All Forum Posts by: Joey Banasihan

Hey @Brandon Isidro,

So I just posted this exact thing to another younger person getting their real estate license as well. Going to put what I wrote here because I think it still applies:

- Search Bigger Pockets for investor friendly brokerages in your area, interview them, and join a team which will mentor/coach you on being a great salesperson and being a RE investor.

- Put most of your effort towards becoming an incredible real estate agent, detach yourself from the monetary outcome, focus on providing value and an amazing professional service, and build an unwavering commitment to these things for the next 18-24 months.

- Focus on learning over results, adding value over being the best, and actively revisting your overal goal, from there you will be setup to have an incredible real estate journey and life.

I haven't mentioned anything around real estate investing because if you are committed to doing this investing for a long time, then working on your mindset, working on being a helpful and value add agent, and these fundamental things WILL help you become a successful investor. Also practically, building a sustainable active income through the sales business will get very far. Just my thoughts, I wish the best of luck for you!

Hey @Caleb Olaez, stoked for you!  Here are some of my thoughts as a real estate agent and an investor myself.

- Search Bigger Pockets for investor friendly brokerages in your area, interview them, and join a team which will mentor/coach you on being a great salesperson and being a RE investor.

- Put most of your effort towards becoming an incredible real estate agent, detach yourself from the monetary outcome, focus on providing value and an amazing professional service, and build an unwavering commitment to these things for the next 18-24 months.

- Focus on learning over results, adding value over being the best, and actively revisting your overal goal, from there you will be setup to have an incredible real estate journey and life.

I haven't mentioned anything around real estate investing because if you are committed to doing this investing for a long time, then working on your mindset, working on being a helpful and value add agent, and these fundamental things WILL help you become a successful investor. Also practically, building  a sustainable active income through the sales business will get very far.  Just my thoughts, I wish the best of luck for you!

Hey @Mario Keophilalay, I think folks have provided some good suggestions. What I would add is being strategic with where you put your money regarding quality and where you can find a good deal.  In my experience, put more effort toward bed, living room couch, and streaming service (Roku). These are used everyday and can impact the tenants experience tremendously. Other furnitre, kitchen appliances, dining sets, lighting, etc, I think find a good deal, as long as there is some type of aesthetic continuity. Happy to share some of the items I have sourced via DM. Good luck!

Hey @Jacob Zivanovich! General inventory is low, as you probably know, but small multi-families are some of the hottest commodities in the greater Treasure Valley. You'll have better luck looking in Canyon County (Nampa, Caldwell) for inventory, and vacany rates are currently better out there than Ada county. But it all comes down to your goals and what steps you want to take. With Boise, their Upzoning just initiated December 1st which means it provides a lot of opportunities for investors to build ADUs/Additions/Lot Splits for many SFH zoned R1-C (which is practically most of them haha). So if you find the right SFH, build an ADU, and you have now have two rentals, which do not have to be owner occupied. Happy to talk more, just let me know and good luck!

Hey @Alex Ng, that is exciting to hear you wanting to start a MTR Business, especially the emphasis on the business part. Start by picking up the book "30 Day Stay" which will give you are well rounded, yet detailed look on starting MTR.  From there, start with one property and one target tenant (for now) because there is a lot you will learn around balancing hospitality with effective processes, leases, pricing, etc. I'd suggest start with Travel Nurses, finding properties that are 2/1 or 2/2 that work well for individual or couple travelers, and then research the level's of the hospitals (I talk about this in a different forum post).  From there just recognize that this is still a hospitality first business more than a rental business.  Reach out if you have any additional questions!

Hey @Jordan King! I would second Bonnie, If we could look at the listing via link we can provide some more productive and effective feedback. I think that platforms, groups, etc. are only a small factor to vacacnies and slow periods.  Would be able to help and provide thoughts if you send over the link to your listing.  I hope the slow period does not last for long!

Hey @Emily Hutson, welcome and great work on starting the conversation. I would piggy back on Mike's idea of getting connected.  But for some ideas around next steps, rentals, etc. I would look into Furnish Finder, check out their stats, and search current listings that are similar to yours.  When you search, be sure to search 4 months in advance as this will show more rentals.

I think the MTR, travel nursing can be a good choice. Since you are in a place of learning, pick up the book "30 Day Stay", everything you need to know or how to approach the MTR strategy is in there. Especially with regulations for STR and going through those hurdles can be challenging, I think the MTR is great way to take a healthy amount of risk, utilizes skills and processes from noth LTR and STR, and can help you charge a bit more than LTR without the headaches and high turnover of STR. Hope that helps!

I understand the concern but since they went through the background checks, made all payments, and you had been in communication with them via cell phone/email, the likelihood of it being another person is low. Unless someone is willing to go through great lengths to get another person or friend into a space?  If you want an extra layer of protection, you can definitely have them submit a photocopy or picture of their ID after their lease signing, and maybe also state something along those lines in the lease as well.  This is a good question and always good to have layers of protection for sure.

Hey @Account Closed! Great questions, many have spoke on this so I will try to keep mine brief but add as much value as I can :)

Advantages:

- Low Costs: I believe the overhead costs are minimal compared to other platforms. For me this includes subscription fee, property management fee, & background/screening fee.

- Less Competition: Most places that have furnish finder rentals are not as saturated as STR that do 30+ rentals. With low saturation in most areas, you can strategically put yourself a head of the competition.

- Quality of Tenants: I believe the type of tenants coming through are of higher quality; you will still must screen them appropriately, but overall the pool of applicants tend to be a better quality overal.

- More Passive:  This is still a hospitality service, but besides screening tenants, welcoming them into the home...you basically do not interact with them at all unless you need to. I have cleaners come through once a month and that is my touch point...but that is it and it has been the most passive strategy I have come across.

Disadvantages: 

- Screening Processes: You will need to build additional processes around screening these tenants like a LTR. Background checks, references, leases, etc. This can be time consuming and at times folks are looking for multiple options and can back out during the process before the lease.

- Leases: You will need to spend money and time creating a lease that adheres to state and local laws; often have it reviewed by an attorney to ensure you are protected.

- ROI: The return is better than a LTR but not as much as a STR can be. It sits in the middle, pending your amenitites and property. This can be diterrant for some folks with the extra expenses of furnishings and hospitality services you will provide.

Hope this helps!

Hey @Stashoo Dorn. This is a great question. Here are my thoughts:

1. Pick up the book "Reverse Selling" and read it all the way through. Though aimed for real estate agents, tons of value around cold calling.

2. Focus on your mindset over skills & scripts. (80% mindset, 15% scripts, 5% skills).

3. Be brutally honest with yourself around these questions: Are you willing to put in 30 - 60min everyday for 18-24 months to cold calling? Are you willing to focus 100% on the process over the outcome?

4. Besides that, do not try to sell, close a deal, or change someones mind over the phone...ever. Focus on figuring out ways to get face to face meetings or zooms, and add value.

You got this, you can do it!