All Forum Posts by: Stephen Lassiter

Thanks for the insight everyone. I really am looking for an apartment building, not a hotel. I just wanted to make sure that it wasn't the norm to value based on Airbnb income. So, I'd value this as an apartment building and get the sales price down accordingly. Of course, the seller may not agree. But if we disagree on the valuation method, we can just move on.

This is an 8-unit building, so this wouldn't be valued based on comparable sales. I'd have to do more research to see how Airbnbs are regulated in Tulsa. I'm not necessarily opposed to running Airbnbs out of this building if it really is the highest and best use, the numbers work, and it's simple to comply with regulations. I'm not sure I'm looking for the increased operations associated with turning the rooms around frequently though. If the numbers work, maybe I could outsource that. I also need to make sure these numbers account for vacancy and it's not just the good months that bring in $925. I was just curious if appraisers value multi-family differently if being used whole or in part for Airbnb.

I've been looking for small multifamily deals. I found an 8-unit where the seller is renting 4 units short-term on Airbnb. The regular long-term units are getting around $400/month while the seller claims the Airbnb units are bringing in $925/month. Using the income approach, do I really include the Airbnb income to value this property? Or would I just use long-term market rents for all units? Of course if I was the seller I'd want it to be valued using the Airbnb income. But from a buyer's perspective, I just want to value it as if all units were getting $400 because I really wasn't intending to operate an Airbnb. Is there a 'standard' when it comes to something like this? How would a building like this be appraised?

Welcome to Bigger Pockets, Will. The podcasts are great. Dig into the forums. Something I wish I knew when I was your age is the ability to buy a four-plex with a regular home mortgage (as little as 3.5% down with FHA) if you live in one of the units and rent the other three. If you work it right, you basically get to live for free while the tenants pay your mortgage. Not a bad way to get into real estate investing. There don't seem to be a ton of four-plexes in Tulsa, but they are out there in older parts of the city.

Thanks, John

I am renting out an apartment in my backyard. My applicant's co-signer is questioning my need to keep a copy of their photo ID. Everything I read on Bigger Pockets says I should get a copy of the applicant's photo ID. My purpose for requesting photo ID is to verify the identity of the applicant. But I want to ask everyone what are their reasons for asking for ID? Specifically, why do you keep a copy once you've verified the applicant's identity? How long do you keep a copy of the photo ID?

Welcome back @Bart Ford!

There is no way I misunderstood Ken Brune. He told me not to rent to women because they are harder on properties. Only Ken knows why he told me that after he told me the clock is running and he's billing me for his time. He also was not aware until I asked that I would need to provide a lead paint disclosure and EPA-approved pamphlet on lead paint to my tenants because my property was built in 1916. I just can't have any confidence in a lawyer who I, the client, am teaching about real estate. Maybe I should report it to the bar association. I didn't report it then because I was so angry and I just wanted to be done with it to get rid of that negative energy from my frustration. Not to mention, it was so surreal, I couldn't believe it actually happened.

I'm going to have to jump in here and recommend you don't use Brune Law Firm. 

Read this thread to see my experience with Mr. Brune: http://www.biggerpockets.com/forums/52/topics/2035...

Welcome to Tulsa, @Joel Kadlec. I believe the path of progress in Tulsa is downtown and surrounding neighborhoods, including the areas near the Arkansas River, River Parks trail system, and the Gathering Place, a giant $350 million park being constructed on Riverside Drive near 31st Street. You could also look at living near Peoria Avenue in the Brookside or Cherry Street (15th Street) areas because Peoria is slated to get a Bus Rapid Transit system with frequent (15 min) bus service in a few years. Current bus service is very infrequent (30-45+ min), so it could be valuable to be located near frequent service in the future.

We just bought a house in the Riverview neighborhood just south of downtown as a personal residence and moved in two days ago. Before that we were living in an apartment downtown. In my opinion, what's happening downtown and surrounding neighborhoods near the river has more potential to provide above average appreciation than outlying communities celebrating the arrival of the newest Sam's Club.

We have a one-year-old, so we considered schools. There are ways to get into the better schools in Tulsa and we are going to do whatever we can to make sure he gets into them. If for some reason we can't, we'll do what it takes to put him in private school. You might check out this podcast on the topic of urban schools for people who want to live in urban areas.