All Forum Posts by: Mike Eichler

Crazy, always make sure to do your due diligence for any incoming guests, and if it seems sketchy, it probably is 

I would always shoot for the Single Family first if you can swing it because typically you are going to be able to rent it out for more, it's probably going to appreciate better, and you actually own the entire thing, the land the air, and all the space. HOA's and condos can also restrict your rental rights as we have been seeing huge in the STR space right now with HOA's straight up banning STR rentals.

All in all I would suggest going with a single family if you can, but this is just my take on it.

Hope this helps, let me know if you have any other questions, 

Live Free, 

Mike

Airdna is one of the ones I use occasionally, and it works quite well, personally, I mostly use PriceLabs, a paid service that is only $10 per property analysis. But I like the in depth-ness of the data that PriceLabs gives you.

Hope this helps, let me know if you have any more questions, 

Live Free, 

Mike 

It is always best to check with local rules and regulations, Best way to do this is to call the township and/ Or HOA office and just straight up ask if its allowed and what if any restrictions are there.

Hope this helps, if you have any more questions feel free to reach out, 

Live Free, 

Mike

Oh totally the interest markets are changing every few days, it's crazy right now. Flipping properties can still be a valid method I would just be much more choosey on properties that you have because you are going to want to budget for holding the property for longer than you think which can cost a lot more money to do. Renting it in the meantime could be an option while you wait for an end buyer plus it will give the buyer data on how it might rent. AS an investor Im into taking a more unpredictable cash flow rate, but i not sure that many would be.

Hope this helps let me know if you have any further questions 

Live Free, 

Mike

 That's exactly where I'm looking now in Pennsylvania, Pocono Mountains, as well as Philly and Pittsburgh.

Hey @Micah Lundstrom I strongly suggest against getting a course as I don't really think they help at all. I have seen and am in some arbitrage units myself in Philadelphia and Pittsburgh and as well I have an str property in Poconos, Pennsylvania and I'm under contract for my second. I haven't seen nearly as much success with arbitrage as I have with my SFH house that I own. Arbitrage units require the same amount of work for much less profit, and on top of that you don't even own the place. Based off of my experiences I would not get an arbitrage again and just wait til you can get a house again.

Hope this helps, feel free to reach out with any further questions.

Live Free, 

Mike 

Oh, I'm totally for furnished SFH rentals, In Philadelphia the current state of regulations potentially being implemented for STR, the management company I work closely with has started converting some of our STR to month- to- month furnished rentals and have been seeing some great success with it, its also ice because of the premium you can charge for offering it, and surprisingly people want it to come furnished. A lot of travel nurses, flight attendants, and other remote workers that only come for shorter to medium periods of time want the flexibility to come and leave as quickly as they can.

Hope this helps let me know if you have any further questions.

Live Free, 

Mike 

Hey @Josh Harper It really depends on what niche you are going to go into, but In my opinion and I am mainly an STR guy, I try and use little cash and leverage my way into bigger deals for the increase in cash on cash returns, as well as being able to usually push into higher and better areas that should appreciate more, of course all that is just an added bonus.

hope this helps, let me know if you have any further questions

Live Free, 

Mike
  

Hey, @Luca Villani Welcome to the wonderful world that is Bigger Pockets, There is most certainly no "earliest age" that you ca start real estate( besides being 18 ofc). Take it from me I bought my first rental property a few months ago when I was 18 and Im currently under contract for my second at 19. My advice to you is figure out your niche, what specific type of real estate interests you and what would you like to do, and while you gather up cash and everything needed to actually acquire the property learn as much as you can and ask the most "stupidest" questions you can think, just devour knowledge, just remember when its ready to go do not get caught in Analysis paralysis.

Hope this helps Luca, and welcome again to BiggerPockets.

Please feel free to reach out with any questions ever.

Live Free, 

Mike