All Forum Posts by: Josh Stevens

 I'm in Coos Bay, if you bring the Maule up here let me know! I'll buy the fuel if you'll take me up!

Going from a 5 year lease to a STR??? Maybe just place good tenants on a 6 month lease and let it go M2M afterwards, sometimes keeping it simple and letting the rental do the work for you is a lot easier than trying to be too clever...

Standard "not a lawyer" disclaimer here but if you were thinking of any litigation or in the process of it about this I think I would delete this entire thread...

 I was reading through the responses hoping someone would make this point lol!!! I could not imagine a situation where I would agree that!

Look for 4 units or less, worst place in the best neighborhood, FHA is going to want you to live in one of the units for at least a year if you are going to go that route. Get a home inspection, don't be afraid to back out of a deal, if you are forcing it.

Speak with a mortgage broker before you shop more to get a more realistic idea of what you are actually going to be able to purchase. As a brand new landlord, they may or may not count all or any of the property income until you have a couple years tax returns to back it up with.

Keep it simple until you have a firmer grasp on how things work, for every person on here with a "I got rich and retired in 3 years with real estate" story, there are a million inactive accounts of people who got over leveraged and lost their seat at the table.

Required reading:

The Richest Man in Babylon

The Millionaire Real Estate Investor

Good luck brother! 

That's a good question Mark, if I end up pursuing this and find out the answer, I'll let you know! 

Then I'd get it done sooner rather than later! Get all the interior stuff buttoned up and get someone in there, you can always post notices and work around the exterior stuff later.

Depends on the renovations needed? Are they exterior cosmetic stuff you can stagger out without losing cash flow? If so I'd piece it in and put my money elsewhere.

If it is stuff that is holding up getting it rented out and making money, get it done ASAP and get some cash flowing in.

Ive come across one of these and thought about keeping enough studios filled to cover the operating expenses, and short term rental out the others to try and squeeze a little extra out of them. Ultimately I decided I didn't want to work that hard with the extra turnover, studio tenants just seem not to stay as long it seems like.

Has anyone dealt with this yet? I would like to purchase the property vacant to do a little rehab and place my own tenants, but the tenants in place can not be evicted and aren't paying rent. With all the extensions and everything that is possible, this could go on for awhile? I'm feeling like its a hard pass but i'm curious if anyone has rolled the dice on something like this?