All Forum Posts by: Lacey Daebel

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $346,000
Cash invested: $17,300

This property has a front house and a studio casita. The front house is rented to long term tenants (unfurnished) while the casita is rented to midterm tenants (furnished).

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

I wanted to house hack and purchase a property that has dual streams of income. I originally lived in the casita while I rented the front home out. Then when I moved out and rented both units!

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

MLS

How did you finance this deal?

Conventional

How did you add value to the deal?

None really! I keep it well maintained with biweekly landscaping.

What was the outcome?

Happy tenants and a great income producing property.

Lessons learned? Challenges?

Many! Buying older houses come with interesting new challenges!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $436,000
Cash invested: $21,800

This is a current long term furnished rental. I purchased it originally as a primary and furnished the unit throughout. It currently rents as a long term rental.

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

I have been buying rentals for a few years and I was looking for an investment that I could have the opportunity to have different streams of income for. Originally, I lived in the main portion of this house and rented the mother-in-law suite (primary bedroom) separately on Airbnb. I did this for about a year and made great income renting it as a nightly rental. Once I moved out, I rented the house as a whole.

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

MLS, I had the other agent rep me and we decreased the purchase price since we received dual agency representation.

How did you finance this deal?

Conventional

How did you add value to the deal?

I remodled the primary/mother in law suite and furnished.

What was the outcome?

Monthly income and the benefits of a long term tenant.

Lessons learned? Challenges?

Many! I had challenges with renting the MIL suite. This took a special tenant who was looking for a place for a few nights and came with many different clientele renting the room.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $660,000
Cash invested: $50,000

Airbnb in Scottsdale

Following!

Say you are the property manager, this is not lying since you are managing the property. You don't have to come out and say you are the owner. Personally, I say I am a property manager and that when any requests come in, I say I have to discuss further with the owner and make them the "bad guy".  It gives time to weigh the request and think about it further and not having to make split decisions on the spot. Once the cats out of the bag that you are the owner, it will be much more difficult to deny unreasonable requests. Luckily, I run PM on a close friend's property so I have gotten used to saying "I can't say yes or no because I need to discuss further with the owner" and when the answer is "no" to the tenant's request, I feel less guilty in the conversation. It takes the emotion out of the business.

Think about it on the flip side when you have previously been a renter. When property managers take over investment properties, tenants speak to PM directly and do not need to discuss their concerns with the actual owner of the property. Run your property the same way, like a business. Tenants usually aren't going to question it any further since they are accustomed to working directly with PM vs owners in most renting scenarios. 

Best of luck!

@Mo Muigai I currently use cozy for my screening. They run the background and credit check in one fellow swoop. Tenant pays for the reports, I only need to plug in their name and email then the rest is up to them (preferred). I also use Cozy for my property management so the tenant, if approved, is already used to the site and I do not confuse them with multiple different links. I also require renters insurance nonnegotiable to rent my properties to which Cozy provides too.

One negative to it is the reports are not terribly conclusive and I may use mysmartmove or Zillow’s feature for my next property to compare what type of information is pulled.

Hey Justin, 

I have one I can recommend. I used this guy to give me a worst-case scenario ballpark number while I was under contract so once I closed I could have work started day one. Did a walkthrough and got a quote within a couple of days.

FYI I did not go through with working with him but instead acted like a GC on my property and hired out to subs (cheaper) but I know a local investor who worked with him and their properties are steller.

I'll PM you his contact.

@Tim Winter Fantastic! Thank you for the recommendation. "Mind-boggling level fortresses" pretty much hit it on the head for the protection we would like on future purchases. The plan would be an umbrella to encompass the next but we want to make sure every i is dotted and T crossed moving forward. Thank you for the reply!

Hi @Doug McVinua thank you for the insight! Yes, I would love to be connected to your recommendation. I'll send you a PM. 

@Melissa Romano I see. Thank you for providing the link. I appreciate your insight and responses!