All Forum Posts by: Sandra Morrison

My son was recruited for esports gaming in 2020 and just graduated from college. He got great experience playing Esports for his college and help managing each game’s team and the 140 players. The ability to go to college on an Esports scholarship is a great opportunity, Congratulations to you and your son!

My daughter started as an interior architecture major and then added communications and then got her real estate license. She worked for a residential broker for a year but in transactions not as an agent. She now works for a large multinational commercial broker and invests on the side.

I can see where she understands budgeting but doesn’t have exposure to more of the finance and accounting side. There are schools with commercial real estate majors and with majors in Sales. I do think any business major will get some exposure to understanding financial statements. Understanding cap rates, net profit and economy (supply/demand housing, interest rates lowering increases demand, the real estate cycle, investing for cash flow vs appreciation) will all set him up for success. Also joining the local Real Estate association  and local meetups to network. An entry level job in property management while in school would be helpful but it will be hard with his Esports schedule.

Please feel free to DM me. I co-host a women's online investing group for REIA and enjoy talking to people starting out. I am so excited for you both!

@Collin H.

In my experience, short term property managers are either good at maintaining the property or marketing, but not both. It doesn’t matter if they charged me 20% or 40%,

I am still picking up the slack where their skills end.

@Jordan Lowe

You will find that it is all over the place. Some people treat their STR like a hobby and others treat it like a business.

You don't know the numbers are based on if owners use it 3 months a year themselves, or manage it themselves and have STR knowledge or farm it out to a competent or incompetent property manager.

In one area I invest in, the biggest players are all large direct booking sites with hundreds of properties so their revenue doesn’t show up on airDNA, etc.

Use conservative numbers and understand your skills in terms of getting a property to be unique, marketing, listing management, etc. or the competency of the PMs you are interviewing.

Good luck!

@Dav Pohote

I always look at the loan constant to help me decide between loans and their terms.

You can pay the 30 off in 15 years- it just gives you flexibility if there are some bad years but looking at the loan constant will help you decide if the increased interest rate is worth it.

Good luck!

I own student rentals so the original “co-living” and STRs. I think furnished co-living/pad split would be a combination of both.

I have the students find their roommates as I do not want to be in the “roommate finding “ business and I don’t have any house rules as they rent it as a group. They have internship and co-ops and can sublet but I approve the new tenant.

I think the interpersonal dynamics would be hard to

manage with non-students in this situation. Do you set rules on kitchen use and cleanup and act as house manager or how is that handled?

@Hayden Kerns

1.

Leverage- I put $30000 down on a $150000 co-living rental in 2019.

2. Appreciation

It appreciated to $250000

Added a bedroom and my rents are $30000 this year and my loan and taxes and insurance are $12000. Tenants pay water, electric, gas, etc.

3. Tax advantages

I have the expenses and other write offs on my first house and then I bought another coliving rental but in my SDIRA this time.

$135000 in 2019. Added a bedroom, tenants pay all utilities. Rent a little over $26000. property taxes and insurance $4000. But pay no taxes on income/gain since it is in SDIRA (depends on your tax bracket but this is a big benefit to me).

I did some private lending at 12% in the past in SDIRA-so tax free.

Meanwhile my W-2 401k and some of my SDIRA is in S&P 500 index. Some great years since 2019 but also an awful year. I use real estate and index funds to diversify.

@Jason Schultz

Join your local chapter of Real Estate Investors Association at your location (and the location where you want to invest if it is not the same) and network. Looks like there are a few in Colorado.

I agree I learned much from (close to) free sources but did take Apartment course (syndications) through my REIA from Anthony Chara who is based in Colorado. Our groups were successful using his mentoring and his program in getting large apartments through syndication.

@Nora Lugo

Definitely start with a local REIA- Nashville has an active one. North Alabama has one but not as active. I am sure Memphis has one. Also look where you live.

Cincinnati/Columbus have very active all online chapters so helpful for anyone anywhere. There are separate nights of the month for rehab, landlords, passive, airbnb/STRs, real estate tech, new investors and women investors, etc. I co-host the women’s online RE group and am happy to connect with you and answer questions, just DM me.

@Kurtis Eaton I have student housing in more northern state but my son is at UAH in Huntsville so the area is on my radar.

@Daniel Ehevich

I host an online investing group for the local Cincinnati chapter of REIA (Real Estate Investors Association). It would be a great place to get mentoring/partners as there is an apartments focus group. Check it out at cincinnatireia.com