All Forum Posts by: Account Closed

I'm an interior designer that has staged several units for an investor in the Disneyland area in California. If the STR is "turnkey" already meaning any structural or architectural renovations are done, there's generally 3 phases that need to happen to have a STR listing and hosting ready.

#1 the design work - that can be done virtually (pretty standard in the design and arch world.)

#2 the procurement- research, purchase, tracking, delivery and receiving of product (can be done virtually as well)

#3 the physical installment- this is where clients can save the most $$$ by doing this themselves. Since there is a lot of physical labor and assembly required, I suggest hiring a task rabbit or a handyman for a day or two to assist. Much, much cheaper than having the designer do the install.

DM if you’re interested in an estimate from me. Good luck!

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Hi @Kyra Flores :)

Congrats on your STR!

I’m an interior designer and newbie investor. I saw the potential of STR in the early days of air bnb when I was staging properties for an investor near Disneyland. I’m in California however most design work can be done virtually. It’s pretty normal in our industry. For the active installation and final staging phase- the physical labor of it all- it can take a weekend to a week depending on the size of the STR. Alot of clients DIY this to save $$$ or because they just like to decorate. :)

If you need more info, you can leave me your questions here: https://lisetteyoung.com/contact/ so we can start a conversation and see what exactly you’re looking for. Take care!

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Denver, Colorado

Quote from @Aron Aarhaus:

Quote from @Wesley Davis:

Quote from @Rafael Pinho:

@Nicola Rutherford, @Jared W Smith James Petty's book literally changed the course of my career! It should be mandatory in the curriculum of every Architecture school.

He talks a lot about using architecture as equity (deferring the design fees). Has anyone been able to use this strategy?

I am not sure if you folks have run into this in the architecture world but with an investor mindset. I sometimes have clients come to me saying "I have this piece of property that I want to build on. Can you help me put some plans together?" You say, "sure here is my proposal for services." They quickly balk because "wow I was not expecting that cost."

Have you ever used your design fee as equity in the project for clients. Like a deferred payment but put an additional multiply on it?

P.s. James Petty's book is like Rich Dad Poor Dad for architects.

I am just getting started with starting an architecture practice and have wondered about this model. As a designer, I would be interested in having some ownership in the project -- it would be rewarding to gain financially from its success. It feels like a winning scenario for both parties?

hello- interior designer here. If I'm understanding your question correctly re: deferring fees- there are some big GC start ups that defer their fees for home renovations to sellers. They will fund, design and PM the entire project and collect their fees on the backend via escrow when the home sells for substantially more because of ARV. When it works everyone is happy- agents, sellers, buyers, GC :) I feel like this model works for existing only however, because there is equity in the home already- not sure how this can be translated for ground up?

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Quote from @Yue Lehman:

Hello, seller financing is basically seller acts as your bank / lender. Whoever acts as your lender would want to check out your credit and funding source, which is absolutely normal and I would expect nothing less. If I were to finance my property to a buyer, I would probably do a full on background check and credit check and several reference checks.

If I were you, I would be a little concerned about the quality of work on the HVAC because it could be a big emergency bill later down the road once you take ownership and something breaks, knowing that they didn't do a great job with the aesthetic work.

Also, do you have an agent representing you? Your agent should advise on at least these topics probably more, this would be someone having fiduciary duty to you.

@Yue Lehman Oh gotcha- okay. I have the income history and the funds to put 15% down. My credit isn't where it needs to be to do a DSCR- my last lender said 650 minimum. That is my only issue. Good point about the work done on the HVAC. Thanks for the info!

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Hello! I am ready to buy my first property- Here is the situation:

The property I found is a flip from someone that got it from a wholesaler. It’s rehabbed but they didn’t do a great job aesthetically but fixed the hvac and floors. It has been listed for 102 days now.

I contacted the listing agent and asked if they are open to creative financing (seller or subject to) and the answer was yes, however send a prequal letter or proof of funds statement. Does that sound right? I thought with seller financing it’s just the offer and terms then negotiate from there?

