All Forum Posts by: Lior Golan

Hello everyone.

I will give you some background on me :)

I have been in the US real estate business since December 2019. I did 4 flips at that time, some of them were with partners, and some of them by myself. My last one was my biggest one which included a 1000 sqft extension to an 1100 sqft single-family house. In addition, it had a full gut with all-new plumbing, electricity, HVAC, etc... the renovation cost 250K+

All projects were done remotely with a back-and-forth arrival to the states. Even though it wasn't necessary because I always had a team that was doing the work that needed to be done physically. Mainly my realtor as my boots on the ground checking the job done by the contractor, and my contractor who was doing the work. Some of the projects were with a local partner as well and then the managing chores were split between us.

The lending perspective was stiff in the beginning, as I didn't have any experience at all, also no credit score, and that project was only by myself, so the leverage was low, but I could work on a low-price property to start.

Fast forward 5 years, I have built a credit score with 2 credit cards under my ITIN of more than 650, and done 4 properties as experience. After doing the last project that included extensive extension, I realized that New construction was something that I was to pursue. Also because of my passion, and also because flips are really hard to find nowadays that have a good margin of more than 10% profit from the selling price.

I started to do some digging in the main market that I am operating at right now and found a nice option that I liked:

Find an old house in a good area in the city metro, demolish and build a new one on top of it a medium to high-end home.
Why? Because the land already has all the utilities infra that it's needed water, sewer, electricity. The area is already developed. And would be an area that people would more like to buy because of the proximity to the city.

But I stumbled on some obstacles:

* Lenders are not lending upon the dwelling if the dwelling is planned to be demolished.

* In Some jurisdictions takes even 3 months to just get a demolish permit (even though permit expediter can be used)

* Because of these 2 above reasons, I would have to come with high money upfront as I would need to buy the property in cash. But even if buying it cash and then financing it, lenders won't finance the dwelling portion... which means more money.

Now, I am trying to pivot and thinking of the next good option. I thought about buying a non developed lot in cash, subdividing it, clean it (take out trees and bushes), get permits, and start building 1 property sell it and then build the second one...

The problem is that I am afraid of going this route because of messing with sewer, water, electricity... I heard that these expenses are really high. Maybe doing a septic tank instead of a sewer, but still, there is a need for water and electricity. Also, the areas that have raw land for that kind of project, are not close enough to the metro city center, hence I am afraid of the demand to buy. And finally, the profit gap can be low as these houses are sold for the median home price


What you guys can suggest/advise from your own experience? Any special lenders that you were using that accept foreign nationals?

Thank you.

Hello everyone,

Me and partner and are flippers in the last few years that have decided to add a new construction investments into our toolbox.

We are very interested in getting into this world and our goal is to build a nice high-end 3000-4500 sqft house, and sell it. Either by buying an empty land or buying an old house, demolish and build a new one.

So we are looking for other investors who already did some new builds to get some insights and get their expertise on the path, the lessons they learned, and eventually some tips, that of course would like to share their knowledge :)

Thank you

Quote from @Jerryll Noorden:

We are finishing up one of our infamous Jess and Jerryll flips, for a short term rental. $10K/month.

What people need to understand is that people pay for the experience, the priceless memories made. If you really want top dollar, it has a lot to do with the experience you can provide them. If you truly want them to experience something special, you need to offer at LEAST more what they would probably have in their own house.

Those smaller things like TV's make a big difference, even if no one watches TVs. If I walk into a hotel room, or AirBnB and I see a cheap TV, cheap finishes, it immediately ruins the experience for me. It doesn't matter if no one watches TV. If I pay that kind of money, I want to see it in the room even if I am not going to use it.

Stock the pantries with non-persihable items like coke cans, snacks etc. And they can take it and replace it when they leave, or they are charged for it.

We are considering telling tenants, EVERYTHING (within reason) is for sale.. and your card will automatically be charged (double) the price. So let them take the gadgets. We buy 2 more for every one they take.

Not sure how to incorporate this but it is something we are figuring out now.

But yes, go all out with not just the phisical experince of the place but also with service. We are even going that far by planting bue berry bushes, strawberries, so they can get fresh berries in the yard. We address every single detail. Reviews are BIG when it comes to keeping your rooms rented.

And yes we make everything smart! 

It gives an unparalleled WOW experience which makes people write lengthy reviews. Worth it!

Interesting.
how do you charge them? You are saying AirBNB and they just them for you?
how do you let them know that everything is for sale and they would be charged if not restocking/taking something home?
and what smart things you put in your rentals (other them smart locks, thermostat, outside cameras, and lights)?

Thank you guys, the value that I want to give a smart home. I read an article about how smart Home gives people a value by their eyes and it said a Bluetooth speaker most likely also Echo dot for for the “smart” thing in it. 

The soundbar actually do come with Alexa in it. Should I consider putting this information in the manual?

Any other smart things that the guests would like?

What about echo dots? Has anyone had experience with them?

Hey everyone,

I am keeping with the preparation for equipping my first short-term rental with multimedia and furnishing, and started to wonder what is the best way to add wireless speakers in a listing without the ability of fear stealing them.

I started to think about the TVs in my property and saw the Roku TV is the best option, but then I see that a soundbar is also an option to equip with the TV (thinking of equipping it with the living room TV). So then I started to do research and realized that a wireless speaker is a good option but it's better to put a speaker, like Sonos, mounted on the wall and put some Echo dots (the ones that comes with a clock) around the house.

I am afraid that using the echo dots option would bring the guests to steal the dots... (the echo can be a good option to act as a chime for the Eufy doorbell I have)

So how should I act with:

* sound bars/wireless speakers
* echo dots
* Should I put TVs only in the living room and master? Or also in other bedrooms? (I have 4 bedrooms)

Thank you

Hello everyone,

I am new in the area of the short term rental, I bought a house and renovated it and decided to make it a short term rental.

The problem is that I’m not living in the area and I am out of the country investor. I have my team of handyman, cleaning company, and boots on the ground guy and even A co host to answer while I’m sleeping (7 hours difference), but I don’t know how to handle the furnishing face.

I made a detailed list of exactly what I need and gave a budget for the total project, this is not the problem.

The problem is I don’t know what furniture to buy/where to buy/how to design the house.  I don’t know what furniture to buy/where to buy/how to design the house so I’m looking for the service of one person who will design, buy the furniture, buy the pictures/design letters and signs, be with the installers, etc.

So basically, like a full service of furnishing the house without me being involved, physically. What is the best way to find such a service? Should I go to staging companies? Special furnish properties companies? Or just interior designer…?

what should I do?

 what should I do?

Thank you

Quote from @Natalie Kolodij:

Hey richard I'm going to PM you a great local PM 

Hey, is he also a multi-family PM? (up to 50-60 units?). If yes, can I get their details as well?
Thank you

I sent you recommendation on PM

Quote from @Remington Lyman:

Quote from @Lior Golan:

Hello everyone,

I decided that I want to find any first multi-family property that will have 8-20 units, hoping to find one where not all the units are rehabbed and then buy, renovate all the units, and finally refinance. (BRRRR)

I did research and found out that Colombus OH is a great area to start. so I am searching for a property manager in the area that I can start talk with him about the area and get more familiar with this area.

IF someone can recommend me someone they know, I would appreciate that.

Thank you

I can send you a list of property managers here in Columbus, Ohio.

 Yeah I would glad to get them