All Forum Posts by: Shan Xspiteri

Thanks for your reply Marcia!

I have taken into account some of the things you have mentioned. My place is pretty furnished already to a high end. My place also has private driveway and neighbors are all quite peaceful.

Furthermore, I happen to own a cleaning business which will help me a lot to get the place in tip-top-shape between guests.

I do would like to ask, what do you mean regarding insurance? Should I be looking into some sort of insurance policty for Airbnb?

I do have a friend who said he will handle anything for me if needed. He has helped me in the past with our property while I was out of state.

The downstairs and upstairs are separated and have their own entrances. 

I figured Airbnb might be able to yield me a higher income. I will continue exploring the options.

Thanks for your reply!

I live in a single family high ranch. The upstairs is being rented on a 6 month lease, and I live downstairs.

I'm 30, single, and debt free. 

Here is the unique situation.

I live in my parents house by myself as my parents live in Europe.

I take care of the property and two other rental properties. I pay them $700 a month just to help put towards their mortgage.

I'm currently living in the suburbs about 2 hours away from major city, and to be honest I don't want to live here anymore and want to be in the major city.

I have a few friends I could couch surf with while I look for a place in the city.

I am self employed so I don't need to stay here.

Now, I am trying to figure out what is the best route to take and have been reading up about house hacking, which in a sense is what I am doing right now.

However, I am debating on either renting my downstairs to a friend, a 6 months lease, OR Airbnb

I feel Airbnb would be my best bet for most income, although it might be slow during the winter months.

Just looking to get some advice on what routes I should be taking.

I also do overlanding, which is camping out of my truck so I honestly don't mind living out of my truck a week at a time, truly enjoy it and find complete peace, but want the downstairs to be making some sort of income.

The run a real estate business and make money sounds more appealing.

My short term goal is go do at least one house this year, rather that is flipping or renting. Along with this is to make some cash a bit quicker to get more properties going.

My long term goal is to have finical stability and freedom.

I currently run a local service business and just hired a full time manager, so i have plenty of time to put into this new venture.

Hello Everyone!

I have been following REI for about 2 years, and have listened to many podcasts of BP.

Doing all that got me excited and nothing gets me excited more than property (even though I don't own any)

However! My parents are willing to go in a deal with me and have 300k LOC to use.

We started to attend a local REI meeting, which was pretty awesome.

I'm just here to seek other advice and opinions.

I'm located on Long Island, NY

Both myself and my parents have come down to the following that interest us the most

1) Buy, fix, flip

2) Multifamily rental

I like the idea of multifamily. However, here in NY... they cost a lot (NYC and surrounding areas). 

If you had to go with one or the other, which route would you take? Again, we are keeping all of our options open and just looking for other ideas.

It seems the market is very competitive here!

Cheers!