All Forum Posts by: Joel Oh

Quote from @Michael Baum:

Hey @Ricardo Polanco, so I guess I am not understanding the issue.

@John Underwood hit the nail on the head. If you are following the rules then everything should be OK.

This is no different than a health inspector visiting a restaurant. They have to allow them in to inspect to make sure things are copacetic. That way they keep their licenses and ratings.

I don't see much of a difference really.

Don't keep them out as they will get increasingly suspicious and they might pull your permit for non-compliance.

STR is banned from NYC. All running properties are illegal or running with expired license which is ridiculous since there are so many running STRs there. They all claim their properties are exempted but haha... XD It is pretty much shut down once the city knocks on your door. 

Quote from @John Underwood:

Did they give you an agreement or contract that you signed?

If so I would thoroughly ready this to see what they require and what you agreed to.

I doubt you can keep your permit if you refuse their inspection.

If you are doing everything as you should, you shouldn't have anything to worry about.

 It is nearly impossible to follow NYC's requirements and run a proper housing business. They can fine you for practically anything and they want all the STRs to be banned from the city. With how old NYC's buildings are, everything has to be grandfathered in until the city calls for correction which will happen when he lets the inspector in. It is a tough market but the money is insane so people just open business and run until they get caught and sell and open again. 

I think it is really up to what you can provide to the investor. What is better for me to work with you?

I think you exactly know what they want haha..

Sell and move on or pay the shark the blood

Quote from @Collin Hays:

The biggest key to a good ROI is getting a good deal when you buy. You can have a mansion fronting the Mediterranean, but if you pay too much for it, you're done.

Can't agree this more. Real estates makes money when you purchase the property. Any location or decor can create a great ROI depends on the purchasing price.

Quote from @Craig Jones:

For chemistry nerds:

A salt water tub uses a cartridge with titanium plates in it.  When electricity passes through the titanium it acts as a catalyst that converts the dissolved salt (aka sodium chloride) into sodium and chlorine.  The chlorine goes into the water and the sodium builds up on the titanium plates which is why the cartridge eventually has to be replaced.

These systems don’t actually measure how much chlorine is in the water or how much is needed.  They just generate chlorine at a constant rate depending on the system setting.  Which may or may not be enough.  Usually on the “not” side if the tub gets heavy use.

 Nerds win! That is what exactly the sales person said. He said to just put at the highest setting and change filter more often filter cost is honestly nothing for Airbnb hosts. So... do I still need to check PH level.?

One golden rule I follow,

if it takes a long time to fix/replace when it breaks, don't buy a cheap one.

Imagine, this thing breaks in the middle of your peak season and the people who can come out to rebuild are 2 weeks out....

It takes at least a day or two to build something like this even if you are super skilled. If it break the concrete or roof when it fell down? Oh boi.. haha

2 things can't be together. Arbitrage and not knowing the market.

Quote from @Michael Baum:

Yeah! That looks like a cool place. Not sure of the area, if there are cool things to do there but the home is neat.

The biggest issue is resale. I am sure there aren't many comps that this would generate. You have to get someone who is familiar with them and would want one.

Here is a pic of this style of construction. Bermed earth shelter home:

 This is very cool. I wonder who still makes houses like this. I am having a hard time even finding a decent window vendor XDDD

Quote from @Michael Baum:

Hey @Joel Oh so Ellensburg is in central WA state. It is quite rural and it is much easier to get a permit for these sorts of things if you even need one.

In rural Idaho, it is much the same way. the counties have minimum requirements and if you keep things on the up and up, it should be fine.

Now, in a historical district, that is a different animal all together. Unless you want to live in that district, I would avoid any and all purchases in an area like that.

Regarding the grain silos itself, those are not the full grain silos you think off like a tower silo. These are grain bins which are much wider and used for holding fully dried grain storage.

They are available as kits. You simply stack and bolt together the rings to the height you want. Pretty easy actually, especially with a tractor with forks bolted to the front end loader. It is hard work but a small team can build them pretty quick.

 That is so cool! Never knew they sell silos like that but it makes sense since not everyone needs a gigantic tower. The house I regret most for not getting it is this one,

https://www.zillow.com/homedetails/N8064-975th-St-River-Fall...

I was so close to getting it, but I chickened out because I have absolutely no idea how these houses even exist. With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.