All Forum Posts by: Joel W.

This sounds like a bad Dave Ramsey call. Haha. Watch some of his shows and you'll get an idea of what you need to do. Or call his show. 

 My apologies if I was a little salty there. I don't like it when people are being taken advantage of, whether that's with crypto or wholesaling. 

You don't have a vested interest in wholesaling training? What's your website about then? https://www.seoforrealestatein...Am I missing something? 

You seem like a smart and motivated guy. I honestly believe you'd excel at whatever you do. Maybe find something else. Something that would actually contribute to society. What are the chances of some average joe having success in wholesaling? And since you're into math (probably a lot better at it than I am, BTH) you should read some Nassim Talib. Whether it's in crypto, mutual funds vs. index funds, or in wholesaling, we tend to only focus on the successes and don't fully take into account the failures.  

Boy, sound almost as bad as a crypto bro telling people how "they just don't understand blockchain", etc. This guy is probably helping a lot of people not get sucked into lame get rich quick wholesaling training, etc. I've seen some of your other posts defending wholesaling. Your forgetting about survivor bias. And...it's almost like you have a vested interest in promoting wholesaling? 

They say you can find a deal in any market. Maybe that's true, but it gets a lot harder when the market is hot like it is now. 

Don't buy unless it cash flows. Don't bet on appreciation. Don't forget you have to pay a lot of taxes on those capital gains. 

Also, Oregon is a terrible place to invest. The regulations here have gotten quite onerous the last few years. A friend and investor recently had to pay two tenants 4000 to put their stuff in a pickup and move across town. He sold his property as he was retiring, gave them a year notice, but was still required to pay their moving expenses. And don't forget the state wide rent control.

Hi Chaka, 

You should start learning as much as you can about real estate investing. Bigger Pockets has more than a few good books to get you started, this forum is good, and listen to their podcasts. Then start researching the market you want to invest in. Look at demographics, economics, etc.

 It's not a checklist I actually wrote down. :) I just cleaned it a certain way and did it the same way each time so I wouldn't miss anything. I did the bathroom first (it's the most important thing to clean clean for obvious reasons), dusted each time, etc. Also, make sure you check any utensils, pots and pans, etc., if you have them. Also, get the laundry started right away because that takes the logest. Sometimes they didn't wash them very well. Hope that helps! 

Go for it! Sounds like a good setup. 

We have a studio apt on the first floor of our townhouse and its worked out very well as an airbnb. Just make sure you understand your city's str regulations before hand. We had to get a business license, registration for STR, and get it inspected, but that's Portland, Oregon and they like their policies and regulations.

Will you need cooling or heating for the unit? Our ducts didn't go down to our unit for some reason and we eventually bought a heat pump. 

When we first put it on airbnb we started at a fairly low price to get a lot of reviews quickly, and then raised it a few months later. Reviews (good ones) are key for airbnb. Also, cleanliness if super important for good reviews. I have a cleaning routine and checklist I go through each time it's cleaned. 

Good luck, Joel

I would decorate it, but keep it open, somewhat sparse, and uncluttered. That will make it easier to clean. Try to put something local to give it a little charm. We have some artistic maps of our city for example. Spending a little bit of money to give it some charm is a worthy investment.

The main thing with STRs is to have it very clean each time you rent it. Most people reviewed my place based on that factor.

If you move it to an IRA make sure it's to a low fee index fund, or something similar. Fidelity is great, but don't pay some of their high fee mutual funds. Index funds have performed just as well as any other mutual funds.

30% seems very high. Spend a couple of hundred bucks for professional advice.  

There's a really good Warren Buffett quote that fits this occasion. "The difference between successful people and really successful people is that really successful people say no to almost everything."