All Forum Posts by: Andrew Greer

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $1,000,000
Cash invested: $200,000

Multi-Family investment property that has been turned in Airbnb. Property has been used to generate income while processing permits to build out large apartment complex assembly on site. Is part of a duplex that is also rented out as a short-term vacation rental.

Investment Info:

Large multi-family (5+ units) buy & hold investment in San Diego.

Purchase price: $505,000
Cash invested: $1,500,000

Ground up construction project in San Diego. Project used the DSDIB400 to add 2 additional rental units to the property via ADU conversion on new construction. Property has been refinanced and stabilized creating long term cash flow for the investors.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $1,000,000
Cash invested: $200,000

Multi-Family investment property that has been turned in Airbnb. Property has been used to generate income while processing permits to build out large apartment complex assembly on site. Is part of a duplex that is also rented out as a short term vacation rental.

@Nancy BachetyI don't know what you are trying to ask here? They are requesting we block for 24 hours, but it is not enforced automatically. It is not based on solely first responders here. Currently many of my guests are first responders or there family but we also have military that are using our homes too as they leave the ships they are on.

I personally have bought several properties with "no money down" from myself. One major technique is being the operator in an investment partnership. I did this for several years and slowly moved partners and investors to gain more equity, at the same time my good partners stayed in house and we have grown to larger deals.

Another way, that I love, is own carry and/or AITD's (All inclusive trust deed) I have used this strategy in acquiring multi-family development opportunities so I could assemble multiple lots, take on the minimum expense and then pay them off with the syndication as we took it to construction. 

I had a lot of success with it personally. I rented out 7 properties during COVID that I had as Airbnbs using the Zillow Application and process and it was relatively seamless. Biggest compalint was the UI is a choppy when going back and forth with someone who has reached out to multiple landlords. The "application" Send request seems to get buried on their side from my conversations, but overall happy.

I did get a message today though that each listing will be charged $10 a month starting next month. Also I did a combination of Avial.co and Zillow to really bump traffic on my properties. 

I accepted it on one of my properties and it has not effected my calendar at all. I saw that comment at the end but it does not seem to be auto enforced. That said we have had very strict cleaning guidelines with our team on our properties since the second week of January and this has fallen in line with what we were already doing. 

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $775,000
Cash invested: $560,000

Purchased 1 lot and two homes next to each other. Demolished homes and assembled lot to build out 10 unit apartment complex

What made you interested in investing in this type of deal?

I am always looking for single family homes that have been rezoned to build out multi family in areas that are experiencing higher density. This happened to be located in a neighborhood going through that type of change.

How did you find this deal and how did you negotiate it?

It was listed on the MLS and it was not seen as a 10 plex but as 2 homes and a lot so I was in a great position.

How did you finance this deal?

Syndicated out the project with 2 investors

How did you add value to the deal?

Tore down the homes and built 10 more apartments

What was the outcome?

We get the final permit in about a month so it is TBD.

Lessons learned? Challenges?

We had issues with the water department on this property and with engineering on some of our design.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I had an agent on the front end find the deal

@Kevin Fox look forward to catching up, might be hard this time with over 60 people confirmed but lets definitely chat. See you there! 

Looking for to meeting @Martin Spielvogel, see you there!