All Forum Posts by: Brian Canady

 Sorry. I am not used to PB "quote" button until now. 🤦‍♂️ I responded to your question below. 

 Sorry. I am not used to BP. I responded below. Thanks for the comments. 

I didn't say hire some random person / host from airbnb. I said to look at someone who is already doing this at a high level on Airbnb who are a co-host. I have seen this work for multiple of our clients. Yes, they do charge 20%-40% and are typically hands on close to the property. I think this is a huge need in the STR world. I hope it works.

I also answered her question about how you can sell the property as an airbnb and gave some strategies to do it. 

Thanks for the comments. 

Great questions. 

1st question....If you don't sell the property on time how do you handle this?

Answer - I agree with the seller a number that makes sense for me to buy it. Typically it is under 70% LTV. This number is still typically higher than the wholesale offers they are getting. Each situation is unique. 

2nd question.....What does doing an ovation mean? W/ keeping the mortgage in place with the seller? Is it seller financing?

Answer - Novation per google is .....Novation is a legal instrument that replaces an existing contract with a new one, often involving a change of parties or obligations. It essentially extinguishes the old agreement and creates a fresh contractual relationship, with the consent of all involved parties.

To answer the rest of your question. Yes. I negotiate to keep the mortgage in place. I do this because the monthly payment is typically much lower than a hard money lender and I have no fees. Also, dealing with an owner is easier than dealing with a hard money lender.  It is not seller financing, which would consist of the seller owning the property free and clear and then I would do a loan with the seller. This is just taking over the monthly mortgage payment and bringing in private money to fund the flip. 

Airbnb now has Co-hosts that can help you manage it if you want to keep it. This is a great option and a huge need. 

You can still sell the property with renters in there. Just be upfront and let them know what is going on. You can give them a discounted rate or buy them dinner to get them out of the house. 

What we have done in the past for clients like in addition to what I mentioned above. Find out what days the group is out of the house or what hours they will be out of the house. Plan showings or an open house around these times to get as many people through the house as possible. Example- Typically, we will list the property on Wed and say NO SHOWINGS UNTIL SAT 10-4pm. This will create a ton of showing request for that day. We will host an open house during that time and have it available for showings so I can be there and make sure my renters stuff is taken care of. Usually the property will sell that day. If not, repeat the next weekend or block a day out in the calendar to complete the open house/ showings. 

Good luck. If you need an agent, I can help direct you. If you want to chat, let me know. I am an open book 

We have been doing novations in Colorado Springs with lots of success. 

We have been finding distressed sellers who don't have a ton of money, but do have a lot of equity. Most of these are cosmetic flips. These are mainly the baby boomer ge

neration. We negotiate to keep the mortgage in place with the seller, which is usually under 4% interest rate. (I have one right now that is 2.125% interest rate.) We agree to make the mortgage payments while we flip the property. In some scenarios we even put the person(s) in a hotel or transitional housing for 3-6 months while we flip the property. 

We bring in private money to fund the flip and the bills for the next 6 months. This is typical, but depending on the deal, we might ask for more time. We pay out our PML's 10% Annually with no payments until the property sells. Most of the time, the property sells within 6 months and our PML's make 20% ROI on their money.

Once the home sells, everyone gets paid. Everyone wins. If you have any questions on how I structure these deals or how I find my PML's, let me know. I am an open book. 

Also, if you are interested in partnering in anyway, let me know. Id love to talk more about it. Below is a picture of a living room we updated with a novation. We ended up buying this townhouse subto and keep it as a furnished rental. 

My client wanted to find condo in ski country for under 350K that allowed for STR and was walking distance from the mountain.

We just closed on a condo for $325,000 and got his closing cost paid for. This condo is projected to get $40,000 in revenue and give him a place to go ski whenever he wants. I couldn't believe there are these types of deals in Colorado ski country. Keystone is approx 90 min from Denver or 140 min from Colorado Springs. If you need help finding mountain condo near a ski resort, let me know.  

Where should I list a portfolio of 17 unit condos for sale?

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