New and getting started. AKA in need of a mentor
New to Real Estate · UT · Member since 2022 · 10 posts · 8 votes
New and getting started. AKA in need of a mentor
Most Popular Reply
Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votesQuote from @Matthew Coltrin:
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
Hey there @Jaycee Greene, Thank you for the reach out! I grew up in the Branson and love the entertainment aspect. I have family in the Myrtle beach area and I love the combination of family, entertainment and beach aspects. And Utah. We live here and enjoy the outdoors and have lots of family around.
We'd prefer turn key, but we don't have any issues with a little fixer upper. Iv been in construction for 10+ years. So I know my way about getting small and a few big things done. Move a wall add a bathroom ect.
On the payment side this we are unsure about our abilities. We are currently trying to understand all of that. We have an appointment with a financial advisor/planner? June 10th. (but I am worried he will just try to sell us a life insurance policy) is this even the right person to be meeting with?
@Matthew Coltrin I love to hear that you have some personal connections to the areas you're targeting for your investment. I'm going to predict that the financial advisor is going to try to steer you away from real estate and towards stocks/bonds and other "market" investments. One of the great things about REI is that most of the financing is based on the cash flows of the properties rather than your personal income.
As for a fourplex in Branson, would something like this be of interest to you: 121 Toni Ln Unit 1-4, Branson, MO 65616?
@Matthew Coltrin Believe me I understand, the BP app leaves a lot to be desired. My email is shown in my signature, so feel free to use that if you want.
12 Replies
- 1yGary NelsonBusiness MemberReal Estate Agent · Branson, MO · Member since 2016 · 141 posts · 93 votes
Welcome @Matthew Coltrin!
One of the smartest early moves you can make is to connect with a real estate agent who’s also an investor in your target market. They’ve already vetted lenders, contractors, and property managers, and can help you avoid the usual beginner headaches.
In Branson, there aren’t many house-hack opportunities that are also vacation rental approved. However, there are some solid options for house-hacking residential properties as long-term rentals. I’m happy to share what’s working for me in Branson or point you in the right direction if you’re looking elsewhere. Just shoot me a message anytime.
Gary Nelson Real Estate, EXP Realty, LLC554 Reviews- New to Real Estate · UT · Member since 2022 · 10 posts · 8 votes1y
Quote from @Gary Nelson:
Welcome @Matthew Coltrin!
One of the smartest early moves you can make is to connect with a real estate agent who’s also an investor in your target market. They’ve already vetted lenders, contractors, and property managers, and can help you avoid the usual beginner headaches.
In Branson, there aren’t many house-hack opportunities that are also vacation rental approved. However, there are some solid options for house-hacking residential properties as long-term rentals. I’m happy to share what’s working for me in Branson or point you in the right direction if you’re looking elsewhere. Just shoot me a message anytime.
Thank you @Gary Nelson. I have tried to work with a few realtors. But I don't think I'm asking the right questions or being clear enough in what I'm asking for.
that's interesting you say it's not one for house hacking. I'd like to learn more about what you have found.
- 1yGary NelsonBusiness MemberReal Estate Agent · Branson, MO · Member since 2016 · 141 posts · 93 votes
Quote from @Matthew Coltrin:
Quote from @Gary Nelson:
Welcome @Matthew Coltrin!
One of the smartest early moves you can make is to connect with a real estate agent who’s also an investor in your target market. They’ve already vetted lenders, contractors, and property managers, and can help you avoid the usual beginner headaches.
In Branson, there aren’t many house-hack opportunities that are also vacation rental approved. However, there are some solid options for house-hacking residential properties as long-term rentals. I’m happy to share what’s working for me in Branson or point you in the right direction if you’re looking elsewhere. Just shoot me a message anytime.
Thank you @Gary Nelson. I have tried to work with a few realtors. But I don't think I'm asking the right questions or being clear enough in what I'm asking for.
that's interesting you say it's not one for house hacking. I'd like to learn more about what you have found.
Hey @Matthew Coltrin
To answer your question, there's not many house hack options that are also STR approved. In Branson City Limits, the required zoning is high density residential, which includes most, but not all COA communities. So the majority of the residential product is zoned separately and would then require a special-use permit, and a separate process and likely not getting approved.
