All Forum Posts by: Joey Banasihan

Hey @Erick Ayapana, I'd highly recommend screening tenants with background check and having a lease reviewed by a lawyer. Every state and county are different, but once folks stay in a residence for 30 days or more, they will have certain rights that could prove cumbersome. I use Avail as a starting point and then have made alterations as needed via my laywers.  It is never a bad thing to have multiple layers of protection.

Welcome @Timothy M. O'Neill! I'm actually in Boise and our team is pretty well networked in this area. Happy to make any connections, help with analysis, etc. I will send you a DM for us to connect!

Hey @Daniel Coley O'Grady, there is a lot to unpack here but to put it simply, I think it would be beneficial for you to put more time towards education and mindset. There are more benefits to real estate outside of cash flow, besides CoC and ROI, what about ROE? In each city you have looked at, what has been the average percentage of market rent growth of the past 15 years? What about appreciation? If you buy a property that is zero cash flow for the first year, but rental prices go up 7% every year and apprecitiation is at 6% each year, is that a bad deal? If you buy a rental that cash flows day one $200 dollars a month, market rents go up 3% each year, but apprecitiation is stagnant for 5 years, is that a good deal?

There are so many ways to approach and learn and grow and fail and more in real estate. Why invest in a property that has a CoC of 4-6% and go through the risk of property ownership? Maybe because at the end of the year based on your earned income you can right off depreciation and other tax benefits that saves you $25K? Keep diving into podcasts, find someone local who has been doing this longer than you have, learn, and keep going.

Hey @Gopichand N., I think it is interesting when PM's charge all of these additional fees ontop of their monthly PM fee percentage. But I think you should be focusing more on their screening process, leases, and those type of areas.  Hiring professional comes with a cost, and not hiring professional comes with a cost.  It is thier screening process, their requirements to rent, etc. that you should be focused in on to ensure they are doing their due diligence to finding the best possible renters for you. Good luck on your search, hopefully you find what you need!

I agree it Charles, @Luke Morris Tamney find a high yielding savings account and put it in there. Then the next step identify ways to continue living below your means and saving more. Then do some research on some high yielding skills that can help you earn more money, either on the side, or eventually as your main thing.  Real estate is a long term game (overall) and sometimes investing in yourself and your active income can yield a higher rate of return, in which can also excel you investing. Just a thought but keep working hard and keep going, good luck!

Hey @Griffin Malcolm, if you have the ability, I think house hacking is a great strategy. But remember that house hacking can easily lead into the BRRRR strategy, house hacking is really just purchasing a home and living in it for a little while with the intention of turning it into a rental. If you crank out another house hack that needs some renovations, live in it, do renovations to force some equity, maybe you rent out some rooms, maybe you dont, then a year or more goes by, and maybe interest rates allow you to refinance. Its not pretty, nor is it super quick, but its safe and it will get you where you need to go! I think no matter which direction you go, action is the most important piece. Good luck!

Hey @Alex Ng, like others have stated, utilizing certain platforms can yield particular prospective tenants and provide some consistency. And you probably already understand this, but another part is how your approaching your marketing, amentities, and hospitality service on the platforms itself. Professional photography, how to talk about the space, SEO, screening process, how quickly and thoroughly you respond to prospects, proximity to hospitals/industries utilizing temporary contract workers, etc.  These all play part, best of luck!

Hey @Akhil Patel! For my travel nurses, or any mid-term rental folks, I have cleaners out there once a month. I specify in the lease that tenants still must maintain a clean, hazard free, etc. consistently.  The cleaners are there to keep an eye on the space, let me know if anything seems off, but also provide a hospitable service for the guests. So the fact you are going every other week is a definitely a nice gesture, I do not think there is a bad or good way of doing it, but having eyes on the property is the most important thing. 

Hey @Kalp Mehta, it just depends on your situation, goals, local market, etc. If you are in a market with market rents that increase year over year, or a market that appreciates well, and you plan on holding it for a long time, then sometimes it works. Everyone has different thresholds of risk and understandings of the benefits of real estate, we can go down a rabbit hole around tax advantages. Some folks situations can allow them room to be in the negative for a year or two, but again it is very specific to everyones situation. 

Hey @Jonathan Rivera, I agree with some of the points mentioned, losing equity for convience and cash flow, with your goals wanting to scale may not be the most adventitious.  Cash flow is great, do not get me wrong, but its much harder to leverage $300 dollars a month on cash flow than it is to leverage 6% appreciation. There are folks who do turnkey differently (including us) where the headache of project management, finding tenants, and all of that stuff is taken care of without paying extra fees. But at the same time, some folks need the stabilization and security that turnkey models provide in order to get started.