All Forum Posts by: Julie Hill
Julie Hill has started 40 posts and replied 91 times.
My goal is to own 40-50 properties (or doors) within 5 years. My overall "why" is so I can finally sell or dissolve my company and live off these rentals for passive income. The question now becomes... what strategy should I use to get there the fastest and safest? I am just starting out and trying to figure out my next move knowing it could make or break my plan. Knowing my timeline, do you think it's feasible (and wise) to start by going hard-core into wholesaling, then build up into fix & flips (for fast profit), and then rolling all of that income into buy and holds with the BRRRR method? Part 2 of this question... the forums and podcasts always talk about keeping your W4 job to show the banks income stability. I don't have that since I have owned and run my own company for 17 years. It was hard enough to get a loan for the home I just bought in Denver so I would love to hear from other self-employed people here about their experience in RE investing! If it matters, I travel most of the time for work but technically split my time between Orange County, CA and Denver. I'm interested in investing in Omaha but also looking into other areas as well. TIA!
Post: Newbie with ties to Denver, Orange County, and Phoenix areas
- Denver, CO
- Posts 102
- Votes 48
Hi @Toby Vockrodt! I am new too so I can't really help you however your post caught my eye because I live in Costa Mesa (about 10 mins from Irvine) AND I have started to invest in Denver (where I grew up) with my eyes set on probably Omaha next. SoCal is just too expensive for my taste (and experience). I am also an avid traveler so I love that you currently work and live in Stockholm! Love it there. Anyway, let's connect when you are are back in the states! We can at least vent about our newbie struggles together ;)
Post: Ladies' Investing Club
- Denver, CO
- Posts 102
- Votes 48
So fun!! Hopefully I can make the next one. What a great idea!!
Post: Need a CPA referral!
- Denver, CO
- Posts 102
- Votes 48
Obviously one that has experience working with RE investors but also someone who can work with my small business (my main job - non RE related) as well as out of state businesses! TIA!
Post: Anyone doing STR's primarily with rentals?
- Denver, CO
- Posts 102
- Votes 48
Originally posted by @James Carlson:
Congratulations! That's so exciting. I know a few people doing the rental arbitrage thing with Airbnb and short-term rentals. (I'm looking at you @Tyler Work .) That's exciting to find a landlord who's open to it.
Before answering your questions, can you tell us where your new property is located?
Your questions:
1. Go minimalist, but try not to be too "stagey." That's a fine needle to thread. I think sparse modern furnishings do well, but if it looks like every other moderately priced home-staging furnishings, I think that's not quite as appealing. Maybe throw in some books and something to be a little more unique.
2. I like Tyler's idea about a Facebook page. You should also build out a website and have it ready to go for bookings. Not many people are going to find it right away, because you won't be high up in Google search rankings. Write some content on the website about Airbnb in that area. Good content will eventually drive eyeballs to your site and then they may start booking through there instead of Airbnb/VRBO.
3. See above
4. This is a cool idea, but there's no place to put it on Airbnb. You could put it on your website though.
Some other thoughts:
- be sure to get the emails and phone numbers of all guests and stay in touch with them. When they return to town, they may remember you and book again ... this time through your website
- Pay for good photos! Probably the number one mistake people make is assuming some quick cell phone ones will do it. I like Virtuance. It's $100 for 10 or $150 for 25 photos. They're all HD and make your place look amazing. See below for examples.
Oh, and good luck!
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Here are three cell phone vs. professional photos of an Airbnb listing
The good news is... I'm actually a pro cinematographer (which means pro photography is even easier). I got this!
Post: Anyone doing STR's primarily with rentals?
- Denver, CO
- Posts 102
- Votes 48
Originally posted by @Jon Crosby:
@Julie Hill, congrats on finding a lease option! Definitely not an easy thing to do so congrats on that win. As for some of the day to day stuff you are referring to, I'm not going to try and blast it all here, but welcome you to read a few of my BP blog articles on a variety of topics in this area when you have the time. (Click Here)
Best of luck on your ventures and looking forward to hearing how it goes!
Cheers!
Thank you!! I will totally check these out!
Post: Anyone doing STR's primarily with rentals?
- Denver, CO
- Posts 102
- Votes 48
Originally posted by @Nancy Bachety:
@Julie Hill Congratulations and best of luck.
Just because you're not local doesn't mean you need a property manager. No reason why you can't establish a network to identify one or two maintenance people and hire great cleaners who provide you with feedback. Hiring a PM doesn't mean you're going to provide the best unit though it does provide you with hands-off peace of mind. You don't strike me as hands-off though. And extra things like bathrobes (depending on your specific location and guests) might yield only marginal gains. Videos might be supported on some platforms and if they're easy for you, why not have them ready?
Sadly right now I run my own business which means I work 12+ hours a day (and travel 90% of the time for it) so at this point I'm going to sacrifice that percentage for ANY percentage if you know what I mean. This is definitely in the long term plan though. Hiring a PM now also gives me a great way to learn how this whole thing works - plus I'm all for piece of mind - especially when it's not my property.
Post: Anyone doing STR's primarily with rentals?
- Denver, CO
- Posts 102
- Votes 48
Originally posted by @John Underwood:
@Julie Hill why not buy properties for this purpose? The reason I say this is say you sign a one year lease and your landlord sees you are being successful so he feel he deserves more rent and keeps raising the rent drastically every year or they decide they can do what you are doing and refuse to renew your lease so that can VRBO the property?
Owning gives you more control over your own destiny.
Now if you are going to say you don't have the down payment etc there are ways around this such as owner financing all or just the down payment.
Just something to think about.
YES!! That is the ultimate goal. I do already own one that I'm about to start STR too. I need more cash to buy more. I wish it grew on trees :) According to the projections, this rental could make a pretty great net in just one year and the landlord has zero interest in STR.
Post: Anyone doing STR's primarily with rentals?
- Denver, CO
- Posts 102
- Votes 48
Looking for advice and tips! I recently found a RENTAL property that is willing to allow me to use it as a STR. I'm super excited about it because it's in a great area. I'm not local and I have a PM company who specializes in STR who will be managing it. I would love outside the box tips from any of you experienced peeps to help my listing be successful as I really want this this method (STR on rentals) to snowball into several more. The eventual goal is to buy properties for flips/LTR's but for now, this is what I can do. I think the PM company I hired will do a great job doing basic marketing for the property (they have a good success rate) but I want to know what else I can do.
- any tricks on decor/amenities that directly lead to bookings? (I'm considering adding bathrobes)
- have you made websites for your listing and do you get bookings from there?
- do you do any extra advertising? (FB/Insta/googleadwords)
- anyone do videos for their listing and put on youtube? I am actually a video producer so that would be easy for me
I am one of those people who is never satisfied being average. I want to be THE BEST. Which means I want my rental to make more $$ than every other one currently on the platform. Thanks in advance!
Post: 5 Property Package deal in Terre Haute Indiana 21% CAP rate
- Denver, CO
- Posts 102
- Votes 48
Hi Charlene, could you send my husband Alex the details on the package purchase if you still have all [email protected]!