All Forum Posts by: Pierre E.

@Trent Reeve

Woah! Can you share more about what its like doing international STR?

Been thinking about Grenada due to friends and family but never done an STR before

Which is better to target? Wider margins? Or higher final dollar profit? Thinking if you flip in a HCOL market, you might have higher profit for an average house, so per flip you make more. This would potentially affect what market you choose? (Ie a place where a 4 bedroom house is 800k)

If you go for wider margins in a market, ie a place where a 4 bedroom is 200k, you get better returns but you have to do more flips and more transactions.

Thoughts?

 I responded to your question on another post, but I happened to see Bigger Pockets offers bootcamps.  

My suggestion, especially if you have capital, is to pick two of these that most apply to you. do the interactive one that most applies to you (Probably the Real Estate Rookie)    And then do the self guided one that next most applies (probably the house hacking one or rookie landlord one)  I have never gone through one of these but I presume it will be helpful for you. And get a BP pro membership to get the discounts. 

.....blog/real-estate-investing-bootcamps
https://www.biggerpockets.com/...

Check which areas in the list below that you need help in the most. And where do you  feel you can be of the most help. Be careful about giving /spending /loaning money specifically to anyone else.  Also, try to find partners, peers, friends. Eventually you will build a mentor/mentee relationship but thats harder to build upfront. There are many that can still provide guidance along the way.   You need to choose a strategy to work on. Make a 5 year plan, so that even if you are not able to now, when you are ready you can hit the ground running. 



The core things for most real estate investing are that you need to be able to:
 - Find Good Deals and Negotiate
 - Get Good Funding
- Handle the Legal, Tax, and Transaction Side Well 
- Manage Fixing the Property Properly if needed
- Have a Good Revenue Generation Strategy That works for you, the property and the market you are in (Location and Real Estate Market cycle wise) - Rent it (as an STR, MTR, LTR, Section 8, College, House Hack etc) Flip or Wholesale it
- Have good systems for the longterm and for scaling - tenant and property management, book keeping etc

  
A Couple  Helpful Podcast Episodes
-  Rookie to Real Estate Investor in 90 Days: Meet the Mentees
- Skills You Need to Become a Full-Time Real Estate Investor

 Real Estate Rookie Podcast - https://www.youtube.com/@RealE...   on Youtube at "@RealEstateRookie"

@Patricia Andriolo-Bull  This was GREAT perspective. Definitely helpful because it gives me insight on what to watch out for, and what to learn more about. Some times we take things for granted due to what we are used to here in the US. Thank you so much for sharing that. I hope I can return the favor in value in some way in the future! Specifically I will look into the following:

- Legal
- Tax Rules
- Network + Friends + Connections
- Language Barriers
- Payment Transactions and Recourse for Fraud
- General/customary behavior among vendors and contractors in the area (good and bad)

@Patricia Andriolo-Bull

Anything specific you could share as advice from your experience?

@Patricia Andriolo-Bull

The good thing about grenada is it is english speaking. So i guess point one for me to remember is probably best to invest in places where you are fluent. Maybe not a rule but.. yea

Anyone have short term rentals in Grenada? Any ideas suggestions or thoughts on the market? Or general thoughts on investing in similar islands in the Caribbean? I know some people from there living here interested in investing, me as well.

Seen some nice places there on AirBNB but feel like a… fish outta water… when it comes to carribean/international investing?

@Patricia Andriolo-Bull

Any new insights?

I would love to hear from others who have done STR in grenada as well, ( or even a similar/non bahamas-jamaica-aruba Caribbean island that isnt on the top of the list for us tourists but still worth it)

This is both to share what I have found so far, and ask for additional ideas/feedback.  Basically trying to figure out the best way to have two completely separate internet networks on a property including the wired ethernet networks.

SCENARIO: Why look into this? 
Good internet service is important for STR and especially MTR guests, including not just wireless but wired ethernet LAN access for some remote workers. Wired is faster, more reliable, more secure and sometimes required and may be an added bonus, but harder to create two SSIDs for.

At the OTHER end, when renting to STR /MTR guests, there may be devices that either provide security, safety, functionality to your furnished rental that you don't want guests accidentally or intentionally disabling or damaging or using,  ie IoT devices, cameras, etc.   Also, there have been reports of guests using internet for not so good activity (1) ie piracy, copyrighted material etc, and there may be other reasons as well ie if you have a duplex,  etc to have separate total LAN. 

One other thing, is if you actually still live on the property, this becomes even MORE important for you. 

       How to Create Two Completely Separate Walled of Networks?    .
(and not just two wireless network ID's)


So far this is all I have come across

A) - Use a second router (Double NAT issue), set up a second router with its own network ID, and connect wireless and ethernet devices through this.  -  Upside:  fastest, less expensive way to do this.  Downside: Double NAT (2) will likely occur, which can be a problem for some guests esp gamers or remote workers that will have specific internet issues with port forwarding.  - One way to avoid this is to put your maintenance/general devices on the second router since they are less likely to care about double NAT than a guest.  Bridge mode is an option but kinda defeats the purpose of creating a separate network 

B) Create subnets (Advanced Method) -  There's a way to actually create subnets (3) , I dont fully understand it, but its not impossible even for a non IT pro... but this probably takes some time, and not sure if that is something that would need to be redone over time or if network resets are needed. Goal to maximize customer experience, minimize calls for internet issues, and optimize security and device separation so not sure if this would make fixing internet issues less streamlined and more of a headache

C)  Purchase another internet account -  (Simple Costly Method)-  ask your ISP to run another service line into the house and provide another ISP public address and line that you connect a second router to. All of these above methods will involve additional routers but depends on how those routers are used.  This method prevents double NAT and network interference, but allows separate ethernet wired networks to exist to isolate the property devices from the guests. It just happens to cost more. May or may not be worth it depending on your guest type, cashflow, and personal needs (ie if you also live on the property). 

Any other ideas, suggestions or comments?  I hope this helped someone, I have seen a few searches on this, but not a lot of clear answers on options and issues.  I also hope someone can help me if there are other options, or someone has experience with this???

1) - This is how I have Wifi set up for guests  Answered!   ‎26-12-2018 07:51 AM  - https://community.withairbnb.c...
2) - What is Double NAT?  Toasty Answers  - Youtube   (Good explanation)
3) -  let’s subnet your home network // You SUCK at subnetting // EP 6  - NetworkChuck - Youtube