All Forum Posts by: Trevor Lohman

Sorry to chime in here again,

Some may disagree, but I just wanted to say that I highly recommend learning how to use wordpress. It is easy, super customizable, and gives you full control of your site. Below are two sites I made in an afternoon:

www.perfectsettingphotobooth.com

www.aandponline.com

If anyone would like some help with the basics, I can definitely help. It's actually pretty fun. I'm not a developer and have no intention of becoming one so this isn't a pitch or anything. I just think its a skill that's becoming more and more important.

Trevor

Karen,

I think Sharad makes a good suggestion to use your hosting company for both hosting and email. That's what I do for the websites I have and it works pretty well.  I'm curious what you mean by are you able to edit your own site?

Did a developer make the site for you? Any idea what they used? If they used wordpress with godaddy hosting I can definitely help you out.

Trevor

Hey BP,

I just wanted to share what I've been up to, I thought that other newbies might find it interesting.

So, like a lot of indecisive people, my problem has been not having enough problems (1st world problem). I'm fascinated by real estate, but I have a good job and a pretty laid back life. Nothing has been kicking me in the butt to go out there and do what I know is the right thing to do in the long run... invest in real estate!

I am definitely an outsider looking in. I have no actual real estate experience, and am the dumbest guy in the room when it comes to this stuff. I know that's where everyone starts, but its tough for me. I'm a professor and starting over as a kindergardener in a new field is no fun. Truth is I should just get over it and make the plunge, but I know me. Unless I lose my job tomorrow (knock on wood) I just wont start borrowing time from work, and money from the wedding fund to get out there.

So while I wait and save up money, I decided to take the real estate agent courses. At first I thought it was going to be a waste of time and money. I was so wrong. I feel like I have learned so much and am getting the confidence I need to become an investor. I also feel like it will give me an easier way to dip my toes into real estate. I can start to help others buy and sell property, learn more about various contracts, deeds, taxation policies, and all of that other mumbo jumbo that terrifies us newbies.

Now I know this may horrify some people. It looks an awful lot like paralysis by analysis, and maybe it is. It's probably not the right path for most people, but if you're a bookworm like me, it might be worth a shot.

Anyway, hopefully one of these days I'll get around to pulling the trigger, till then, anyone need some offers written? (Kidding... still on the first course)

Trevor

Wow thanks for the feedback guys!

@Evan R. Holy cow that's awesome thank you for that. When looking at homes on airbnb that are similar to the homes in my price range, and in the area that I am looking (off of Rancho California road more or less) the typical rate looks to be about 160-220 a night. Pretty big range. So assuming a 40% occupancy rate like you said I would be looking at 1920 to 2640 revenue per month.

Hmm, sounds like on the low end I'd lose some money and best case I would make a slight profit. Can't overlook the value of having a nice home in wine country for ourselves either though I guess. Lot's to think about.

Thanks guys! You've got my brain going now.

Trevor

Oops sorry, I'm looking in temecula

Thanks

@Karen Margrave I'll check out that thread right now

Hi everyone!

I'm thinking of purchasing a vacation rental in a Southern California city that has several wineries. To me it seems that there is further need for lodging in this area. I'm just wondering if there are any guidelines/formulas for VR's similar to the 2% rule for sfr's. For the quality of the area, and the fact that it's in Southern California, prices are pretty "reasonable". Roughly 350k for a newer 4 bedroom home. What kind of occupancy rate and nightly rate would make this deal make some sense?

Thanks for the help everyone

Trevor

Hey Everyone!

I have a question that I'm sure every veteran real estate agent gets tired of answering but here goes.

I am very passionate about learning all I can about real estate investing, and in that process my wife has become interested in Real Estate as well. She currently works a full time job but has been researching what it takes to become a real estate agent.

Now I know being an agent is a profession, and not something you just pick up one day and start doing. I don't think she has any illusions about the time required, she knows she needs to find a broker to work with and market like crazy.

Honestly, I think she has what it takes, she is a born seller, I am a bit worried about how much she will enjoy the nuts and bolts of contracts, financing terms, etc, but I think she'll be good at that too.

What do you think about online real estate agent courses like californialicense.com? I can already anticipate the cons of an online course but, its low cost and convenient, now with that comes downsides I'm sure... but is it a legitimate way to become an agent?

Also, is it realistic to think it may be possible to start part time as a beginner?

Currently she's thinking about setting up a few short face to face meetings with small local brokers, and telling them that she would like to be a part of growing their business, and will be taking her exam soon, and thinks she could add some value etc.and see if their are any possibilities there. We may be reaching a bit here, but it didnt seem like a bad idea to me.

Any advice? Thank you so much for the feedback you guys. We're excited!

Wow great show! I had begun reading up on note investing last year and opted against it based on the reasons @Jerry K. had mentioned that scare away newbies. I may start looking into it again!

@Joshua Dorkin and @Brandon turner, Keep up the good work. If you guys ever miss a week of recording I may have to quit my job... I have a 2 hour drive once a week and I don't think I could make it without you guys.

Awesome!

Trevor

Thank you everyone! you have been incredibly helpful,

@CK Hwang I had heard that you shouldn't transfer properties to an llc after the fact due to a due on sale clause or something like that. Basically the bank can ask for their money back when you transfer ownership.

@Scott French @Wayne Brooks @Kyle Hipp @Matt Devincenzo @Simon Campbell

Thanks for your feedback. The bank I'm working with told me this when I asked about using an LLC

Our typical program is to finance the properties either individually or a package on a 15 year amortization monthly payments, with a 5 year interest rate adjustment at years 5 & 10 based off of the FHFB base rate. Current market

rates on this type of project is running in the 5.0% right now. We require 25% cash down on this product and our

base loan amount can be no more of the lesser of purchase prices or appraised value.

Sounds reasonable to me... what do you guys think?

Hi Everyone!

I just read a great thread on this topic, but am still struggling.

I'm looking to purchase an out of state rental property in the 30-45k price range (pending finding a motivated seller) as an income property.

Let's start with the LLC

It seems everyone has a strong opinion on this one... it seems that people either say you absolutely must have one, or don't bother because the corporate veil will be pierced immediately and the only real protection is an umbrella policy.

What do you guys think?

Okay, speaking of insurance. It sounds like at a minimum you need landlord insurance (makes sense) and that you should also have an umbrella policy.

This all sounds good, especially doing out of state landlording.... but its starting to add up fast when we're talking about rent of 400-650 bucks. Legal zoom wants 99 for an llc plus 150 a year to manage paperwork or something (what's that about?), plus a 100 dollar state filing fee plus two huge insurance policies... Is this just part of being a responsible investor? I want to do it by the books, but also want to make sure I'm cutting costs if it makes sense to.

Thanks for the help guys, looking forward to your advice

Take care,

Trevor