All Forum Posts by: Michael Diossa

 Excellent response! This definitely gave me a new perspective. Thank you for that 

1. What are your thoughts on investing in short-term rentals, such as Airbnb properties, versus long-term rentals?

It sounds like you are being cautious and considering all factors before making a decision, which is a good thing. Here are some things to consider when evaluating whether this deal is worth it:

1. Cash flow: You mentioned that you will be coming out of pocket about $300 in the first year, but should profit between $1,000 - $500 as you move out, raise rents, and your interest rate goes back up to the fixed 6.5% rate in 3 years. It's important to consider whether the cash flow projections are realistic and whether you are comfortable with the amount of cash flow.
2. Location: You mentioned that the property is in a great location with good Airbnb income capabilities. It's important to consider the potential for appreciation and demand in the area. Are there any developments or infrastructure projects planned for the area that could impact property values in the future?
3. Financing: You are putting 3.5% down with an FHA loan and have a fixed 6.5% interest rate. It's important to consider whether the financing terms are favorable and whether you have a backup plan in case interest rates rise significantly in the future.
4. Appraisal: If the property does not appraise for the purchase price, you will need to negotiate with the seller or potentially walk away from the deal. It's important to have a backup plan in case this happens.

Based on the information provided, it's difficult to determine whether this deal is worth it without knowing more details about the property and the local market. However, if the cash flow projections are realistic, the location is desirable, and the financing terms are favorable, then it could be a good deal.

It's great to see that you are already thinking about building wealth through real estate investing while also helping your clients achieve their goals.

To answer your question about daily practices to stay productive, here are a few tips:

1. Set goals: Start each day by setting specific goals that you want to achieve. This could be as simple as making a certain number of calls to potential clients, researching a particular market or property, or reading a chapter of a real estate investment book.
2. Network: Reach out to other local real estate investors or agents to learn from their experiences and gain new insights into the industry. Attend local real estate events or join a real estate investing group to expand your network.
3. Stay informed: Keep up-to-date with the latest trends and news in the real estate industry by reading industry publications or attending seminars and webinars.

In terms of finding your next investment opportunity, it's important to stay patient and wait for the right deal to come along. While it may feel like you're spinning your wheels, it's better to wait for a good opportunity than to jump into a bad one.

As for balancing your time between your full-time job, real estate sales, and investment opportunities, it's important to prioritize your tasks and be efficient with your time. Consider delegating certain tasks or outsourcing work to free up more time for yourself. Also, be sure to take breaks and take care of yourself to avoid burnout.

Building a relationship with a local lender can certainly have its advantages, such as potentially getting better lending terms and having a more personal connection with the lender.

For multifamily properties, it's important to work with lenders who have experience in commercial lending and are familiar with the unique aspects of this type of investment. Local lenders can often provide this expertise and knowledge, and as you mentioned, the credit committee may consist of individuals who have a better understanding of the local market.

For smaller investment properties, like 1-4 unit properties, working with a local bank that also lends on investment properties and houses to "hack" (i.e. properties that can be purchased, renovated, and then sold or rented out for a profit) can be a good option. As with larger properties, local lenders may be more familiar with the local market and able to provide better terms and advice.

I always do Electronically, It's faster and more convenient.

Granted I use a PM software but I heard someone use rentredi to collect rent, send leases and apps.They love it.

Might be worth it to look at.

Depends on Location.

Putting something that informs non-smokers that they can expect a comfortable environment free from the smell of smoke would be ideal, and it could potentially increase the number of customers who choose to frequent the establishment.

Initially, I would focus on enhancing the property to increase its net operating income (NOI) in the short to mid-term rather than using funds to pay down the loan's principal. This approach would allow me to have more cash reserves in the next two years and potentially make further investments to expand my portfolio. Additionally, if interest rates decrease in the future, I could consider refinancing the property to access more cash while also having increased the NOI. In summary, there are several options available to consider.

Love to see others win!

Team work makes the dream work! Start off doing it with someone, (could be your spouse if interested ) but maybe someone who has knowledge or wants to have knowledge . Once you start to build your portfolio you can expand on your own.

I know people who had a-lot of money saved up and they invested in properties with someone trustworthy. They had the money/ Little experience-Time and the business partner had Less money but more experience /Time.