The trick is to live in one unit and rent the other(s) to minimize costs or at least break-even. You can house hack with an FHA or conventional loan up to 4 units. After that, lenders will consider it not a small multi-family anymore, so 5 or more units will require private money or a commercial loan with less favorable terms. So the problem lies in Branson finding a 2+ unit property, that is also STR approved zoning, and that is also affordable or turn-key, etc. Most well performing STR's will trade on a cap rate, and will usually escalate the price beyond where an owner-occupant can really afford it and still make sense on paper.
There’s not a lot of inventory ever available on the market in duplexes, tri-plexes or 4-plexes, so when we have that inventory available, it doesn’t take too long to get scooped up by another investor.
If you’d like to hop on a quick call, I think you’ll find a more strategic approach helpful. I discuss the recent revenue trends, best assets within the Branson vacation rental market, what exactly to be looking for, how to analyze and budget a deal, and we go over my buyers representation agreement, and show you what value I provide. I’d want you to feel educated and taken through a process with a clear direction, next steps, etc. Even if you’re not too serious today, we all started somewhere and I’m sure I can fill in these blanks for you and answer any of your questions!
Also check out the branson investor website that I built last year and let me know what you think!Gary Nelson Real Estate, EXP Realty, LLC554 Reviews
- 1yChristina HawsBusiness MemberReal Estate Agent · South Jordan, UT · Member since 2019 · 34 posts · 13 votes
Hi, @Matthew Coltrin!
I think that is a great way to get started! I live in Utah. I wish I had started that way when I was newly married or when my kids were a lot younger! The first place my husband and I lived in (as renters) was a duplex. A few months after living there, we came home from vacation to find that the duplex was up for sale! We freaked out and quickly began searching for a new place to live (rent). If I had known what I know now, I would have found a way to buy that duplex and live in one half of it and rent out the other half. House hacking is the way to go! It also helps to pay the mortgage. If you are going to live in the 4-plex, you can get an FHA loan and you only need to put down around 3.5%. That makes it so much easier to get into a deal! Send me a message if you want to chat further.
Christina Haws Real Estate Services.54 Reviews- New to Real Estate · UT · Member since 2022 · 10 posts · 8 votes1y
Quote from @Christina Haws:
Hi, @Matthew Coltrin!
I think that is a great way to get started! I live in Utah. I wish I had started that way when I was newly married or when my kids were a lot younger! The first place my husband and I lived in (as renters) was a duplex. A few months after living there, we came home from vacation to find that the duplex was up for sale! We freaked out and quickly began searching for a new place to live (rent). If I had known what I know now, I would have found a way to buy that duplex and live in one half of it and rent out the other half. House hacking is the way to go! It also helps to pay the mortgage. If you are going to live in the 4-plex, you can get an FHA loan and you only need to put down around 3.5%. That makes it so much easier to get into a deal! Send me a message if you want to chat further.
Thank you @Christina Haws!
I wish I new about doing this in my 20's! While my kids are still young, we are hopefully still on the "younger" side. I feel that time quickly changing. So there is a sence of urgency.
the FHA loan is definitely on the table! How to use it is our question.
- 1yJulio GonzalezPro MemberSpecialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
Hi Matthew, great plan! Starting with a 4-plex and STRs is a solid foundation. Excited to see how you grow!
-Julio - 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
- New to Real Estate · UT · Member since 2022 · 10 posts · 8 votes1y
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
Hey there @Jaycee Greene, Thank you for the reach out! I grew up in the Branson and love the entertainment aspect. I have family in the Myrtle beach area and I love the combination of family, entertainment and beach aspects. And Utah. We live here and enjoy the outdoors and have lots of family around.
We'd prefer turn key, but we don't have any issues with a little fixer upper. Iv been in construction for 10+ years. So I know my way about getting small and a few big things done. Move a wall add a bathroom ect.
On the payment side this we are unsure about our abilities. We are currently trying to understand all of that. We have an appointment with a financial advisor/planner? June 10th. (but I am worried he will just try to sell us a life insurance policy) is this even the right person to be meeting with?
- 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Matthew Coltrin:
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
Hey there @Jaycee Greene, Thank you for the reach out! I grew up in the Branson and love the entertainment aspect. I have family in the Myrtle beach area and I love the combination of family, entertainment and beach aspects. And Utah. We live here and enjoy the outdoors and have lots of family around.
