All Forum Posts by: Justin Panariello

Hi! Previously had ran an Airbnb a few years ago out of our backyard. Now, just turned our previous Primary into our first long term rental property! Used Zillow Rental Manager. What's your preferred method for Background/Credit checks and Applications? I don't know if I'll continue with Zillow's process in the future. Great to get interest in the property but thinking of sending them elsewhere for Checks and Application. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $60,000

Primary Residence turned 1st rental property!

What made you interested in investing in this type of deal?

Seems like a no brainer... had a primary, bought a new primary and kept the old one as a rental.

How did you find this deal and how did you negotiate it?

MLS. Did negotiate based on condition of house, work needed.

How did you finance this deal?

Conventional

How did you add value to the deal?

New roof, exterior doors, flooring, paint...

What was the outcome?

$400 cashflow per month

Hi everyone! I bought my first house 3 years ago and recently my wife and I got preapproved at an awesome rate and want to take advantage of it. We just went under contract TODAY on what will be our second house. I really want to keep the first house as a rental, tho the interest rate is absolutely terrible, we’ve been over paying on it and have just over 10yrs paid off. I’d like to keep it, pay it off and get free and clear cash flow in the future. We’re in California and I’m kinda scared of making a mistake when renting it out....it’s my first time, and CA is not known to be landlord friendly. Does anyone have any tips or things I should know or do, especially CA people?? I really appreciate it!

I'm considering looking at property managers but am open to self managing. Because of the interest rate there probably won't be too much room for cash flow, but as long as the mortgage is paid by someone else I'm happy with that for now, plus the experience. It's not in an LLC but I'm considering bulking up insurance in leu of.

@Stephen Shigematsu Hey Stephen! I live in the area and had an AirBnB trailer in my backyard up until recently. Look into the new ordinance that just went into effect in December. Everything needs to be to code now and the county will be doing 1-2 property inspections. There are also square footage limits on the number of guests allowed. Due diligence is a must. Not trying to scare you off, my airbnb trailer was really awesome and was more successful than I imagined, but this ordinance may put airbnbs on ice in this area depending on the type of property.

Investment Info:

Other other investment in Joshua Tree.

Purchase price: $4,000
Cash invested: $4,000

Vintage travel trailer bought for $4K put in the backyard of my primary home, renting on AirBnB/VRBO.

What made you interested in investing in this type of deal?

extra income in my own backyard

How did you find this deal and how did you negotiate it?

Found the trailer for sale locally on FB Marketplace

How did you finance this deal?

Cash

How did you add value to the deal?

Repainted interior and exterior. Added a new mattress.

What was the outcome?

More bookings than I expected. It paid for itself in about a year and pays about half our PITI mortgage.