All Forum Posts by: Tristan Scott Zell

@Sean Williams 

Thanks for sharing, What are great post and deal Sean! It is interesting to see a larger and what seems to be more involved transformation of a commercial property to short term rental. Where there any zoning changes or special requirements needed by the city to approve this type shorter term airbnb deal? 

Hello @Christine Lee Middleton

Great question, depends on what you are looking for. If you looking for a live in flip or just a home ready to move in thats perfect for what you need dictates your strategy and the type of property that you can go after. I haven't tried this but possibly calling FSBOs and connecting with them as another home owner may have some success, you may be able to work out some creative seller financing or something like that. In addition working with a lender like a portfolio lender may give you more options like a 80/10/10 or something like that. Hope that helps! 

@Ray B. 

Thanks for sharing! I really like this idea and would love to be apart of it. 

@Moe Bawadi

Thats awesome that you are thinking very heavily about real estate and entrepreneurship at your age. I started my journey at your age too and I feel that I could give some valuable insight to you as what I did at your stage in life. Listen to @Bruce Lynn that is great advice on getting some sort of industry exposure in the trades, you could build connections doing that as you are very likely to run into somebody who is a real estate professional. His advice on whether going to school or not is great and something you should consider, as well as the car advice, I like that. From me, I would honestly take advantage of the BiggerPockets meetups, I went to my first one at 17 and was honest that I didn't know anything, I met my mentor there and that has been one of the strongest relationships I have today. Hope that helps. 

@Jesse C Carpenter

Sounds like a solid deal, how did you come across it? 

@ Darrel D.

You are definitely farther along on your journey than me but If I was in your shoes I would find the thing that excites me the most. Maybe it could be pretty daunting though intriguing, but making sure it is in aligned with your why will be key. 

@Cory Kerr 

I would go ahead and remodel the bathroom and see if you can raise the rent if you want to keep that tenant. If not they are on month to month so It may be easier to just notify and then turn that unit and rent it at market rate. 

@Joshua Morency

Good question! It depends on your goals and the market that you plan on investing in. There are many things you should keep in mind or look for when analyzing a deal. I know for me when it comes to the numbers I look at the rent to price ratios to see if it has good odds of cash flowing as well as who pays for utilities and if I can reduce those expenses or switch them over to tenants if I am paying for them. I like to look for rents that are below market rent for a more market play though the layout and the overall condition of the property is important to see if I can force some appreciation. In addition the unit mix is important this will determine who your tenant base will be and what they will be like as tenants, whether families or working professionals, etc and how they will interact with other tenants. I know thats a long winded response but overall I would recommend to be thorough. Hope this helps.

@Garret Getch

Thanks for sharing Garret, yeah I see your reasoning behind giving them a brake on rent, but, I like the idea of helping out with groceries or something besides rent.

@Nathan Gesner

Thanks for the input, I thought about giving them a brake on rent but I felt that that could just complicate things and lead to a future problem. Good advice about the plumber, I will look around.