All Forum Posts by: Yu Liu

I dont know many options for 2022, if you said 2023, I would say find a STR or commercial building to buy and do a quick cost seg on it.

2022, you might have to dig in your business expenses and try to qualify more through receipts/statements if you have one 

 Gotcha, yea he's a good guy. Hope he answers all your questions!

I agree with Michael about making sure they can pay but I will add that there are a few good arbitrage teams out there. 

For the arbitrage people, they will ask you for a discount since they are signing for all 3. That is up to you whether you allow it or not and how much they are willing to pay for it. I say try having that conversation and see what you find out, it might be in your favor to try it out.

Main thing is finding out if your place is allowed to do STRs, owners can get fined if they're caught doing it somewhere illegal

This is what I am trying to do as well and it is pretty difficult in the FL markets that I have looked into. If anyone here has any suggestions for other places in FL, let me know.

Dropping this too in case you or anyone is interested.

I have a friend who is selling a STR in Galveston Texas $650K, it did $90K gross with 5 weeks off due to new pool construction in October/Nov, so I guess the aim would be $100-$120K gross this next year since it has a very nice pool now. Direct to seller.

I also have a friend who is looking to sell a $200K gross property (2021 and 2022 numbers, expected to hit it again in 2023) in Tulum for $1.1M. They are upgrading it to be a 5 bed instead of a 4 bed. Asking for $250K down and they're open to seller finance the rest if you are unable to find good financing options. They live there and would help teach the new owners everything and manage for 10% if needed. 

Feel free to message me for more details on either option

Hi Alexis, I have a friend. His name is Patryk. Reach out to him as he's an expert in that area https://www.instagram.com/patryk_swietek/

Agreed with @Allen Duan, I would double check and not blindly trust AirDNA. Also with 80K income have you calculated what your expenses would be with 5% down on a $1.25M home?

I just did the numbers for you, 

5% down on a 1.25M home is $62.5K and assuming your interest is 7%, your principal and interest (not including taxes and insurance) is already $8K

$8K *12 = $96K in expenses

for 80K in income

Do you see the issue here?

not including utilities, repairs, supplies, and other fees you may have. 

You got it! Yes, as long as you can close before end of year and put in the 100 hours and average it to be less than 7 days, you qualify!

JD pretty much nailed it! 

Also not a CPA so please confirm everything with a CPA

Bill pretty much got it. 

Do what he described with the full "intention" of living there but hey if you have to go back out of state to visit family or do some business trips out of Vegas, that's fine too

I 3rd apartments.com

I recommend you connecting with as many people as you can when starting out and that means you have to put in the work of reaching out to those people. 

You will get a lot of no's but you will also get a couple of yes's as a lot of people in the RE are very generous from what I found. 

For your questions: #1 and #2 =

http://justicemap.org (filter by income as a general rule of thumb, A areas are blue and red areas are C, D) 
your other questions could probably by an agent in the market you are looking at

#6 look for keywords like "fixer" "investor special" "needs work"