All Forum Posts by: Joey Banasihan

Hey @David Sigler, to answer your question, if I am looking through the IMLS with the BP 1% rule, then yes I wont find much success. You could definitely look into off-market avenues, our team works with the handful of folks who do volumne in the treasure valley.  But my team lead and I talk about this all the time, when we bought our first property(s) it didn't look good at all. A few years later, they are good cash flowing properties and will become great in a few more years. On top of that with appreciation and all of the other benefits, Treasure Valley is an awesome place.  But current interest rates are definitely not helping, which means there may be some comprimising for a bit. So it depends on your goals and what you want to accomplish. Anyways, good luck on your searches!

Hey @Erik Reis, I would start with savvy lender who can tell you more about the new 3.5% for multifamily. I am not a lender, but they do want to see a decent amount of cash reserves, which is sounds like you have. I would lean into finding a property that needs some renovations, but maybe use that cash for the other properties to get the best market rents? Talk with a local investor property management and they can tell you were to invest in renovations and hopefully connect you with contractors (or do it yourself!).  This way you can force some equity in on the front end, give it a year to season, and once you move out maybe renovate that place. I think keeping liquity for future rehab, reserves, and next property is smart. Sounds like you are on the right track, find an investor friendly agent who can hopefully help you negotiate some equity on the front end and go for it! You got this!

Hey @Jared Haxton, are you using a investor real estate agent who is well tapped into the investing market in your area?  Also, if you are trying to market investors, no offense but investors are always trying to get a good deal and a big win for them, not for the sellers.  I'd start with focusing on getting a top net, hopefully you are working with a good agent, hopefully they worked it out with you that in your current market this is a good time to list your property and maximize its potential(?)  Current rates do not help your case around cash flow, but I like the strategy you are promoting for room to room rentals. I am guess you have already explored doing a cash out refinance, buying a new home and keeping this as a rental?  Its a tricky place to be for sure, but it started with the realtor in my opinion. Good luck!

Hey @Brian Lloyd Trieu-Mallari! I am not in that area, but when I have been interested or wanting to talk to folks, I message them on Furnish Finder/AirBnB. I would be particular on which property you reach out to, look at ones that are professionally photographed, have good reviews, and are similar to the property you would want to invest with. Then from there you should reach out to them, see if they have investor friendly agent, and if you find a good agent, you should be able to get connected to cleaners, maintenance folks, contractors, and more.  Good luck!

Hey @Lucas Wolf, I will send you message, lets grab some coffee and see if I can help or point you in the right direction :)

Hey @Leon Lee,  I think having that language in your lease is always a good idea. I cover the idea of utilities and mindfulness around maintenance in my Digital Property Handbook where I talk about those things, and cover a lot more details around the property. We can always front load and provide the information the best we can, but I have yet to find a way we can have tenants feel the same sense of ownership that we do for our properties. Which is a bummer for sure.  I hope you find a good solution!

Hey @Justin Macaskill, I am currently in a similar timeline situation. I would bolster your lease agreement around secuirty deposits. I would consider a two part payment for the deposit, 1/2 now and 1/2 a month later. Have something that states the security deposit is not be refundable 14 days or less before move-in date if tenants decided to break their lease.  Also maybe have something in writing that the first month rent is also due 14 days before move-in, if not lease will be terminated and deposit not refunded (have a lawyer look over that stuff.

The reality is that some families are strapped for cash, and anything close to $6000 is not an easy feat for most folks.  Just be sure to have language that protects you but also making it clear of the expectations and consequences if timelines are not abided to. 

Just my thoughts, but everyone has their own threshold of risk, and always make sure legal stuff is run by lawyers and aligns with county/state guidelines.

Hey @Leon Lee Here are some of my thoughts:

- I think the $1500/$2000 dollar deposit a reasonable ask.

- I use furnish finder, so it just has to be 30 days or more. No caps, but you set your own price based on competition and the market. Bot sure where you are marketing this but you can certainly cap it but the question is will your pipeline become smaller?

- That notice period seems short with turning it around, cleaning, and getting new tenants in. Maybe consider longer?

- You should switch to a monthly cleaning, fixed in the rental price; this does a couple of things, keeps your place cleaned on a regular basis, sets expectations for tenants but you need specifcy in the lease they still need to maintain the space in a clean matter, and lastly you build a relationship with your cleaners to keep on eye on the space so you are aware of the overall condition. 

Just some thoughts and happy to talk more!

Hey @Cheng Chu! Like others mentioned, looking at furnish finder stats but also I like to take stolk of whats currently available and then search for listings 3 months in advance. You will begin to see how many other properties (or the lack thereof) pop up. Also many travel nurses use the AirBnB platform, so you may want to do the same research there for 30 day minimum stays.

The next step, a bit more advance, is calling and talking with agencies/hospitals around platforms they post their Travel RN contracts. For example, I have several apps that update me on contracts, prices, and positions within my area. This helps me gauge the local market for nurses, compensations packages, etc. to fluidly adjust my listings as needed. 

Hope that helps!

Hey @Cameron Enger! I believe that link is helpful but it depends on how you structure your MTR and your audience. When using a platform like Furnish Finder targeting travel nurses with typical contracts for 13 weeks or more, you will follow the same process at LTR with screening, creating a lease, etc. in which your rental will be more than 30 days (you can also require a minimum rental amount, aka. 2 months or longer). There is still the same amount of upfront costs and hospitality needed as a STR, just a little different.

The LTR route will not have the upfront costs, rather just ongoing maintenance and/or management (pending if you self manage or not), but pending on your goals the cash flow may not be as high pending your current mortgage, interest rate, etc.  Happy to talk more, I have a good friend who has two MTR's in COS that she has found some good success with.  Good luck!