All Forum Posts by: Michael Simolke

@Rashee D. The EASY ANSWER IS FOLLOW THE LEASE. The real answer is “every situation is unique” treat your craft like an art brother. Sounds like you want to do the “right” thing not the easiest.

@Rashee D. Hire a property manager or tell them you are the landlord. People will get over “it” a lot more than you would think.

@Rashee D. Depends on how well they have communicated to you prior to, as well as their plan to make payments up to you. If they come off aggressive or not well intentioned/motivated when you address the issue, then drop the facts on them (eviction on record/no place to live/court) if they are positive and motivated then work with them and put your hard working self in their shoes and show empathy. They’re attitude is a MASSIVELY overlooked factor people I think miss on and come in to hard on their tenants and vice versa. Hope that helps bud!!

@Yu Chen every state is different. Generally speaking it’s a red flag. I will say that some people like to pay up front so they don’t have to hassle with remembering to pay on time or late fees. If they have good credit and good rental history you should be fine.

@Trevor Scheiderer don’t do it

@Greg Scott if you gave everyone 12k then that would be the new $0. Basic economics/math. Just like tasing minimum wage to $15. The people coming up with this stuff are smart enough to know that it’s impossible mathematically. Fortunately for them, their voters aren’t very smart.

I understand what your saying. Your asking a question then of what should you do with 20k? Invest for wealth or invest to make money now. I’m saying.. if you want to invest for wealth, learn all the aspects of your specific business.. in this case real estate. Airbnb is not “real estate” as a whole. It is a niche of real estate. A new niche and one that can go away.  And then what. Single family homes and apartments rented to long term tenants or flipping to sell to home buyers has been around since the first properties were built. I’m just saying there is a proven method that can be mastered. The whole Airbnb thing is a money making machine. But your carving your own path along with all the others doing what you are doing, no problem with that, it’s great and exciting I’m sure. I’m just giving my insight and trying to help you decide what you are after... with that said, if your rolling on it... if it ain’t broke don’t fix it.... 

@Jason Allen air bnb is risky. 4-5 properties with 20k sounds like a guru got ahold of you. Buy a single family and take things 1 step at a time. You can rush it and get rich for sure... but your likelihood or going broke is just as high.. there is a proven way to get rich in real estate. You can guarantee yourself wealth by building knowledge, cash, equity, relationships, and confidence. But you cannot do all of these things simultaneously in a rapid manner. Crawl... walk.... run.

@Tyler Barker sure. That’s the same as buying a stock in a company and hoping that share goes up in value. You can call it speculation but real estate goes up over time, almost a guarantee simple based on the cost of labor, materials, and the land it takes to make real estate happen.. not to mention, population growth. If your “big thing” is appreciation you should buy something slightly above the median. If it’s cash flow buy way below the median and if it’s both buy something 20k-30k below the median and put 20k into fixing it up. And never sell...... unless someone gives you a ridiculous offer.

@Adam F. If you really aren’t comfortable doing it yourself, no problem.. figure out all the materials needed to buy them yourself and have them staged then pay someone by the hour who can do it in an hour. I buy the materials for all the work I have done. If your paying someone $80 an hour and they take an hour at Lowe’s and an hour “driving” your losing money. Always do as much as you can then let the pros make it sexy!