Edited to add: property is a small condo I will MTR to travel nurses that will cash flow at least $800/mo after I ran the BP calculator

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@Johann Villalvir Thanks! I'm not working with a lot. Only 500SF but first investment I can afford since I'm doing this by myself. Hope the nurses like it :)

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Indianapolis, Indiana

Quote from @Johann Villalvir:

I'm curious, what software do you use to test interior design concepts?

Hi! for what you’re asking, a free internet based platform called Homestyler is enough to study concepts like floorplan layouts, furniture space planning, and creating nice looking renderings.the learning curve is pretty easy. SketchUp has a free version and it’s come a long way. The Pro paid version can create a decent set of plans, with elevations, details, finish schedules etc but for the average investor, Homestyler is my recommendation. there are many out there though. Below is a before and after of a studio condo I’m considering of purchasing to attract traveling nurses that I used Homestyler to quickly model out the space.

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Indianapolis, Indiana

Quote from @Kuriakos Mellos:

@Walter Jimenez I am not as much of an expert on the lending side but I LOVE renting out to travel nurses. I have four properties that I have done this with, one of which we have dubbed the nurse hotel, being that I am booked out months in advance from referrals from other nurses that keep coming in. I also am able to get 1.5 to 2 X the rent from LTR and to be honest, they are MUCH more pleasant and easier to work with.

You know this being in the industry, but travel nurses get a stipend per week for rent. They also want to be able to keep some because it's tax free. You need to identify the local pay for per diems by the local hospitals, extrapoloate that out for the month and then price yourself right below that for a monthly rate. Then, you have to make your place pop. Nurses work their tails off, and they want to come home to a quiet, SAFE , enviornment. That does not mean you need to get lazy or cheap with wall art, amenities, laundry, and decor. . In unit laundry (or in the buildling) is a huge plus too. I have also learned that almost all my nurses have traveled with pets, so making your place dog friendly is a huge help. I have even gone out to throw dog toys and play areas in the yard to attract nurses. They will pay more for it!

Thank you Kuriakos for the tips! :) I'm looking to do MTR to traveling nurses as part of my REI portfolio. Do you work with placement agencies or mainly direct with the traveler?

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yup- trend is leaning more beige, creams (warm whites), and taupes. Very deep dark gray and charcoal walls are popular as an accent wall though too- since organic materials such as warm wood shelving and indoor plants create a really nice contrast to that dark background. Hope that helps! Have fun! ;)

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Denver, Colorado

Quote from @Jimmy Lieu:

Quote from @Account Closed:

Last year I came here to BP when my marital home wasnt sold yet. Well update! It sold in November, however I had to split the profit with husband so I have some capital, but not enough for me to purchase properties where I live. (I'm in Southern California) Because of this, I am thinking it's best to partner with someone more experienced in a straight fix and flip until I have enough capital to do this on my own. I have bought and sold primary residences before, staged many STR for an investor early in my career (Im an interior designer), and renovated homes for others, one of these which mostly recently sold this year: zillow direct link when I was working full time. I am blessed to be in a position where I could quit my 9-5 to care for my daughter during this summer as that is cheaper than summer day care. This has allowed me to research, read, watch videos, listen to podcasts, etc. but frankly I would like to make this time most productive by jumping in. I learn best by "doing". The design part I can do in my sleep obviously but I would like to see first hand the process of finding a deal, analyzing, budgeting for rehab, etc. basically partner up, shadow and bring my own skills and some capital to the table. So my challenge now is finding other people to bring in on deals/vice-versa? Ideally, I would like to be able to visit the jobsite regularly, if not everyday here in CA. but Im open to out of state (midwest) projects. Thoughts? Resources? Should I ask local agents? Property managers? Post on social media? Thank you!

Hi Lisette, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Nice! Thank your providing your expert opinion and data on the state. I like to back up my gut hunches with real data when I can so this is so insightful. Devils in the details!

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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 30 times.

Post: Interior Design For STR

Post: Interior designer recommendations in Denver CO?

Post: Architect and developer

Post: Flipper Open to Sellers Financing

Post: Flipper Open to Sellers Financing

Post: Indy Interior Design

Post: Indy Interior Design

Post: Travel Nurse Beginner Investor

Post: 2023 paint trends

Post: Finding Fix/Flip Partners