We'd prefer turn key, but we don't have any issues with a little fixer upper. Iv been in construction for 10+ years. So I know my way about getting small and a few big things done. Move a wall add a bathroom ect.
On the payment side this we are unsure about our abilities. We are currently trying to understand all of that. We have an appointment with a financial advisor/planner? June 10th. (but I am worried he will just try to sell us a life insurance policy) is this even the right person to be meeting with?
@Matthew Coltrin I love to hear that you have some personal connections to the areas you're targeting for your investment. I'm going to predict that the financial advisor is going to try to steer you away from real estate and towards stocks/bonds and other "market" investments. One of the great things about REI is that most of the financing is based on the cash flows of the properties rather than your personal income.
As for a fourplex in Branson, would something like this be of interest to you: 121 Toni Ln Unit 1-4, Branson, MO 65616?
- New to Real Estate · UT · Member since 2022 · 10 posts · 8 votes1yMy apologies. I am trying to read your message. But my ap seems to have a bug that reloads the page to not show anything everytime I scroll up to read it.
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
Hey there @Jaycee Greene, Thank you for the reach out! I grew up in the Branson and love the entertainment aspect. I have family in the Myrtle beach area and I love the combination of family, entertainment and beach aspects. And Utah. We live here and enjoy the outdoors and have lots of family around.
We'd prefer turn key, but we don't have any issues with a little fixer upper. Iv been in construction for 10+ years. So I know my way about getting small and a few big things done. Move a wall add a bathroom ect.
On the payment side this we are unsure about our abilities. We are currently trying to understand all of that. We have an appointment with a financial advisor/planner? June 10th. (but I am worried he will just try to sell us a life insurance policy) is this even the right person to be meeting with?
@Matthew Coltrin I love to hear that you have some personal connections to the areas you're targeting for your investment. I'm going to predict that the financial advisor is going to try to steer you away from real estate and towards stocks/bonds and other "market" investments. One of the great things about REI is that most of the financing is based on the cash flows of the properties rather than your personal income.
As for a fourplex in Branson, would something like this be of interest to you: 121 Toni Ln Unit 1-4, Branson, MO 65616?
- 1yJaycee GreenePro MemberReal Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
Quote from @Matthew Coltrin:
My apologies. I am trying to read your message. But my ap seems to have a bug that reloads the page to not show anything everytime I scroll up to read it.Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
Quote from @Jaycee Greene:
Quote from @Matthew Coltrin:
My wife and I are new to realestate. Our plan is to buy a 4 plex rent/bnb our current house out move 8n to one of the units in the plex str the other units and repeat the process for a few years to grow our portfolio.
Areas we are interested in, Branson Mo, Myrtle beach SC, and Utah (our current state of residence)
Hey @Matthew Coltrin, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"?
do you have a personal connection (other than just living in UT) to any of the areas you're targeting (lived there before, have family/friends that live there now)?
Hey there @Jaycee Greene, Thank you for the reach out! I grew up in the Branson and love the entertainment aspect. I have family in the Myrtle beach area and I love the combination of family, entertainment and beach aspects. And Utah. We live here and enjoy the outdoors and have lots of family around.
We'd prefer turn key, but we don't have any issues with a little fixer upper. Iv been in construction for 10+ years. So I know my way about getting small and a few big things done. Move a wall add a bathroom ect.
On the payment side this we are unsure about our abilities. We are currently trying to understand all of that. We have an appointment with a financial advisor/planner? June 10th. (but I am worried he will just try to sell us a life insurance policy) is this even the right person to be meeting with?
@Matthew Coltrin I love to hear that you have some personal connections to the areas you're targeting for your investment. I'm going to predict that the financial advisor is going to try to steer you away from real estate and towards stocks/bonds and other "market" investments. One of the great things about REI is that most of the financing is based on the cash flows of the properties rather than your personal income.
As for a fourplex in Branson, would something like this be of interest to you: 121 Toni Ln Unit 1-4, Branson, MO 65616?
@Matthew Coltrin Believe me I understand, the BP app leaves a lot to be desired. My email is shown in my signature, so feel free to use that if you want.
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