All Forum Posts by: Joshua Messinger

Hey @Eric W.! 

I wouldn't ever recommend waiting for the market to cool down, but what I do recommend is setting up your system for buying properties up so you can buy in any type of market condition. 100K-$125K is a great start and you are ahead of a lot of other people though! I'm not sure how far that will take you in CO but I know in PA that would take you very far. 

Based on the questions you had asked my best piece of advice to you would be to set up some simple goals and outline your vision of what you want from REI. Once you lay this out then you will be able to identify the type of path you want to take - for ex: the type of investment you want to make, how much you are putting down on them, etc.

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

-

Josh 

Hey @Leighton Swatek! 

I'm on the same journey as you brother! But, to determine your assignment fee you should base it on your nearby comps and determine how much meat can you leave on the bone for the person buying the assigned contract for you. 

I usually give my end buyers the benefit of the doubt because I want to see them win. Otherwise, if you don't leave anything for them and make a massive margin that is almost larger than there's you can get into some trouble with your reputation for being unethical. 

Otherwise, hope this helps and reach out if you want to talk more! Cheers! 

-

Josh

Hey @Cameron Kotara! 

My team and I had tons of success using a credit union for our deals and I would only recommend that you try and find one that can help you too or continue searching for a normal lender or HMLs that may be able to help you in your situation. The more the merrier, ha! 

Hope this helps and if you need any help finding some in your area please don't hesitate to reach out! Cheers! 

-

Josh

Hey @Marcelle Abel! 

I agree with @Avery Carl on this one. I do not believe the overall STR market is saturated. I believe it is only saturated in certain places. As more and more people get on Airbnb and try to make extra cash flow most are clueless on actually what to do leading to non-performing listings that are just outliers in the area which in turn creates "saturation" in some markets and turns away investors from wanting to invest there. Don't get me wrong there are markets that are actually saturated out there (Joshua Tree, CA seems to be on the come-up on this) but now most listings I see that are non-performing are just being ran by someone who has absolutely no idea what they are doing or they are not treating their property like a hotel.

Hope this helps and I'd love to talk more over DM! Feel free to reach out whenever :)

-

Josh

Congrats @Derek Brawders! 

Can't wait to hear about your success in the future! 

Otherwise, STRs are my team's bread and butter. If you ever need anything don't hesitate to reach out! 

- 

Josh 

Nope, but I hear great things! If you ever need any help in the PA area don't hesitate to reach out to me as this is where I'm local! 

Cheers! 

-

Josh 

Hey @Alexander W Gamache! 

Do not sit on your hands and expect the market to be at a good time or a bad time. There is no such thing as timing the market because no one has a crystal ball in the back of their mind that allows them to tell time. 

What you should be thinking of is how can you make a deal work or can this deal work given there are higher interest rates, mortgage amounts, etc. 

Feel free to reach out to me and we can talk more about this! 

-

Josh

My goal is to reach 100k in passive income through short-term/long-term rental properties, by the time I am 22!

Hey @Justin Moench! 

First of all great advice @Wesley Sherow! 

What I would recommend is that you look up developers/construction teams in your area that focus on building custom homes then reach out to any that you feel fit your criteria or what you are looking for. Most regular developers will not be able to get what you are looking for so you need to understand it will be harder to find who you are looking for and they may ask you to pay a premium for the work completed. 

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

-

Josh d

Hey @John Thompson! 

I would recommend exactly what @Karl McGarvey had! House hacking is one of the best ways for anyone to get started in real estate and really understand what will be required to go into a deal. 

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

-

Josh