All Forum Posts by: Troy Southerland

Welcome @Ben Morgan and congratulations. 

Best of luck. 

I was going to ask the same question that @Account Closed asked. 

If the property is in a prime location and rents for less than the other rental that is similar, I doubt it would scare them off. I wish I could tell you the average rent but I don't know which neighborhood is. 

I can understand your concern but make sure you are getting the cash flow you need. 

Best of luck. 

@Brian Twigg,

The type of markets you are talking about tend to have higher income, so I do wish you the best in whichever market you choose. I know that California is difficult to invest in. 

Nashville is listed as a the top markets here: 

https://www.biggerpockets.com/renewsblog/2016-investor-market-index/ 

I like @Will Flores' idea a lot. You are basically paying for the mortgage yourself but just need some extra money to fix up the property. You can go solo if you go with Will's suggestion. 

Don't pay rent, pay the mortgage instead and keep the property for yourself. 

Is the property in condition to rent at all? You could rent out a part of it to help raise the renovation money.

@Jimmy Holman,

I say lend it to a partner who is looking to renovate/flip a property. I think that's the fastest way to get a ROI.

https://www.biggerpockets.com/renewsblog/2016/05/0...

@Brett Merrill, 

It sounds like you're on a roll. Good for you. 

Curious to know how you decided you want 3 properties in one year? That's a good goal, just curious.

@Travis Hauser, 

You might have already come across these articles but I will attach them anyway so you can understand some different strategies and pick what is best for you. 

https://www.biggerpockets.com/real-estate-investin...

https://www.biggerpockets.com/real-estate-investin...

@Jessie Wells, 

I would say check out the rules and regulations and see how much of an impact that would have on the investment (paying taxes, etc.) If it's all feasible, my guess is that you would make more money on Airbnb, but double check the numbers. 

Airbnb might be more hands-on because you would have to clean up the property more often. I think you'll be able to better decide once you see the comparison in income. 

Best of luck. 

@Account Closed,

Congratulations on saving so much money at your age! 

I say take that cash and buy one or a couple of single family properties. You have the cash, you've done your research, what are you waiting for?! If you don't have a job, maybe you should keep some cash on the side but in reality, the rent money will become your salary. I would start smaller. I love it when I'm able to pay cash for my properties but I never had that kind of capital. 

@Karen Miller,

I have been reading a lot more about Airbnb. From what I understood, if you set your prices pretty low in the beginning, you have a better chance of competing. When more people stay and leave reviews, then you get more bookings. Eventually, you can raise your prices because of the increase in bookings. 

For taxes, here is a link for Orlando, Florida https://www.airbnb.com/help/article/874/orlando--f...

I think you have to pay occupancy and sales tax - make sure you read the laws carefully. Wouldn't want you to be another investor who had all their hard work go to waste because of the short-term rental laws. 

I have never done an Airbnb invsetment property.