All Forum Posts by: Tanner Marsey

Is it for me? Not at all.

Is it doable.... 100%. Especially in coastal San Diego county. Find a mom and pop landlord. Explain what you’re wanting to do. Pay above asking on monthly rent/security deposit. Be ready to fork over money for maintenance. Have your PM or whatever you’re going to use to manage lined up and ready to go if the landlord wants to vet them. You need to make it attractive and worth it for the landlord. Explain why it’s beneficial to them. And like someone else said.... that short/early exit clause is a great idea. But honestly..... laws like this usually don’t change over night so it probably won’t be a huge issue when it arises.... and it will arise eventually....

@Chad McLeod

Not saying he shouldn’t have any repercussions for what he did but c’mon... you ever send the Nigerian prince your money and then get upset when things didn’t turn out as promised....?

I think the blatant deep fraud became a little worse as he dug himself deeper into hole but at first he was just selling a subpar product promising great returns.... “if it’s too good to be true it usually is”.... there is a reason that saying with always ring true.

It's called a BPO (brokers price opinion). People will do this for a flat fee. Generally used for people who want to know what their home is worth before selling. You might have to do some digging to find someone that will do it for you on a distressed property with an estimated ARV but I'm sure one is out there in your area. Easiest thing to do..... learn how to do it on your own via open houses and all the listing sites.

@Kathy Fettke

Well said. You know this. I know this. Common sense would tell you not to buy something that’s too good to be true, half way across the country and without laying eyes on it first. However, people always have and always will be blinded by the thought of “big” money, easy returns, and so on. There will always be stories like Clayton morris’ because of this.

1 trip to the property, a few hours of due diligence(even from a distance) and some common sense could have saved people a lot of money and heartache. As with any investment.... nothing is guaranteed. Buyer beware. Unfortunately, people don't like to take responsibility for their own choices. Especially when the outcome is poor. Story would be way different if they were making 25% ROI....

100% possible. Renters usually don’t care about certain amenities. They’d rather have rent be 100 bucks less. That said, strive to over deliver ever so slightly on the product and charge juuuuust under market rent. Keep your tenants happy and turnover lower....hopefully.

Seasonal slow down?

Walk away...

NEVER trust a wholesalers’ numbers.

Reach out to a realtor, explain your situation and just let them know you guys need the paperwork ran. You can usually find someone to do it for a flat fee and it’s well worth the money.

Your goal of Airbnb/brrrr is awesome! Worst case scenario.... you go over budget, it doesnt cash flow as much as you think, it takes longer to complete than you think, you can’t refi with the numbers you’re looking for, operating costs are slightly higher than anticipated.... everything in the world could go wrong and more than likely, if you’re numbers are correct, conservative and you stick to them.... you’ll come out a winner.... or at least not too bad a loser. Pull the trigger.