All Forum Posts by: Josiah Sia

Great advice from everyone here! Thank you. @Doug Smith I need to read that book again, so many good nuggets in it!

So the most basic/ straight forward type of deal with a HML is coming up with a % interest that makes sense for them and still works for me, meanwhile I'm trying to make sure the deal cash flows enough that I can pay them back with the interest % they want in a reasonable time frame. Am I understanding how to standard work with a HML?

Howdy! My wife and I started this REI game about 5 years ago now. We are only at 4 doors but have been learning a lot about STR and LTR with our own property. Since we have been very successful so far, some of our friends have been taking notice and want to partner up! They have cash on hand that they would like to provide with investing in deals with us.

The deals we are comfortable doing due to our experiences are:
1) Buying and owning a new SFH or MFH (up to 4 doors), paying 20% down (anywhere from 10-30k cash), and LTR or AirBNB listing the 1-4 units.

2) AirBNB arbitrage where we partner with some other RE Investors of ours, pay them regular monthly rent, furnish the place, and then list on AirBNB.

I've never been to great at creating a creative RE financing deal... not really sure where to start. With the 2 examples of what we feel confident in executing above, how could we incorporate our hard money lender and make it worth while for both parties? (We have the experience and the know how, they have the cash)

I figured that's what we should do. Thank you!

Good day BP friends. I have a tenant who we are offboarding at the end of March and we just thought about this... usually we charge using RUBS system. Since the tenant will be leaving at the end of March and they will be out of our electronic system to bill them in April (like we usually do), how should we handle this?

Does anyone have any experience with this? Do we let them know the water bill will be reduced from their deposit being returned? (Can we do this?) Or do we send a separate invoice along with the deposit? 

Kind of lost on this since we are new and haven't had to run into this yet...

Amazing story @Will Pritchett! It’s so inspiring to see folks just like me but in steps closer to where I can see light at the end of the tunnel. (Or is it just the start of the tunnel? :) )

So many blog posts about having 400 doors in 2 weeks or 1,000 properties in 48 hours! 😂 I love how REAL and relatable this story is. 

It would rock if you were a guest on the bigger pockets podcast! The relatable podcast episodes are just the best!!

Good luck with your journey and keeping the main thing that main thing!

Trying to analyze a quad that we are thinking of doing a House Hack on... This would be our first investment property and it's quite a large amount (for us anyways) so I'm a bit nervous about the #s. I know they can't be perfect, but I want to make sure I'm at least doing my best due diligence.

Could anyone please provide their opinion on this property? Would you buy?

Property $550,000

Tax $14,000 annual

FHA/PMI $400

Insurance $250

Repairs: looks to be minimal but no inspection yet

Estimated Mortgage $3,600

Estimated Closing costs: $6300

Estimated LTR Income (2 units): $2200

Estimated STR Income (1 unit): $2000

4th unit we will be living in, using FHA 3.5% down

RUBS Implemented

I'm getting that the cash flow is -$1,182.55 but we were paying about $1650 mortgage before. So that's $467.45 saved each month essentially. 

If I do a simple "house hack" quick analysis this is what I get:

So it seems to be a go do it. Am I overthinking/over-analyzing? Or should I just pull the trigger?

Thank you all for your help in this. I think they might just be using the San Antonio laws and ordinances if its not listed in their own ordinances. 

I shot them an email so hopefully they can clarify.

Trying to find some STR laws/ordinances for Leon Valley Texas. I called the zoning department for LV and they just sent me to here:
https://z2codes.franklinlegal.net/franklin/Z2Browser2.html?showset=leonvalleyset

Unless I'm blind or something, I couldn't find anything specifically for STRs. Leon Valley is inside San Antonio and I know San Antonio has specific rules and regulations for STRs. Do I just follow the San Antonio rules and regulations? There are STR's all over Leon Valley so surely there is something, but I couldn't find anything.

Any advice if you are in a situation like mine? I did email them asking for any rules/regulations/laws for the STRs Type 1 and 2 in the area but haven't heard back yet.

So we may become landlords much sooner than we expected. We were looking for a house hack and expected to find something vacant that we could ease our way into after a refurb etc. But we actually found one a bit sooner and will be inheriting some tenants.

The tenants in the 2/1 are in a month to month that we will need to end their lease and have them vacate. (Within 30 days of our closing) The tenants in the 3/2 we will be keeping.

From a COMPLETE noobie perspective, we are anxious and overwhelmed. I know you veteran landlords are probably looking at this and seeing this as easy, but we are a bit scared to tell the truth. We are going to have to work on vacating/ending the lease of a tenant and then inheriting and managing another.

Any advice and tips for completely new landlords/property managers? Specific advice on vacating a tenant after ending their lease and inheriting tenants would be amazing. What should we do first? Second? Third? 

I just setup an account on Cozy to manage maintenance, repairs and rent.

Thank you all. This is very informative. 

I’ll plan to split it up and keep things organized in 2 accounts. I’m planning to use the same bank for now but separate savings, checking and CC.