All Forum Posts by: Scott E.

Most of the time when people look for feedback on their listings there is plenty to pick apart but overall I think you did a really good job!

The listing name is nice. The photos are nice. The finishes and furnishings are nice. The description is a little light but I'm not sure what else you could highlight in terms of the location.

My only feedback is - It looks like this is a space that shares a wall with the main house. Or does it sit above the main house? The exterior picture tells part of the story. But I'd make that more clear in the listing (For example: Guest space sits above the garage of the main house. Private entry.)

Sherwin Williams Extra White, Eggshell sheen, everywhere. Walls, ceiling, baseboards, casings. Everywhere. 

It's an easy job for the painters when you do 1 color and 1 sheen, white looks super clean, and white doesn't wear as badly as you'd expect in a short term rental (I had this exact paint job in 3 short term rentals from 2017 - 2020).

(Many people will side with @Bruce Woodruff here because he's right... those tans and creams do create a more cozy environment. But to me white is a more timeless look. It goes with any style. And it looks great in listing photos.)

There are a dozen places you could park that $200k. It's really hard to give advice with such little information. But some general feedback...

-Real Estate: Yes you can buy real estate. But what market will you buy in? Do you want to flip homes or do you want to buy rentals? Do you want to own 4 small houses or 1 big house? Do you care more about cash flow or appreciation? What is your risk tolerance? What is your experience with construction? Have you ever bought a home before?

-Stocks: A lot cleaner and simpler strategy, especially if you're buying ETFs or mutual funds. They cover the stock market broadly and carry less risk since they are already diversified. But when owning stocks you have little to no control over your holdings (unlike real estate).

-Businesses: If you want to be more hands on there are a number of businesses that you could buy with $200k. This will be more active in the beginning but could be a passive source of income if you build the business up then put management in place.

-Treasuries: Don't know much about them so not going to try to offer advice here. But last I knew you could make ~4% on your money if you park it in treasuries.

You get the idea. The list goes on and on. But if you are drawn to real estate, you should spend some more time here on the forums and learn about all of the different real estate investing strategies, then pursue which one feels like the best fit for you.

There are plenty of lenders right here on this forum who would do a loan of this caliber. A loan of $2-$3 million is not that big. Although the non-recourse bit is going to be a challenge.

But here's my feedback... re-read your post and think about your grammar. Not trying to be the grammar police here but do you really expect somebody to lend you $2 million dollars+ based on this post? You need to be organized, professional, detailed, and polished when you're looking for money.

Without a photo it's impossible to give you advice with confidence.

But based on your description, it doesn't sound like a big deal. You would get an inspection when you purchased the property, and the home inspector should call out any concerns with the foundation or the grading. They also can help you forecast issues based on the conditions.

If an inspector has little concerns, an appraiser and a lender will probably also have little concerns.

Again this is all just based on the assumption that the home is simply "close to a steep hill"

There's a balance. When I did my first flip I had a trusted real estate agent, lender, and general contractor in my network. 

Without those 3 people by my side, I would have never had the ability or courage to even make an offer on my first deal, let alone go through with it.

You don't want to get stuck in analysis paralysis. But you also don't want to jump in blind and with no support.

I mean the cabinets are pretty gross but you should not replace them for this tenant.

I'd consider taking it off the market, painting the cabinets, replacing the hardware, and re-listing it for rent at a higher rate. It'll cost next to nothing but will be a significant upgrade to this kitchen.

For the nightly rate you should follow what @Caleb Brown suggested. Look at comps and price accordingly.

Also I agree with his comments on the listing. Sorry to be harsh but you need to hear this - Your photos are awful. 

You should have an interior designer, a property manager, or a realtor help you clean up and spruce the place up to make it as photogenic as possible.

Then hire a professional real estate photographer to take ~15 photos for your listing. It might cost you $300+ but it will be money well spent.

 I'd use these forums to try to find a realtor and property manager out there.

I attend a couple local real estate meetups who meet once monthly. There is a meetup section of the biggerpockets forums you can find under 'Real Estate Classifieds.' There are also quite a few posted on meetup.com.