All Forum Posts by: Trevor Riley

Down payment and getting people to partner with. I have lots of ideas for luxury STR on lakes is Minnesota and Wisconsin to make them stand out, but struggle with the funds and finding people that want to partner with a first time investor.

Currently running my agent business and Airbnb business the biggest challenges are knowing where I should personally be spending my time and which tasks to prioritize first. It can be extremely easy to get caught up "working in the business" as opposed to "working on the business". In my agent business its hard to determine what I should spend my extra time on once I'm done following up with leads, running CMA's and conducting appointments. Do I work on my CRM, do I work on a google business page, orrrr do I continue to post and make connections on bigger pockets (I think we know the answer) :)

In my Airbnb business I find myself changing my prices, messaging guests when they have questions, and doing small things to make guests stays better. With it only being myself and my team of cleaners and handymen doing everything, it's hard to know when I can bring in somebody else to help with the busy work!

Working on building capital and getting enough in the bank to be able to buy my first investment. I don't want to rush anything as I have seen a bunch of other people my age and a little older get out of the gate too quickly and its only hurt them. It is rough waiting as the excitement levels climb but I am in it for the long haul!

Patience, I'm working on continuing to save more capital for small multifamily. The waiting in killer. Of course I'll continue to analyze properties, so I'll just wait and save so I can add to my portfolio.

This is a great question! I personally have trouble growing my network. I have never really been too social but after being in the real estate business for almost a year now, I am learning quickly how your network needs to be. My plan to get better at this is exactly what I am doing here. Being active!! I usually just read the forums to learn. It wasn't until my Realtor friend told me to connect with people not only on BP but in real life! This has lead me to meet some super amazing and humble people that I had no idea existed. 

This goes for anyone getting started, It's hard and confusing at times but there is an answer! The people here on BP and in the business in general are some of the nicest people ever!

If you are new don't be hesitant to ask questions!!

My biggest challenge right now is trying to find the right deal and not simply buy one for the sake of getting started. I can put 25% down, but still can't break even on rent with anticipated PITI. Additional funds or paying cash doesn't appear to give me a great return either. So even though its a good home, good neighborhood, perhaps the numbers don't lie?

My biggest challenge is finding financing for my next opportunity. Originally we were trying to find someone to finance my portfolio of 5 properties that we paid cash for. Individually they are worth on average of $60K; each netting anywhere from $550-1100/mo. I'm finding it frustrating. I talked to local banks (to the homes) and since I do not live in the state my properties are, they won't lend. Other portfolio lenders I spoke with have a minimum loan of $50K per property at 75% of the value...so I just miss that mark. I'm considering rolling my IRA into a Self Directed IRA (& Learning all the rules to that) and going that route to finance our next purchase. I'd love other suggestions on leveraging the properties I have or other strategies I'm missing....I'm new at this!

My biggest challenge is deal flow, cant seem to find the right deals. 

Coming up with criteria that make deals work - COCROI, NOI, whether to cash flow or go with appreciation.

Also, getting my head out of my backside and starting to take the steps to get my first rental. 

Right now, I need to find end buyers for properties that I intend to wholesale in the areas of King, Pierce and Thurston counties of the WA Puget Sound.