All Forum Posts by: Zeona McIntyre

Hey @Erika Andersen I totally hear you in wanting to save some money and taking on the task yourself. As a few have mentioned, the best way would be to call the listing agents directly, but depending on how much time you want to dedicate, setting and going on multiple appointments with different people could prove to be time-consuming. Nearly all homes I am seeing in Denver are offering a 2.5%-3% commission paid by the sellers. In your contract with your agent, you can say that you are not willing to pay above the offered commission or agree to a minimum and have your agent let you know if a home is not meeting that minimum. Any good agent can negotiate a fair commission out of the seller side if they are bringing an offer. 

It is important to remember that a solid agent is not just opening doors for you, their biggest value would be in the negotiations and right now, buyers have a real advantage if one knows how to go about it. Agents are also advising you to look for expensive mistakes (like checking the sewer which could cost 5-40k) and using their network and contacts to find homes off market or FSBO.

I have a 2/1 condo in Denver that has been harder to MTR but its not in the same area as yours. My unit is located by Rose Medical. Our first year out was crazy good renting for $3300 when market rate was around $2100, but by mid 2023 and 2024 it felt harder. Our book brought out the competition in droves. Meanwhile my two 1/1 condos in Boulder rent consistently. Some complaints I've gotten is that my unit only has one bedroom and is small square footage wise. I imagine others don't like that it's in an older condo building without private laundry. Just some notes to consider based on what your unit is like. 

I'd say it would be important to see how much more you would make renting MTR. If it's the difference between $1800 and $2200 but you have to cover utilities too, not worth it. 

@Zach Howard I am working on a how-to book on Creative Financing now (I am the author of BP's book on Mid Term Rentals) because when I was teaching myself I was frustrated at the lack of clear instruction. I struggle with podcasts because they show a slice but not usually a start-to-finish how-to and you could invest countless hours (like I did) listening to many podcasts to piece things together. While Pace Morby seems to know his stuff, he puts out incredibly long videos and I didn't have time to sort through all that fluff & didn't want to pay 8k to be in his course. 

My best recommendation would be to find someone who is doing something similar to what you hope to do in the space and have a coaching call or two. If you have a focused plan and prepared questions you can learn a lot in an hour. 

People I admire in the space: Grace Gudenkauf (also a BP author) or Jenn & Joe Fave. 

@Ramsey Doumani This is a great plan. It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

Real estate success is driven by demand, it sounds like you will have more tenant options and higher prices in Ft. Myers. Location, location, location. 

I find condos/townhomes to be easier to manage out of state because the HOA handles a lot of the maintenance, just be aware of condo fees and find a place that is reasonable like $300-400/mo or less if you are lucky. Amenities also drive demand to a rental and its much easier to have something like a pool if you are in a complex. Important things to look for: if you want to STR (you will make more this way) then no rental restrictions, if you plan to MTR, 30 day min works, anything longer doesn't. Note: Florida charges a hefty tax on rentals under 6 months.

Also when you are under contract and get condo docs, make sure to read the meeting minutes (for the past year if available) they will indicate if there are any talks of an upcoming special assessment (which you don't want). You also want to see a reserve study and only invest in a property where the HOA is at least 30% funded, less than that is assessment territory.

My vote is if you are going to continue to buy, you need to utilize leverage. I would not start paying off properties (if at all) until you are done buying as it will slow you way down. 

A few things to consider. Can you invest that money that would be used to pay it off in places that earn more than 7%? Absolutely you can, I rolled over my IRA into a fund making double-digit returns.

Next, I tend to recommend that clients stay away from inflated HOA fees. I find that depending on the market $300-500/mo are fairly normal and if compared to what you would pay with a single family home on some utilities, maintenance, and management, it's a good deal. When I see ones much more than that like yours in the $700s to well over $1000, run. Those can indicate poor management, deferred maintenance, difficult and expensive upkeep like ocean front which will bring up issues with rising oceans, insurance, and hurricanes.

I'd wait this one out until rates lower and you can refi and learn from it to buy better the next time around. 

It depends on a few factors: 

First, the fires. They are really changing the shape of the city and it may become incredibly expensive to buy out there soon due to lack of housing. Which may also be a reason to hold on to your current place (appreciation).

Second, have you been in your primary at least two years. You would have had to be there for at least that to save on the capital gains taxes (up to 250k). 

Third, do you have a lot of equity? If not I wouldn't bother selling as there is an incredible amount of money lost in buying and selling properties, so you have to make sure you have a plan to maximize the equity and actually have enough. 

Forth, what is your interest rate? If you have a great rate, I would not be looking to refi, maybe a HELOC instead.

You may just want to put 3% down on your next place and rent out this one. The numbers may not be that favorable in LA for this, I don't have enough information. 

I hope you are staying safe in this difficult time. 

I don't see much data to back up these wild claims in the article. Trump has said he plans to keep owner occupied rates at 6% through 2026. With rates high, I don't see much changing in the market as buyers struggle to afford a mortgage. 

It is not really a thing, no. While I have found MTR tenants who stay a year, most start month to month and just happen to extend. 

Hey Mel,

What you are talking about is an MTR, which BiggerPockets has a book on in the bookstore called "30 Day Stay" ;).

1. you can leave it stocked the exact same. My preference is to prioritize longer bookings and STR in the gaps. Or STR the highest season for the most income and then MTR the slow months.

2. You take a deposit per usual and charge them for any damage beyond wear and tear. You cleaner can be your eyes and ears in this regard. 

3. Yes utilities are usually included. If you have someone reserve a year, you can charge back utilities but it might be a lot of hassle. I'm not sure that I would recommend switching them in and out of your name. 

Keep in mind that MTR bookings average 3 months so you wouldn't want to move utilities that often. 

Hope this helps!

Hey Tim, 

If you are not using Hospitable yet that would be my first addition. It will give you one stop calendar management and automated messaging which is a huge time saver. Due to the size of your portfolio you might outgrow it, but I find it to do most everything I require. I believe the competitors are more expensive with unnecessary features. I'll message you directly a discount link to try it out.