All Forum Posts by: Joshua Messinger

Hey @Spencer Gregory! 

When you are young you are able to take on more risk - use time to your advantage and figure out what's best for you! Experience will really pave the path in the direction you want to go. 

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Josh 

Hey @Spencer Gregory! 

Kudos to you for getting started so early into the game! Regardless... Hope these answers to your questions help you have a more clear state of mind when making an educated decision on the route you want to take getting into this; 

1. STRs will only be passive if you have a management company managing everything for you. But, still won't be entirely passive as you will need to deal with HOA/Townships/Counties to make sure you are operating legally. Doesn't change often but you need to keep up on this type of info as if you are operating illegally your permit to operate can be revoked or you could potentially be fined.

2. House hacking is one of the best ways to get into real estate and build wealth over time. Of course, you are not going to be seeing the type of cash flow you would see on an STR but it is still an incredible start for anyone your age to own more than one unit and be renting them out on a medium-term to long-term basis. Also, not to mention you have more security going this route and more loan ability if you are acquiring more than four units at a time.

I hope this helps and if you would like to talk more please do not hesitate to reach out to me! Keep moving forward!

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Josh

Hey @Josef Bryan Gerster! 

What @Leslie Anne Morris said! 

Please feel free to reach out if you ever need anything else! 

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Josh 

Hey @Kyle Curtin! 

What a crazy world we live in today! On all of our properties listings, I make sure to list that showings are by appointment only to combat this issue. 

Not only do we do just this but we also require any leads that come from platforms such as Zillow, or FB marketplace to fill out a pre-screener application so we can collect as much information from them prior to the showing. The main reason for doing this is because we will have "scam tenants" that schedule a showing with a fake identity, income, etc then will try and steal the door code from us when at the showing so they can break into the property after the showing. Sad to say this is becoming more and more regular from any leads that I collect via apartments.com or FB marketplace mainly. 

Regardless, I would recommend collecting as much information from any potential tenants that you are working with so you are most protected on your end and not setting yourself up for eviction. 

Hope this helps! Please feel free to reach out if you ever need anything! 

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Josh 
 

I would recommend using Pricelabs to calculate the demand/vacancy rate. My team and I use this on a daily basis as it allows you to make comp sets based on comparable Airbnbs which will give you the most accurate rates on the demand and occupancy. Hope this helps!  

Hey @Alex Johnson! 

Kudos to you for getting started! Mainly all the metro areas will have ordinances in place that don't allow your property to rent out for a 30-day or less basis so I would recommend looking in more vacation-type spots (rural) if you are looking to go the STR route. Otherwise, if you are looking to go the LTR route I would recommend looking for something that meets the 1% rule to make it a viable LTR opportunity, or just be super conservative with the rates that you are aiming at and with the interest rates you are using when running the numbers.

If you need help running the numbers please don't hesitate to reach out and I can help you through it! 

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Josh 

No problem @Anna Washburn! Please feel free to reach out if you have any questions! 

Hey @Javier Emilio Tirado! 

It 100% does, only considering that the long-term rules and regulations of the area that you're in generally stay the same over time you can see properties selling for 2x as much as they normally would if they are an Airbnb. Also, it completely depends on the buyer and what they are buying for as nowadays a lot of people want to get that vacation home and then use the property as an Airbnb when they aren't there so the price can become irrelevant in certain situations. 

I hope this helps and if you ever need anything don't hesitate to reach out! 

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Josh

@John Underwood hahahhaha 

Hey @Brandon Blahnik! 

I would recommend using Pricelabs when trying to figure out any STR insights. They have made it super easy on their platform to seamlessly make a dashboard of the area you are targeting and then generate comps sets that are based on your competition (ENEMY method).

If you need any assistance with doing this please don't hesitate to reach out and I can give you a quick tutorial on what to do! Otherwise, Feel free to reach out if you ever need anything! 

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Josh