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All Forum Posts by: Brian Tustin

Brian Tustin has started 4 posts and replied 21 times.

Post: Off Market Flip Opportunity. Looking for input!

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

@Wayne Brooks 

Thanks Wayne & @Gabriel F.. I appreciate the comment, especially on the EM. 

Post: Off Market Flip Opportunity. Looking for input!

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

Hey Folks! An amazing real estate agent turned me on to a SFH not on the market yet. The owners are looking to get rid of the house due to family conflicts after the passing of the parents. First question... I would like the siblings to take the least path of resistance and sell the house at a discount so I can fix and flip. I'm offering to clean up all the garbage & miscellaneous items (it's a mess on the inside, broken car in garage & throw away furniture in every room), but was looking for gestures that would make it easier for her to let go of the property at a discount. Any advice?

Post: Looking for Funding : Off Market deal in Delmarva

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

Gotcha. That's a bit higher than rate + points than we're looking for in this deal to make sense on our end but I respect your position. 

Post: Looking for Funding : Off Market deal in Delmarva

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

Hi @Alex Shea , thank you! $125k is the acquisition price, maybe 130k depending on closing costs. 

Post: Looking for Funding : Off Market deal in Delmarva

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

I'm looking for private money to help fund an off market deal in a small town on Delmarva. Vacation rental spot with consistent STR revenue during the summer and 6 month LTR in the winter.

Property is a 1bd/1ba. Needs $5k in reno. ARV $135k.

Will share more details with interested parties. 

Post: Looking for Private Money for 4unit Multi-Family Deal : Maryland

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

@Edmundo Gamas Thank you. Will write you an email shortly. Thank you. 

Post: Looking for Private Money for 4unit Multi-Family Deal : Maryland

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

Hi BP community. I'm looking for private money to fund a deal. 4 unit STR in Ocean City, MD. with 2020 bookings : 40k yearly NOI.

two 3/2 : one 1/1 : one studio : 4 parking spots : Gross Income is 90 - 100k. 

Here's a link to the BP report . Property is being sold to be used as 1031. Let me know what questions, comments, or interest you may have. Thank you in advance. 

Post: What will be the impact of the Coronavirus crisis on real estate?

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

@Jay Hinrichs Amazing! It's unreal right now. 

@James De Stefano 8 - 10 months in Italy wouldn't be terrible ;P

Post: What will be the impact of the Coronavirus crisis on real estate?

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11

I think if you're building in an appropriate margin of safety for your purchases then things will be fine. I also believe the impact of the corona-virus is being inflated by the media, but that's just my opinion. 

Just booked flights to italy in june for .50 on the dollar due to cv fear! 

Post: Seasonal Vacation Rentals & 28% Management Fees

Brian TustinPosted
  • Rental Property Investor
  • Ocean City, MD
  • Posts 22
  • Votes 11
Originally posted by @Dan H.:

We have 2 units managed by Vacasa in San Diego (Mission Beach).  They purchased our previous PM.  As @Tom Kastorff indicated, Vacasa attempts to make STR passive. I am fairly sure we are charged a lower percentage of rent than you quoted but they are very well compensated on our units as the units average ~$16k/month rent with near 100% occupancy.

We are fairly happy with Vacasa and not contemplating changing PMs.  We make a lot of money on the STR units.  I suspect I would be more concerned about the costs if the STRs were going to lose money.  

Good luck

Good insight Dan.  Sounds like Mission Bay has been a gem for you. Stoked for you all. Yeah, if with the expected PM fees, the STRs were slated to lose money, that's more concerning absolutely. 

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