All Forum Posts by: Michael Oliveira

I spoke with California Coast Credit Union here in San Diego, CA a week ago and they indicated they offer a HELOC on investment properties up to 60% CLTV at a rate of Prime + 1%. About to start the process with myself.

@Allan Smith  I agree on your perception of Americans becoming more mobile. I'd imagine some fast internet (wifi or hardwired) its a must-have. A cool/unique/funky "office space" (with a view) may attract those with more mobility. Location likely plays a big role in this regardless of the AirBNB. Most people seem to be in love with the idea of working remotely from white sandy beaches (or your favorite equivalent).

@Andrew Freed Smart strategy. I like the way you put it! 

The recent increased travel demand has definitely pushed me towards opting to pay for services like Pre-Check/Global Entry/CLEAR to save time. I travel for work and have been able to maintain some type of loyalty with the airlines which can help get some time shaved off should I need to check bags. Otherwise, I'm always on the lookout for a good travel/lodging deal in a new area to go exploring with my family. I had the recent pleasure of visiting the Azores Islands (my "ancestral home" if you will) last month and have totally fallen in love with it out there. 

Hello BP! Curious to gather some opinions here in the forums. How has the pandemic shaped the way you travel and vacation? Are you more or less likely to stay in an AirBNB now as opposed to before the pandemic? Have any of your travel preferences or preferred amenities changed? Are you more likely to repeat vacation in the same place or have you started to change it up and see new places and do new things? Has your vacation budget gone up, down, or remained the same?

Looking forward to a good discussion! Thanks!

@Shiloh Lundahl I was on the tenant side of a college house hack and found the experience to be great. I was a Ph.D. student at the time and the owner gave myself and a couple other graduate students a great deal on rent given we make next to nothing. I stayed there for four years before graduating and moving on. The house was in great shape the entire time I was there. I think the combination of the owner living in the house and the target tenants being graduate students help reduce the risk of things getting out of hand. I can't speak to whether he was covering his mortgage or not but the three occupied bedrooms brought in ~$1400/mo in rent alone.

@Jennifer Creager big congratulations on the purchase! I have a goal to get a STR in Maui by the end of the year but finding it tough to make the numbers work. Very cool that your lowball offer on a 2/2 was accepted. Wishing you lots of success with your investment!

@Henry Culpi welcome to BP! Stoked to see a fellow medical device engineer here on the forums. We share a passion in the development process that brings life-improving and life-saving products to patients around the globe. What types of devices are you currently working on?

What originally drew you to pursue REI? If you haven't already, pick up copies of David Greene's books on Long Distance REI and BRRRR. They will be great resources for pursuing the type of investment strategy you mentioned.

Welcome to BP! You've taken a great first step in joining this community. Connect with as many people as possible who are successful in REI in your market. You'd be surprised at how eager people are to help each other out. I've reached out to a few folks on the islands with STR and other REI-related questions and have received nothing but great and helpful responses (@Greg Gaudet being one of them!). 

Would love to speak to some of the BP professionals here doing well with VR on the islands. I visited Maui earlier this year and LOVED it. It got me thinking about purchasing  a property to hold long-term and have it serve as a vacation rental for the entirety of the time we aren't visiting ourselves (we hope to visit annually). 

I'm starting to think through what it would take to make this purchase a reality. High possibility that it'll be a joint venture between myself and two other parties.

@Jeremy Baker it sounds like you've had a wonderful experience with your properties! How difficult was it to get started? How did you go about building a team locally to support your properties?

@Jeff Graves How are you doing in achieving your goal of owning several vacation rentals in Maui? I'm hoping to eventually own one!

Thanks to everyone else who has provided information on the current state of the market in Maui!  

Onward and upward to the next deal! There will always be another. At least you got some practical experience analyzing a deal and advice from the seasoned folks here on BP!

Congrats on your savings accomplishment thus far! I'm currently deciding on what to do as my entry point into REI as well. I've received a lot of advice on partnering with someone with some experience on the early deals. I'd like to buy-and-hold here in SD to build equity long-term. I'm on the hunt for value add properties that I can at least break even on when rented here locally.

I like @Nick Foster's suggestion to start your own tax practice. It gives you the experience of building a business in an area that you're familiar with and do well in (however, you did mention that you've left that career for the time being). You can apply lessons learned from that experience to build out an REI business as you acquire more properties using the money generated from the tax practice while the salary from your wife covers general living expenses.

Personally, I'm working my W-2 job and building an engineering consultancy as another income stream in which the proceeds can fund my REI. I'd love to scale that up such that I can make more money with less time invested.

Just my two cents as well....! Hope it helps some.