All Forum Posts by: Sherif Lyons

 How amazing would it be if I somehow lost this lawsuit but instead of paying the $7 Million, I just moved to Portugal?

 I don’t think he had any experience in real estate whatsoever. I think he watched a YouTube video then regurgitated whatever he watch into his own video and went from there. 

 One of the main challenges is just BREAKING into the industry.

The barrier to entry is very high. Even if you have the money, the credit, real estate experience and networth, lenders can still deny you and refuse to give you financing. You need an experienced partner-operator and fortunately for me, I found a partner with $1.5 BILLION worth of hotels.

Another challenge is finding good deals. Good deals are few and far between - even fewer than apartment buildings. BUT, due to my track record, I got my deal flow established.

 Gaspare, thanks for chiming in man.

That's a great question.

AirBnB and other STR marketing and leasing platforms have an effect on hotel room rate. In some respects they are competing with hotels. More specifically, STRs are getting a lot of their revenue from vacationeers, specially family. I mean it's better for a 4-person family to do AirBnB instead of paying for 2 hotel rooms specially if they stay for a long weekend.

The hotels I focus on buying are those that cater to the business traveler and those attending business conventions. Those will always have a market and unlikely that AirBnB will cannibalize that.

On the other hand, AirBnB is now also advertising hotel rooms. It is becoming a marketing platform for the industry. So it's what I call "CO-OPETITION" - combination of cooperation and competition.

AirBnB and other STRs are good for the hotel industry. It forces hotel owners and the flags to up their game and it drives the bad operators out of business creating buying opportunities for people like me ;)

I would not include all the rules in the lease. They'll get buried and ignored. Instead, my lease would state that tenants are subject to the "House Rules" posted in the common areas. Provide every tenant a copy and post them in a public place so they can always find and reference them. I wouldn't tape them to the fridge but I may tape them inside a kitchen cabinet in a document protector. I would also recommend your lease state that the House Rules are subject to change. If you ever make a change, provide an updated copy to each tenant.

@Sherif Lyons unfortunately, I had no choice but to go. I didn’t even get to choose my major. I really hope to become a full time investor.

@Shiloh Lundahl I went to college for almost 8 years. Finally got my Bachelor’s in Business Administration w/ Concentration in Project Management. Graduated 08/2017. Till this day, I apply and get rejected due to the lack of experience. I was always working full time plus a part time to help my family and pay my bills. No company wants to give me chance to gain experience. Thankfully, I saved up a lot of money and am now jumping off the bridge alone into real estate. I’ve always had this urge to invest, I have in stocks and crypto, but I never had support for real estate. College was a waste of time and money.

I'm planning on buying a property in Atlanta and will try to rent out each room. Does anyone have any prior experience doing this in Atlanta? How did you screen tenants? Do you have any tips? This is will be my very first property. 

Also, I have two different mentors telling me two different ways they suggest I buy a property. One suggests I just do a FHA loan and buy through a realtor, while the other suggests I use a wholesaler and come up with the cash from family and friends, rehab, then refinance and pay the debt back. I'm leaning towards the FHA loan because I feel like the wholesaler route is more risky, but I am open to hear everyone's thoughts on this subject.