All Forum Posts by: Raymond Brown

Happy Halloween Everyone,

Quick question:

Anyone here have AirBNB's that they rent by room? 

We have a 3/2 home near a growing downtown and university in Johnson City Tn. We are going to try the AirBNB route for this property, to see if we can generate more revenue then we would see in a long term rental. What we will do is rent it by room and  have a option to rent the entire home as well. So it would be a first come first serve type deal. Should we just rent the entire place and avoid single room rentals? How would you manage it by room since the times they are rented may overlap, and we wouldn't be able to maintain cleanliness of the common areas. Should we have a cleaner come in when people leave and right before people begin their stay. 

Just looking for advice from fellow AirBNB's. Thanks!

Let me start by saying I love real estate! It provides so many opportunities that would otherwise be unobtainable by ordinary people like me. So I have jumped into it looking for as many opportunities as I can find.

I am currently working through a for sale by owner deal and discovered that this seller is no ordinary real estate owner. He owns more than 150 properties and is now looking to retire. With that being said I am trying to learn as much as I can from him while also trying to acquire more property.

In order to be able to scale the business and purchase more property, I am working with a good friend of mine to partner on a couple of deals. 

Here are the terms:

1. 50/50 on money down and any associated cost to purchase the property.

2. As real estate agents and property managers he wants my wife and I to manage property.

3. He will be completely hands off (Since he will be a remote investor) and does not require any profits made from rents.

4. We will split the equity 50/50 when we go to sale the property.

I have a couple of questions:

1. Has any one done a deal like this?

2. How do we structure it to create a win-win scenario for both of us?

3. If there are any damages or large capital repairs required how should we handle (HVAC, Roof, Plumbing etc.)?

4. How do we structure it for when we should sell property, or any extra payments made by us from profits to escalate payoff of property.

Any other advise when going into business with a friend or any example of contracts are wanted and welcomed. Thanks in advance!                                                                                  

Hate that I missed this event. Would be interested in the next one.

Thanks for the replies. I will look into PM's and city ordinances to make sure we are in the clear. 

Ok, guys, I have a question that I hope someone here can help me with. It is in regards to Airbnb properties. We currently have an Airbnb property in Johnson City Tn. It is the basement of our primary residence in which we clean and manage. We are now considering property in Charleston that we could possibly Airbnb as well. The question is how to find someone who will manage the property and make sure it is ready for guest in between stays. Does anyone have any experience with managing their Airbnb remotely? How much should we expect to pay for this type of service? Thanks in advance for your advice and guidance. -LRHomesTn

Look me up. We are agents in the area of Tri-Cities and would love to help you discover the hidden gems in our local area. Let me know if we can help. LRHomesTn

Are there any reliable mortgage companies out there that lend 90% LTV on multifamily homes? Just seeing if my options are limited to 80% LTV, which is what I am finding in my local area.

Thanks!

I am looking to invest into real estate in the Tri cities area of TN (Johnson City,  Kingsport, Gray).  We have a great market here and I have had several deals slip through my fingers.  My criteria: 

Single Family, 3/2, under 120k, B/C class,  in need of cosmetic work. Looking for property to do our first flip.  We have some long-term rentals but want to scale up and feel that a couple of flips will help us reach our goals.  Thanks for reading, let me know if you have something that meets my criteria or if there is anything I can do to help you! 

Raymond Brown

LRHomeTn.com

Johnson City Realtor/Investor

What a great podcast! I listen to the Bigger Pockets all of the time but this one did a couple things for me:

1. Making sure I have clear and concise goals! 

- I want to find someone who has similar goals to ours and develop a partnership. I think this is the first step to achieving that goal.

2. Posting to Bigger Pockets consistently and participating in my local REIA.

- I have heard this several times but I guess it is about consistently doing it. I am definitely going to do this starting now by making this post. :)

3. The idea of using a 203K loan to buy a property and renovate. 

-I have heard mixed reviews about this but I think I am going to do some more research. I would love to buy a property and use the bank to rehab. This seems like a good strategy for someone like me starting out and wanting to do their first flip. 

Thanks for such a great episode! This isn't the first podcast I have listened to this show consistently for over a year. Currently, have 2 long term rentals in Johnson City Tn. Looking for a property to BRRR.