All Forum Posts by: Joel Case

@Ken Boone, they are likely buying an already functioning STR based on their location and timeline. Great advice on staying in the home and getting familiar with your STR.

@Lindsey Wagner congratulations! I really love that area of Tennessee and hope to own there one day. @Conner Olsen is spot on with his advice. Like him, I also use Hospitable with Pricelabs and have since day one and it's been great. I use a Schlage Encode smart lock integrated with Hospitable to automatically generate guests door code. Beyond that I use Turno to find and schedule cleaners. I wouldn't say you NEED Hospitable or a PMS right away, but for me personally it saves me enough time that it pays for itself. Pricelabs also pays for itself although I use the tools in it to compare my prices to comparable properties and make needed adjustments manually. I always look at tools based on the cost/benefit analysis and will it save time or money. Good luck!

Some great advice has come before me, but I will echo a few things. I think the need for a mentor is overhyped. To get started, I don't believe you need a mentor, research and reading go quite a long way to get a solid understanding of real estate investing. I would encourage you to focus on your education and getting your credit and finances aligned towards making your first investment. Also start attending your local Real Estate Investor Association meetings and network with the people there. You will likely find someone there who is already doing what you are wanting to do, figure out how to add value to them and you may naturally cultivate a mentor. Good luck to you.  

It is a year. 

 That way you could get an owner occupied loan on the property. 

 Could you not setup a contract so that upon the current owners passing you buy the home at predetermined price, minus any payments that you made to the owner before they expired? Let's say they want $100,000 for the home, but effective immediately you pay them say $500 a month and those payments come off the purchase price. 

Nice work! I can't wait to hear your episode of the Bigger Pockets podcast in a few years. 

 In my local area a property manager takes 10% and then a certain fee for every turnover. There are some great tools like Avail and others that can help you streamline being a landlord. I would definitely leverage the technology to make it as easy and efficient as possible. I don't have any LTRs currently, so I can't really help, but take a deep dive at the Landlording subforum and I bet you will get the knowledge you need to be successful. "I know I can....be what I want to be....if I work hard at it......I'll be where I wanna be." 

First things first, listen to the chorus of Nas-I Can. Then you will have your answer. 

Give them time to find another place and move, then raise to market with the next tenant. One caveat is I would get a real estate agent or property manager to give you their opinion of market rent for the property and go from there. But if it's at 850 and market is 1600 you need to amicably let the tenant leave and start fresh at market rents then moving forward stay on top of your annual rent increases. 

What branch of service? You need to find out who his Commanding Officer is once you determine his command. At that point you reach out to the CO, explain what happened, and I expect that you will get a resolution.