All Forum Posts by: Landon Bleau

I would say definitely don't provide furniture.  1) unnecessary expense 2) long term renters are much harder on furniture than short term renters 3) If you provide their furniture, it's much easier for them to move out leading to higher turnover, costing hundreds or thousands every year.  If they have to bring their own furniture, it's a LOT more work to move out, ie getting friends/family together to move furniture, renting van, taking a whole weekend/time off work, etc.  

I would say if you're finding the deal and negotiating with the seller on your own, then paying them a certain dollar per hour you both feel is fair could be a great option.  If you can't come to an agreement on that, I would say 1-2% of the deal, depending on the price of the property, could also work.  

Have you thought about furnishing it and then selling it as a turnkey STR? If you're able to provide some data in the listing about the potential income/CoC return, it could help drive traffic through the house.

Would say your best bet is Multifamily Millionaire Volume II, it's about buying larger multifamily deals and how to go about executing it.  

Congrats on getting started!  Flipping is a great way to build some capital if done right. Biggest lessons I learned on my flip was have plenty of reserves and expect to find other things that need fixed when rehabbing. Can find many things along the way that need fixed that you didn't originally plan for, so make sure you have more money than you've budgeted for rehab.  

1. Know how to analyze/underwrite and if you're buying a good deal

2. Buy below market value/or with upside potential, preferably both

3. Have reserves set aside (learned that the hard way)

4. Get systems in place for rehab/renting/managing

What do comps in your area show is the better ROI? What rents for a higher amount, 4/1.5 or 3/2? If you kept the 4th bedroom, you'd get higher rent if you go Section 8.

How long do you plan on keeping the rental?  Is RUBS (ratio billing utility system) legal in your area?  You could just charge the tenants back without submetering if so.  

Does it already come furnished or would you have to do that yourself? I would say it's worth the risk at least once just to try it.  I personally would rather try something and regret it rather than regret not trying.  Maybe you lose a few thousand on it, but also, mabe you make tens of thousands off it and find a strategy that you can reach financial freedom through.  

Excellent question and I've wondered the same thing, I have not heard of anything like this that exists yet though.  Would be nice to have it bring in accounting information over from Stessa too.