All Forum Posts by: Andrew Pipkalejs

We are seeking investors interested in a tax haven while generating passive monthly income from a luxury investment. We are nearing completion of a $3 million luxury short-term rental in the charming beach towns of Southwest Michigan, just 78 miles from downtown Chicago. This stunning 4,000 square foot estate is set on 10 private, wooded acres overlooking a spring-fed lake, and it boasts an array of sought-after features including a private in-ground pool with a splash pad, a hot tub, and beautifully landscaped outdoor spaces ideal for relaxation and entertaining.

Inside, guests will find a gourmet kitchen equipped with high-end appliances, spacious living areas with luxury furnishings, and well-appointed bedrooms with plush bedding and en-suite bathrooms featuring soaking tubs and rain showers. High-tech amenities like smart home features, high-speed Wi-Fi, and a home theater add to the allure. The pool house includes a partial kitchen, utility room, and a full bathroom with a spacious walk-in shower, while the garage loft serves as additional living space with a wet bar and full bathroom. Wide plank French oak hardwood floors, energy-efficient mini-split HVAC systems, and radiant heat in the concrete floors enhance comfort. Off-grid Generac generators are ready to be installed, powered by a 1,000-gallon propane tank.

Our aim is to revitalize the area by developing more luxury homes for short-term vacation rentals, providing an attractive tax haven for investors. We will handle all rental management and operations, paying a flat monthly lease to investors. Additionally, we would like the option to repurchase the property at the original sale price, facilitating a 1031 exchange into future projects to minimize costs for the investor.

We've been weeding through all the private and hard money lenders for a new construction AirBnB we plan on building in 2024 in Harbert Michigan. It seems every lender we talk to turns this project down because either the size of the land is too large (10.23 acres), the geographical location (wooded & secluded area), the size of the loan is too large ($1,350,000), we do not qualify traditionally with Debt to Income Ratio's, or they have outrageous rates and closing costs (12%-16% interest and $40k-$60k in closing costs). Looking for a lender who would be willing to take something like this on and continue to fund projects for us into the future. We plan on rolling this into a 30 year DSCR when completed and we plan on building 2 more homes in the same area in late 2024 to airbnb as well. We currently have one Airbnb that is doing phenomenal so we are trying to replicate this on a larger more luxurious scale. We also have an email list of over 300 renters that have stayed with us at our existing rental and we plan on sending out a mass email to all our past renters so we immediately book up as soon as this new rental is in operation. We also have permits and are ready to immediately start construction, all the improvements and utilities have been completed.

Land Cost: $205,000

Improvements: $100,000 (Completed) 

Current Land Value: $500,000

Horizontal & Vertical Construction Costs: $1,350,000

Completion Value: $2,100,000-$2,300,000