All Forum Posts by: Krystle Padilla

@Lee Ripma I totally agree, I like to think of Yucca Valley and Twentynine Palms as the mid-west of California because the prices are so low and investors see a better ROI especially with the Marine base and park visitors. I've recently seen a 3-plex in Twentynine Palms list for around 160k.

@Nick Winikoff yes, this is what I'm seeing. I live in a small tourist town and the ONLY name you'll hear is Airbnb - it's become synonymous to saying "Google" when you mean search engine. You don't Ask Jeeves or use that small start-up search engine that donates 10 cents of every search to saving the dogs when you search you "Google" it. Here, locals and tourists use "Airbnb" to mean short term vacation rentals because they've built a strong brand and if STR companies don't align themselves with these companies they'll just be taken out by someone else closer who will. I can see that happening.

Airbnb! These companies have a larger audience. I've seen many STR companies in my area evolve into accommodating VRBO and Airbnb. They can do things from setting up a listing on the site, managing guests, key exchange and turnover. If I had a STR manager, I would either use the co-host feature on Airbnb or hire one of the local STR managers that will continue to use Airbnb as their advertising platform. I think this is the way of the future and if STR companies don't change they'll become obsolete.

Hi Hunter! It's great seeing a lot of Marines on BP especially so interested in real estate investing. So backstory, my husband and I recently separated from the Marines. Before we got out, I became a commissioned Notary Public and he became a Real Estate Agent and we were both involved with investing. I started to notarize while I was in, probably about 6 months before my EAS and he became a full time agent after he left. I absolutely would NOT change the decision we made. People go to college to get a job in a career field they are interested in but we already knew what we wanted to do and it didn't involve a university so why follow everyone else? As a safety net the military encourages people to go to college for the goal of making more money than someone who didn't - I like to think that person who works minimum wage and is content with that. I bet you they didn't compare that college grad to a determined entrepreneur. 

Now, as I'm typing he is out door knocking and finding leads. Being an entrepreneur is all about the QUALITY of work you put into it, it's not just a 9-5 job but if you're like us you enjoy it. You'll find your strongest clientele come from friends and family, but to grow you have to door knock and cold call and trust me it actually works just no one wants to do it. Do open houses and make meaningful connections. I don't mean, "here's my card, call me when you're ready", I mean really getting to know their wants and needs and finding a way to fulfill it. Signing up with a website like Realtor will give you a number of leads a month at a certain price. Watch Bryan Casella's youtube videos they're great for agents just starting out.

Good luck!

You can also check your competition's availability to see if it's worth it to create listings for either Airbnb for VRBO. In my experience, in California you really don't need VRBO because most guests just use Airbnb. I'm not sure what it is in Tennessee, but check round local listings similar to yours on VRBO and see how often guests book on there versus Airbnb. So if you have a lot of guests who book on VRBO, it might be worth it to pay the fee. If not I suggest Airbnb. 

Hi Travis! What stands out to me is the water damage on the roof due to no gutters, is there a possibility there is water damage near the ceiling? Water could travel to places you couldn't even think of. I don't know Kansas so not sure if there would be termites or issues with the soil. But overall looks like it'll be a good renovation. Good luck!

Hi Joey! I currently have a 4-2 near Denton and from my experience, people will definitely appreciate the 3-2. The whole idea is the retain good tenants forever. If you keep it a 2-1 they may expand and leave. Even for my space, I put in more money to make the finishes more higher end than the typical rental because I love my tenants and want them to feel like it is their house. For example, I have granite counter tops, upgraded tile floors, and all of the fixtures are brand new. Depending on your area, I would put in more than 10k since you're doing bathroom and room conversions. 

Hi everyone! I'm shopping around for a multifamily and ran across a 6-plex that sparks my interest. Since it's a commercial property I'll need a higher down payment which I would receive as gifts from family members and friends. To repay them, would I refinance the property? And if I do are there different rules for refinancing a commercial property versus a residential property? The property is in California. Any advice and suggestions would be helpful, thanks! Krystle

The California market doesn't make sense if you're trying to follow the 1 or 2% rule, you'll have to go to the midweek to find houses cheap enough because the markets are more stable. In your case, Arizona and Nevada make more sense.

@Chris Soignier

Thanks Chris! We've talked to people from Denton and they seem to like it a lot. I think the culture vibes more with what we're looking for. I've brought it up at work and the Texans that work there get really excited when I say that I want to go the UNT.