All Forum Posts by: Joseph Bafia

i see this post is from 3 months ago and did not see any replies. I'm running into the same thing and a lener told me yesterday to do exactly what you suggest. Setting up a LCC and write a 1 year lease to that LLC. I'm just wondering if this is allowed. Did you ever come up with a solution?

you can DM direct if better.

@Eric A. I have 2 properties in Mars Hill, NC (Wolf Laurel). I bought both with the intention of STR, but as soon as I got the 2nd one ready for listing COVID hit. Luckily my housekeeper needed a new place and we negotiated a LTR for 1 year, so I'm a bit diversified. Your theory in my market holds true. We did 240+ rental days in our first place. Year-round rentals with worse month being Jan. We do NOT use a property manager and I live 4.5 hours away. If I moved to CA, I'd still self-manage these. With mobile apps, a good housekeeper and handyman nearby, can manage from anywhere with minimal effort and keep the 25%. I'm already looking for my 3rd property out in that area. We have hot tub, fire pit, and a big deck with great view. We're 45 minutes from Asheville and most of our guest state that they want seclusion but a short trip in to visit Asheville. Love the area and the market. Happy to answer any questions.

Joe

@Edgar Gonzalez I sent you a connection request. Accept that and we can communicate offline.

High Point, NC is another market with a lower barrier to entry with price.  Example, just purchased a Duplex for $30k.  Just need to start your research and start making offers.  Not knowing your level of experience (like in rehab, analyzing deals, etc) makes it difficult to offer additional guidance.

Edgar - 

Excited to hear you are staring young!  Since you are in Raleigh, I'll share that my son is also 19 @Antonio Bafia . He just bought his first duplex in NC and is looking to network with others similar in age.  Reach out to him and he can give you his thoughts.

It really all depends on what you are trying to accomplish, what strategy, pricepoint, etc.  We have a few in NC throughout the state and I can help answer based on what your criteria is.  Definitely need more details.

Yes sir! Welcome!

Scott - 

Welcome!  We are fairly new to investing as well, but accelerating quickly.  My son @Antonio Bafia and I live in Raleigh and have 3 investment properties at this time (2 in western NC, and 1 in High Point, NC). We are pursuing one here in Raleigh as well and researching others throughout NC. Antonio has studied and run numbers on many deals in High Point and as a new investor has found that he can break into this market at relatively low cost (see his profile as he just bought a duplex for $30k thats going to be a BRRRR deal).

We are always looking for networks and although I wouldn't classify myself as a mentor, I think having a network or like minded people to share ideas, partner and hold each other accountable is a great strategy. 

If you need boots on the ground in NC, we'd love to help.

Joe (and Antonio)

@Amy Ranae Did the top line income not come with any details? If you can find their current listing online you can back in some numbers like dividing out the total by their per day average.

We have 2 STRs and we simply shopped the competition. Found similar size home and amenities and looked at what they charged (keeping in mind we only looked at homes that were renting). You’ll find many homes that have a listing on VRBO but no bookings or reviews so I wouldn’t count those.

Some items you may need to add to an analysis spreadsheet is cleaning fee, supplies, any HOA, other maintenance (like we have a hot tub) and other misc expenses.

It is all very market specific so research as much as you can in your market (and ask for more detailed data from seller) :)

We got a Pin on Google for ours and I know nothing about a post card mailed.  I cant remember exactly how we did, but we listed the business, added some photos and think I got an email saying "Google is reviewing your listing".  I'll try and look through my emails and will message you if I have any luck.