All Forum Posts by: Rafael Floresta

Ok, numbers; I think the key is the combination of high number of bedrooms with full/queen beds and low cost to purchase. I own one that is located in south Philly and it brings about 3k consistently, I spent 120k total between purchase and rehab. It has been running for about 9 months. I just opened a second one in the suburbs of philly, delaware county, where my purchase and rehab is about 65k. Furniture is not included on the purchase price, but give an take about 10k for all of it. Mostly ikea stuff. The other one is on a less desirable location, but it is working, bringing is about 2.5k for the last two months. I just opened it in the middle of march. 

The biggest cost of running an airbnb is the cleaning cost. So having one isnt the best, so I'd say three is the sweet spot where you can have a cleaning person to turn your units financially efficient. I use to charge 35 bucks per cleaning, but I upped to 45 because I was struggling to find a cleaner. 

My cleaner also does the laundry at her own place, because she doesnt want to wait for the three loads of laundry to finish. 

If you want to see my listings I can pm the link.

I did buy  a lot of my furniture from Ikea. People have an emotional response to ikea furniture. They know it and a lot of them like it. It makes them feel at home. 

I own a place near a hospital in Philly and it works wonders.

Cool. The website is confusing. It mixed with your company, it is hard to know where one starts and the tool ends. 

That said, your guys service looks pretty neat. Still a bit confused on how it all works. 

Some of those lists you will have to go to the courthouse to get the info. To my knowledge there isnt a single resource to collect the info, besides paid sites. 

If you have the time you can search the gloucester county recorder records of  by date and keep up with it... But it is a major pain in the ***.

http://i2e.uslandrecords.com/NJ/Gloucester/D/Default.aspx

@Kristen Thornton I am a member of DPI. It is a smaller group, and if you come a couple meetings you will see the same people. I developed relationships that helped me greatly in my investing. 

Our next meeting is in a month from now. It is about short sales, with a short sale paralegal that does the negotiation for buyers/sellers. 

http://www.meetup.com/delcopropertyinvestors-pa/events/229479491/

I guess the link was removed. Google Delaware Property Investors, or DPI , or delcopropertyinvestors dot com.

Hey, i Help run this Meetup, we have lots of local landlords. You should check us out!

@Rich O'Neill is right. There are some flip opportunities but they are hard to come by and dont sell as easy as Philly flips. That said, if you find something that you can keep as a rental as a backup exit strategy, than maybe it will work well. 

I buy foreclosures (sheriff sale) and turn them into rentals. I only do buy and hold. If you are interested in foreclosures, it is a complicated game that you need to understand the risks and processes so you don't get burned. Buying REO's off the MLS/auction.com/hudhomestore.com is a legit way to buy too. Just a bit more expensive but less risk.

@sean they do but they dont stage. And staging does pay.