All Forum Posts by: Brian Oberholzer

I currently own 2 buildings next to one another with seperate addresses, both zoned commercial but structures considered SFR's. Each has 1 communal kitchen and 4 shared baths. They're set up like co-ops or dormitories, one has 14 rooms the other has 10. Very profitable, CAP rate growing to near 20% as I remodel and add rooms (about 50% there). Smaller building worth 220k, larger 300k. Owe 230k in a single loan seller carry deal, 5 year term at 6% interest. Both properties located in Coeur d'Alene, Idaho 83814. I'd like to cash out refi, maybe take 150k, and move money into a half remodeled 11 unit motel in 83814 for down payment and rehab. Motel selling for 500k, 5500 sqft on 1/4 acre lot zoned C17 with large common area and ample basement spaces. Worth easy 750k after complete remodel with potential to pull 200k gross rents yearly. Any lenders out there that can do both deals at reasonable terms? My tax returns show little and fico is 600 thanks to extended credit but getting better. Thanks!

Investment Info:

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

Purchase price: $435,000
Cash invested: $200,000

2 unique dormitory style buildings. Going through complete remodel while occupied, starting room by room with eventual common area and exterior finish by spring. Goal is to achieve the rule of 3% in rentals - amazing for an investment of less than 500k!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $80,000

Nice 5/2, 2000 sqft main house with 1000 sqft 2/1 back house. Mostly left in original condition by elderly seller, have remodeled basement, kitchen, bathrooms and rear house. Also on a half acre with ready to split adjecent lot, zoned R12.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $50,000

Secondary lakefront cabin with dock in need of repairs. To be used as vacation rental property in peak season, then temporary rental with rv parking in off season

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

Incredible vacation rental market around one of the great lake vacation destinations in the US - Coeur d'Alene, ID!

Has anyone around CDA with re investments used Frank Clovis?

Hi Paige, late reply but relocated CDA investor going through a CDA search and noticed your post. If you want to send me any great listings, especially off - market pocket listings let me know :) 

I'm after a motel in need of fixing up. Selling for about 550k, 11 units that can be expanded to 14 units, 5400 sqft total on a prime downtown 1/4 acre C17 lot. With 70k in rehab could be a 800k motel, reserving rooms for $50 nightly Oct - May and up to $150 June - Sept. Or rent weekly force 1k per week. Great cashier flow but no financial records due to previous owner running it as a non profit, sorry selling as non performing asset. But other local motels make good comps. Banks saying no since its a non performing asset, plus my credit is extended. However I could do 10-20% down plus use (if possible) equity from a 500k value multi unit that I owe 225k on. I'm told there is a way to ask the seller (who's carrying the loan) to take a second position, along with a second on the new motel property, to let new lender come in first by refinancing or cross collaterlizing the multi family? Also I'm not too happy to hear commercial appraisals run $3000+. Seems ridiculous and hoping there's a way around that. Properties are located in Coeur d'Alene, Idaho.

@David Clinton III thanks David. I'm pretty new to the forums. Can I leave my number?

Venturing into my first commercial deal here in CDA, a motel in nice location. Purchase around 500k, has 14 units, 5000 sqft, 1/4 acre lot, nice shape but could be 800k+ motel with 100k upgrades. Has excellent cash flow potential - easy 2% rule but much bigger in peak season. Bank loans unlikely however, so seeking advice on how to get this deal done. Thank you 

Hi Filipe, the Google forms link no longer works? Would love to use your template if possible. Thank you!