making another offer is a normal part of doing real estate. The ethical question in that situation comes down to the seller. If he has negotiated a price with a buyer and has accepted an offer (verbal I'm assuming since nothing is signed), then it's a question as to the ethics of the seller. Some would argue that verbally accepting is just as good as signing, but the laws in the US are exactly opposite of that.

If you don't have a dog in the fight, and you don't have inside information that you normally wouldn't have, your fine to make an offer.

Hope that helps. Blessings!

@Caroline Gerardo

Thanks for the info on that. Good to know those details as I thought removing from the reports would be a positive thing. Much appreciated.

 You're most welcome!

Hi @Rachel Payton,

I would suggest you dispute the item in your credit file on each of your three reports (Experian, Equifax, Transunion). That will remove it from your credit history and should get your credit score back up. You can certainly let the doctor's office know about the situation and that you are disputing it on your credit report. If they are good people, they will work with you on getting it cleaned up since it's obviously not your fault.

You are not totally screwed, you are just fine. Take a deep breath and keep calm. You will be just fine when trying to get a loan. A simple letter of explanation will do the trick and you are good as gold.

You're doing great. Blessings!