All Forum Posts by: Kai Van Leuven

@Hamad Khan

I have been in this same boat (having enough and trying to figure out life). I remember reading on here the people who advise to "invest until you die" and thought "I don't want that to be me". There has to be an ends and a bigger purpose in life. I went from 100+hrs a week working to zero. 

---This is what I did---

1. Started connecting with my family- bought an RV and traveled the US. Went on vacations all over the world.

2. Hired out all of my work- I started to build a team. I make less but I don't have to deal with angry people... really just tenants.

3. Connected to God- Looked for Him in everything and a higher purpose. Teach kids (my own included) how to connect with Jesus and glorify Him.

4. Moved- I am in the process of selling the house I just built in Seattle and moving to a warm island in the middle of the Pacific. 

5. Coaching- I started coaching a middle school wrestling program and was on the board for a NFP wrestling club.

Ultimately, do what makes you happy and will bring the most joy. I hope that at my funeral no one would talk about my 'financial success' but how I gave freely of my time, took their calls, and wanted to follow Jesus (not trying to be preachy, but it's the truth).

@Ken Lee

I have bought a few in areas like this and have learned some lessons the hard way….

1. Lock up everything that has value and make it so they would have to run power equipment, steal your car, or cut a whole in the side of your building to get in. If it can be opened with a crowbar it is not good enough.

2. If you leave it out, just be ok with it being stolen.

3. Plywood over ever door and use different screw head types (t25 and Phillips #2).

4. Get in 1 quality tenant ASAP.

@Spencer Zeff

This is by far the most antiquated part of the landlord/property management system. In the buying and selling of real estate demand drives pricing. It really should be the same way. Maybe a dynamic pricing model will be developed and then become the standard.

The main negative to that is that renting a house has to do with a long term relationship. Not just a transaction. There could be some unintended consequences of taking the highest bidder.

@John Barrett

Thanks for the referral on @Nghi Le. I was listening to a podcast with him. Seems to do some cool stuff in Western Washington.

@Joshua Milam

I had similar ambitions as a young person. I wanted to invest so bad in real estate. This is what I did;

Graduated from Dropout U with honors

Majored in Construction Management

Minored in BS

In all honesty, I would recommend getting into a career that you will make money at and enjoy. Like engineering, Computer science, accounting, ect. Invest on the side and then take the plunge if you love it. There is not a degree that helps but I did take a class at WSU that was like a dumbed down MBA prep course that I thought was amazing.

Good luck!

@Alex Omo

It is possible. I would look for less expensive areas to start. If you could buy off market the VA loan does not really play into it. Good luck in your journey!

@Sandy Salazar

There are a lot of factors that go into your choice to cash out refi or a LOC. I would ask myself these questions;

How low are the rates? (Locking in cheap long term money is a good play.)

How motivated am I as an investor? (Different phases of your investing journey might change your outlook like kids, life changes, super motivated, ect.)

What does my deal-flow look like? (Are you passing up deals because you don’t have the cash to act quickly or could you wait for a refi to purchase something else.)

There is really not a “silver bullet” on your specific situation. There have been times where I have held the money in my account, done a refi when purchasing, a 1031 exchange, or built up cash. Lots of different options. 

I would say the worst thing to do is a cashout refi and buy a new car and boat. Have seen a lot of people do that lately…

@Michael Baum

The property is down in Seaview off of Sandridge. I already own it. All of my investments are in Washington and unfortunately am aware of the "pro-tenant" laws...

Where is your property? Do you have STR experience?

I am looking at doing my first STR project. I have been a LTR landlord for 16 years but wanted to try my hand at STR. I am looking for a critical critique of my plan and what you would do differently. Any feedback is greatly appreciated;

Property in Long Beach WA;

Structures:

5 Residential units: 2 duplex's and a small home 

-Duplex 1: 2 bedroom 1 bath

-Duplex 2: 1 bedroom 1 bath

-Small house: 1 bedroom 1 bath

18 RV Spaces 

-25'-50' long spaces

-(13) 50 amps and (5) 30amps

AirDNA Stats: (was really disappointed with the report, the free stuff seemed more valuable than the paid)

Rating: B+ 

2/1 Average Nightly Rent- $215

1/1 Average Nightly Rent- $207

House- $207

Other Software Choices:

Pricelabs- Dynamic pricing

-Question; do they do dynamic pricing for RV spaces? 

Guesty- Sync booking calendar, correspondence with tenants

August- Keypads that sync with VRBO or AirBNB

*I am not married to any of this software and am open to anything.*

Management: I talked to a local property manager that I think has a good product. He led me to believe that I might be better off with a single manager/tenant to manage the property. A couple where one could run the office and the other could do repairs. I am not opposed to that model. 23 units seems like a number that is too large for, as he hinted at, a traditional property manager but maybe too small for a full time "duo", especially in non peak times. Feel free to be as critical as you would like. I am looking to get this property up and running ASAP.

@Ethan Partee

I would hold off on buying an “investment” until you know what you are investing in. Most agents are looking to sell. That is how they make money. It’s the same with any other type of business. If you don’t have the education yet on the industry, I would work on that first.

Talk to everyone. You would be surprised. Just recently I started a new project where I was trying to see if I could start a HML group. I told a few people what my plans are and I had 3 of them tell me they had a million bucks in their bank account and would be open to it. I was a little taken back... you never know.

My point is, tell everyone what you are doing and learn the business. Then start buying.