All Forum Posts by: Josh Young

@Antonio Bodley you will need to find comps by either searching in a bigger area and/or searching further back in time and/or searching for bigger/smaller lots. You will likely need to make bigger adjustments with any of these comps, so you will have a bigger variance than you might like, but you need to use some sort of comps.

@Joshua Amezcua there are lots of investors, but that doesn't mean you are in competition with all of us/them. I would focus more on the market and remember that high tide rises all ships. Also, it sounds like you have a strategy already, don't switch to BRRR or 30 day flips, just keep doing live in flips, so you can be patient doing the work yourself and get owner occupied financing.

@Sandy Land I just sent you a DM, I don't normally offer a flat fee, but I'd like to learn more about this piece of land you want to sell. Message me back if you want to connect. Thanks.

 If you were having trouble filling the weekends then maybe, but you said the weekends are booked, so let your busy weekends help you during the week. People won’t mind staying longer if they see value in it because you are giving them a discount on the weekdays that you make them book. Some will still only stay for the weekend but pay for the extra night if they see value in it.

@Louis Louisius

#1 - Increase your minimum length of stay.

#2 - Lower your rate during the week.

@Michael Devinsky with residential SFH it's all about recent comparable sales, but there are more general guidelines rather than hard rules, so it becomes somewhat subjective. There was a good episode of BP On The Market about comping, it aired April 27th

@Heather Johnston I personally don't put any of my properties in LLC's or S Corp, I simply own them in my name with my wife and we have insurance. The main reason people put properties into an entity is they think it provides asset protection, but in most cases it does not and you can still be sued and they can "pierce the corporate veil", so you get no protection. The main reason I don't put my properties in an entity is because it makes financing a lot more expensive, the entities themselves also cost money to maintain, but financing is the main reason. An entity cannot get a conventional loan, and if you buy the property and then quit claim deed it into the entity you risk the loan being called due because of the due on sale clause, this probably won't happen, but I view it as just as likely as the entity providing asset protection.

Before I owned my first rental property I was concerned about what type of entity to start as well and I found that the answer is none. Just buy insurance and don't be reckless or negligent.

@Prachi Metha I really like the fringe areas to the southeast valley. New builds in Casa Grande are my top pick for a long term rental SFH. Population growth is 6% annually. You can buy a new build for just over $300k and rents for just under $2k, annual property taxes and insurance for under $2500 combine, 2% credits when you use their lender to get interest rate under 7% if you put 25% down. Maricopa and Florence are also good fringe areas in the path of development, but I like Casa Grande the most because of the infrastructure of the two highways that will attract more business/jobs for long term growth.

@Kristyn Cross the biggest hurdle you will have is qualifying for a loan to buy a property. Working only 2 days a week might make it tough, you need to talk to a lender and learn what DTI (Debt to Income Ratio) you will need to qualify, usually a max of 50% if you have great credit, lower if your credit is lower. A good lender will help you create a plan, so you can qualify, that's the first step. Message me if you want to talk to my lender, they specialize in educating first time home buyers.

@Zeke Linman there are lots of paths you can take in real estate investing, but my advise is to not over complicate it, you don't have to have fancy software or an overly complex strategy to start with, you just need to take action, I learned the vast majority of what I know about REI after I became a landlord. Here is a link to a post I wrote that might help you: https://www.biggerpockets.com/forums/61/topics/1096979-how-i...

Also, I live in Gilbert as well and would love to meet for coffee or lunch, DM me and we can set it up.