All Forum Posts by: Matthew Masoud

Half of our business comes from direct bookings. Well, furnish finder bookings that book with us directly since there is no booking through Furnish finder.

We use hostaway to manage the calendar across platforms.

1 Vote

Quote from @Michelle Cohen:

Quote from @Matthew Masoud:

Quote from @Michelle Cohen:

Quote from @Matthew Masoud:

So back in 2018, I decided to purchase property out of state since I couldn't afford the property in SoCal. I chose Ohio as a market and started looking for property.

The first deal I found was a 3-unit for $100k. Market Rents were $600-$800/month/unit. Monthly expenses were around $1,000 with everything.

I thought I was purchasing a cash-flowing machine.

Turns out, the property was in a D-class area. Break-ins, loitering drug addicts, and inherited awful tenants were my everyday headache.

Before I knew it, I had to fire my property manager and move from Los Angeles to Ohio to figure out what to do with this property. I started doing repairs myself to save costs and slowly over 6 months got all the bad tenants out and got 3 solid tenants in all at $800/month.

In exactly 12 months I sold the property for $190k. Even though I lost my hairline, I gained so much knowledge.

That knowledge took me from 3 units to 51 in less than 2 years.

We are all so worried about making mistakes but the mistakes I made with that 3-unit is what got me to where I am now. A lack of action is WAY worse for your success than mistakes.

I'm glad I read this today! We are dealing with what are most likely just rookie mistakes. We are getting frustrated and tempted to throw in the towel, but I think if we're making mistakes now, they're basically training for how do NOT do things, which will lead to us learning firsthand how to do things correctly.

Were you in Cleveland? We have a property in the Clark-Fulton area right near the hospital. My realtor says it's a C-class area. We were there in person, but we aren't super familiar with the neighborhoods in the sense of living there or spending more than a long weekend.

I always make a joke that take whatever the realtor says and subtract a letter grade.

Definitely spend some time in the area. You can make a lot of money in C class but it's quite a bit of work.

Yeah, maybe! It's Clark-Fulton, close to the new hospital. When we were there, we saw several new houses being built in between the old ones, so there is some movement in the area. We haven't dealt with any crime/nonpayment/etc, mostly just a bad PM company and for some reason they/we can't get the third unit rented. It's nicely updated and priced competitively so IDK. Maybe it's the street.

New development is a big green flag. Home builders spend a lot of time, energy, and money looking at statistics before building.

As far as renting that 3rd unit consider incentives that your competition is not offering like first month free or half off, whatever.

Goodluck!

1 Vote

Quote from @Michelle Cohen:

Quote from @Matthew Masoud:

So back in 2018, I decided to purchase property out of state since I couldn't afford the property in SoCal. I chose Ohio as a market and started looking for property.

The first deal I found was a 3-unit for $100k. Market Rents were $600-$800/month/unit. Monthly expenses were around $1,000 with everything.

I thought I was purchasing a cash-flowing machine.

Turns out, the property was in a D-class area. Break-ins, loitering drug addicts, and inherited awful tenants were my everyday headache.

In exactly 12 months I sold the property for $190k. Even though I lost my hairline, I gained so much knowledge.

That knowledge took me from 3 units to 51 in less than 2 years.

We are all so worried about making mistakes but the mistakes I made with that 3-unit is what got me to where I am now. A lack of action is WAY worse for your success than mistakes.

I always make a joke that take whatever the realtor says and subtract a letter grade.

Definitely spend some time in the area. You can make a lot of money in C class but it's quite a bit of work.

0 Votes

Quote from @Afoma Okwudiafor:

Quote from @Matthew Masoud:

There are thousands of markets that work for a MTR portfolio.

1. Avoid markets that have STR restrictions. They will switch their portfolio to MTR and supply will skyrocket.

2. Avoid areas that have had thousands of MTR/STR added over the past few years.

I have MTR portfolios in the most random tertiary markets (Dayton, OH ... Hemet, CA) and they are doing well

Which markets do you think had the most influx of STRs/MTRs

Many of the major cities in Florida, Texas, California. in and around the rockies, any place that has a "reputation" for being a STR spot is likely already over saturated.

1 Vote

MTR Market is going to get flooded. STR restrictions means over-saturation of MTR.

This is your friendly reminder to only by STR/MTR if the deal also works LTR as well.

3 Votes

Dallas, Texas

LOL I left Orange country and went to Dayton, Oh to build my portfolio.

I'm looking to get back in the CA market. For cashflow markets close to LA check out Hemet, Tamicula, Bakersfield.

Still HARD to get cashflow but possible, unlike Los Angeles.

1 Vote

There are thousands of markets that work for a MTR portfolio.

1. Avoid markets that have STR restrictions. They will switch their portfolio to MTR and supply will skyrocket.

2. Avoid areas that have had thousands of MTR/STR added over the past few years.

I have MTR portfolios in the most random tertiary markets (Dayton, OH ... Hemet, CA) and they are doing well

0 Votes

Do the numbers work.

If it's a good deal share the details and if it really is a good deal you'll likely find a partner.

I'd get it under contract through. Call an agent and submit an offer. It's not as scary as it seems.

0 Votes

Oklahoma City, Oklahoma

If you're looking to work with investors you need to learn underwriting.

I want my agent to tell me if they think my deal is good or bad and why not.

I also want my agent to own property similar to the one I'm buying.

1 Vote

Nashville, Tennessee

Big fan of Michael Blank when it comes to syndication training.

You'll likely need a team, so start building it now.

I always recommend people invest as an LP before doing their first syndication, teaches you how an investor would want to be treated before you get in the GP seat.

1 Vote

Birmingham, Alabama

All Forum Posts by: Matthew Masoud

Matthew Masoud has started 42 posts and replied 317 times.

Post: AIRBNB, VRBO, Where else do you get your STR bookings

Post: My Out of State Investing Mistakes

Post: My Out of State Investing Mistakes

Post: Looking for good markets to build a MTR portfolio.

Post: Dallas/Fort Worth STR ban…

Post: Is any city in Southern California good for rental investment property for cash flow?

Post: Looking for good markets to build a MTR portfolio.

Post: I found a Deal. But I need HELP

Post: Becoming an agent

Post: Real Estate Synidcation