All Forum Posts by: Lien Vuong

Listing a STR is not that much different that listing a property for sale. What it ultimately comes down to is price and condition of the property. I think that you have well intentions of investing some money into this vacation rental but perhaps it needed to be allocation towards professional photography and more staging guides.

There is a definitely a lag period in the beginning for rentals to accrue but marketed correctly, you should be able to start having bookings in the first two weeks. I posted my Florida rental on Airbnb after a poor experience with a so-called 'Professional STR Company' and it was booking within the first week. Likewise, I posted a NH ski house rental tonight and had my first booking in three hours.

What does that say? Market will absorb whatever it see fit and justly priced. I am sure you've taken all the advice of the BPers seriously and cant wait to hear what changes you have made to increase your occupancy rate and cash flow.

That's very sound advice @Ray Johnson, these sites have all different analytics and while they strive to be the most accurate possible they can't seem to reflect the truest rate. You might also want to keep an eye out for certain cities that have planned large improvements such as new schools and stadiums as they will spike up the tax rate in a higher percentage than typical. You can find this info in the local news outlets and town hall sites. 

I think you get the general idea here that most of us started with Rich Dad Poor Dad and some superb BP Podcasts to get started. I would start analyzing deals in the local market for about six as practice and to truly immerse yourself in the inventory before making real moves. What helps you to get to know the areas, price points, and what is considered a 'deal' since you are so well versed in the offering by that point. 

After that, I could see what my economic situation is and then assess what steps to go with and what strategies are the best. For example, are you a MF cash flow consumer or a flip? Would you want to try condo conversion? There are so many strategies out there, learning the inventory and what people have done will really help to get a sense of what aligns with your goals. 

Additionally, I would go to local meet ups to see what people are into, try to network with local peers, and literally start talking about RE (what you're super passionate about) with everyone! People will want to help and show you the deals that are off market that you wouldn't have had a chance to get! 

Good luck and congratulations on making the right steps to improving your life! 

10 Bed - 5 Bath MF 

One of a kind opportunity for an attached 4-plex in the heart of Allston/Brighton area. Very close to many major universities and downtown area. Building offers 4 units, recently updated, 3 - 2 beds/1 bath, 1 4 beds/2 bath (2 floors). All separated utilities with gas heat, electrical, and water heaters. 

There are a lot of opportunities to create condo conversion as it is an end cap or simply fill it and cash flow! Parking can be created in the back as easement already exists. 

Asking: $1.9 M

Condition is 7/10

Awesome work!! I'm so happy that you took the leap and are adding into your cash flow! It's nice to see that us millennials have the courage to take that leap and improve your lives and financial freedom. Thanks for sharing! 

What do you think your next purchase will be? Three family? Are you planning on staying in the Malden area or expanding into other metros as well? I'm looking to expand my portfolio in Malden/Everett but haven't found that sweet deal yet! Currently own in lower income properties that cash flow but do not appreciate as rapidly .. 

@Charlie MacPherson had great insight! 

In terms of Airbnb rentals, they are VERY lax about what they consider a unit, you can rent a trailer in your driveway and they would consider that rental space. They make money when you make money as long as it is safe and desirable. Since it is an own occupied space you will be qualified to use it as a airbnb (they wont let you do it if you're an absentee). That's a fantastic way to generate extra income without very much hassle as Airbnb take care of payments and charge fairly low fees for their services. 

Changing the zoning will be a tougher conversation however as that change the neighborhood and use of property. Changing any type of structure will make you conform to today's codes such as electrical and plumbing to make sure that it is sufficient for the amount of occupants. It will also be more sewage and water use, the city has to consider all of this when they're deciding to allow you to convert or not. I'd say typically in a more bedroom community like Swampscott they're most resistant because they're not in need for housing and do not want a multi to disturb the overall esthetic of the city by increasing MFs in the neighborhoods. 

Start with the zoning board and take a field trip down to City Hall and do a little due diligence before you get too deep into the project and weigh the equity benefit of such an improvement. 

@gualteramarelo is the man for this topic! Fall River has some stellar deals right now! I saw a 6 family today for $289k 12 beds, all deleaded. WOW! I am an active agent/investor in the Boston market and those numbers are per unit up here! 

Do you currently own any property yet or still in the Research and Development phase of it?

That's a true tragedy to have lost your both your parents but it is a small blessing that have left you with a property to take care of you and your sister. 

A HELOC on a property would like that would make the most sense since your equity is huge in a market hot as Somerville. The largest places for upgrades would be a beautiful kitchen and bathroom, that's where people spend the most time and you can truly have the wow factor there. Not only would it attract the best tenants, you can command the highest rent, and it is a renovation that will sustain over time.

The question of 'over-renovating' is always in question but ultimately this is a property that you're going to have for a long time, you will make it back in rents and appreciation for the home to come. Make sure you shop out the right contractors for the job, getting estimate from at least 2-3 professionals as theses repairs so need permits. Since Somerville is so hot with investors, it is important to follow the rules as they're very strict on them to make sure everyone does things property. Create a 'scope of work' for your project which is essentially a punch list of repairs and have the contractors create estimates based on that giving you specific timeline for completion. 

Be mindful of when you're renting it out as the spring market would command the highest rent (Sept specifically), so doing the work on your home in this Q4 season would be helpful. I would definitely partner with a rental agent once the unit is prepped and ready to go as they take care of all the screening and showing responsibilities for you. Delegating that task will save you a lot of time and emotional piece of finding a suitable tenant. 

Good luck and you're in great hands in the BP family!

Congrats on your first deal!! First step is always the most challenging one. Was this a brand new market for you or are you familiar with the area? How did you overcome some of the challenges or reno and finding the right tenants?

Hi there! Congratulations in joining the best real estate investor community out there! Do you have any towns in mind you're looking to find deals in? I think it's imperative for you at this time to start having conversations with local investors agents to see how they help with your search (analyze deals, off market opportunities, connect you with vendors, etc) and begin going to some REIA events to see what's going on in the market.

This community will help you grow and give you a free education on how to capitalize on the market no matter your strategy. 

Best of luck and congrats again on starting your investing journey!