All Forum Posts by: Joey Banasihan

@Harshraj Thakor I use Avail and it has been really good. Because of the customizable leases, tenant screening, and maintenance requests; it provides an all-in one system for all of your needs without having to use multiple softwares. 

Hey @Ana Arce! Lots of great advice already, so will not reiterate anything anyone has said. The biggest thing to do is take action, take small steps, and learn along the way. If I were you, first find a real estate agent who is an investor and is well connected in your area. Get a lay of the investment land, then get a credible referral to a investor savy lender who can begin having conversations with you around what is currently possible or will help you make actionable steps to get to your goal. Next, find a real estate investors meet-up, meet people, network, but keep your goal in mind of getting your first place. Then, when you can make a move, being smart and connecting with other smart people, take it and go! You got this and we are all rooting for you!

Hey Courtney!  Insurance companies typically have their own websites and platforms that you can post your information and home to.  They collect these submissions and if something pops up in your area, and your home potential fits their needs, they will typically do a screening, need more information and if you get selected you will begin talking through pricing, contracts, etc.

So if you are switching just for the sake of insurance companies, then it would be a bit of gamble becuase these take a lot more time to foster relationships and build trust. I'd suggest starting with Furnish Finder, working on leases, payments, etc. and then once you start to get comfortable with the MTR strategy, then begin leveraging and building relationships with these outside companies.  Here are some I use or have signed my place up for thus far:

https://crsth.com/, https://www.tacares.com/, https://www.hellolanding.com/p/direct/,https://www.alesolutions.com/, https://www.temporaryhousingdirectory.com/, https://www.corporatehousingbyowner.com/

Hope that helps! Good luck!

Hey @Kelly Cochran!  Here are my thoughts, but feel free to ignore them haha.

Drawbacks: 

- I do not like how many fees the AirBnB platform takes away; I use furnish finder, costs $97 for the entire year. 

- AirBnB platform continues to side with guests over hosts, so without extra layers of protect/leases/contracts you could be put in a precarious situation but everyones risk tolerance is difference.

I personally have used Furnish Finder because of the cost, its vast network, and less competition.  With that, you would need use a property management system; I use Avail which screens tenants, creates leases (have them reviewed by a lawyer), manages payments, and maintenance requests.  You are now protected with additional layers and specific to your needs, rather than relying on a guest oriented platform service like AirBnB.

I do not require monthly cleanings, I include it at no charge to my guests. MTR is still a hospitality service, and for my dozen of close friends who travel as nurses cleaning fees and non-refundable deposits are an immediate deterrent. This makes them feel that you care about their experience, you also have monthly eyes on the property as well, and much easy to keep it in tip-tip shape.

You will also want to make sure your amentities are curated for the MTR stayers; folks who may meal prep and need more appliances like slow cookers, instapots, aire fryers, and tupperware to store food or take with them to work (13 hr shift nurses). If they are traveling digital nomads, then desk areas, included your WIFI/Internet speeds as an incentive, etc.  

Sorry that was a lot! I hope there are some helpful snippets and happy to talk further DM. You got this and good luck!

hey @Suraj Patel, I use Avail. I think it costs $7 a month, tenants can make payments using whatever they choose (cash would be between you the tenant), tenant screenings, you are able to create leases (make sure you still have a lawyer look over them), set deposits, and also have them make maintenance requests.  A lot of good stuff, I would check it Avail

Hey @Luka Bryant! Great work to post these questions and get things started. Regardless where you look or what you do, the most important thing is to just simply take action.  Do not get caught up trying to find the perfect deal or perfect market; your first 1-3 investment properties is working with a smart real estate agent/investor to guide you in making smart purchases, but really get you over the first hurdles of taking steps.

Being in LA, I would figure doing a house hack would be difficult with prices and location, but if you choose that route think about going in on the loan with a friend and house hack it together being able to combine incomes and liguidity.  I will DM you with more thoughts, but you got this!

Hey @Benjamin Sures, I like you thinking around the european vibe and your focus on the living room. All of my tenants have appreciated the time I took to make the living space comfortable and relaxing as this area they spend a lot of time in.  Honestly, most of my folks also just in in the living room but two ideas I had: 1) Small, tall, coffee table. You know the ones you see at bars or coffee shops? Tall table, barely fits two people, with some tall chairs up against a wall.  2) a folding table mounted on the wall. When its folded up (something small) two chairs fit around them and becomes a formal eating area.  When its folded down, the chairs sit infront, ready and waiting to be used in some other capacity.  These tables I would imagine are 24inx24in.  Hope that gets some ideas flowing!

Hey @Christopher Gosch! Like others have stated, you can use AirBnB for MTRs and I would hihgly suggest Furnish Finder.  I have only used Furnish Finder, less fees, and there have been a consistent amount of prospects. You will just need to incorporate additional screening stesp such as creating leases, referrals, and more.  Hope that helps!

Hey @Nathan Gardner, seems like this topic has been covered and a lot of good information, mindset approaches, and such. I sent you a connection request, would be happy to continue the conversation based on where in Idaho you are looking. Good luck with the rest of dental school!

@Alejandro B Yoon, just saw your post and not sure if you were able to seek out other resources. I'd start by getting bids from remodeling contractors in your area. This project will include some demo, adding/rerouting electrical, drywall, door hanging, closet framing, etc. The next thing you will need to figure out is if this additional room will have an easement via the window, most areas/places a bedroom needs a window easement (place to escape if needed) along with a door easement. Interview those contractors around local building codes, etc.  Adding a bedroom with the correct easements, size, and closet space (pending your city and state) will all need to be considered.  Unfortunately cost will vary on this based on the different things you will need to do, but adding bedrooms can be a great value add! Good luck!