All Forum Posts by: G. Emerson Zollos
G. Emerson Zollos has started 8 posts and replied 13 times.
Post: Anyone bought houses that cater to Transient Contractors?
- Posts 14
- Votes 7
Yall are on top of it! Thanks a ton!
Post: Anyone bought houses that cater to Transient Contractors?
- Posts 14
- Votes 7
Firstly, I am brand new to REI never having really operated in the field. I currently have one buy and hold SFH which Ive been sitting on for a few years now.
Secondly, I am myself a transient worker traveling all over the East Coast working on projects for 1 - 2 months at a time. Generally I will find an AirBnB or a hotel to stay in and I cover it with the perdiem that my company gives.
With this in mind, there is a large construction job that is taking place an hour from where I live in Virginia Beach, VA. This project is going to be 2+ years long and the permits for the construction have already been approved. I will likely be working this project. I am in a unique position of understanding how much a premium I'd personally be willing to pay for flexible lease terms on a project. Does anyone have experience with this kind of investing opportunity? I'd be looking to piecemeal out rooms on a month to month lease term to out of town contractors.
Post: Sing Family Home in Virginia Beach VA
- Posts 14
- Votes 7
Investment Info:
Single-family residence buy & hold investment in Virginia Beach.
Partnered with a friend to buy a rental property that would pay for itself and have a monthly positive cashflow. No money down on the house with a +400/month covers the mortgage and is slowly building equity with very little input on my end.
What made you interested in investing in this type of deal?
Wanted a long-term store of value that didn't require a lot of time.
How did you find this deal and how did you negotiate it?
No real negotiation unfortunately, found it through a local realtor.
How did you finance this deal?
Bank financed mortgage
How did you add value to the deal?
Minor repairs, no serious value added.
What was the outcome?
So far it has gained value in the market and the rent covers expenses. Generally speaking it has fulfilled the limited aims that we set for the investment to begin with.
Lessons learned? Challenges?
The positive cash flow is often times eaten up by management costs and repairs (new fence, new carpets will be needed, plumbing, lawncare, etc) If we were more aggressive in how we negotiated and more specific with our vision/needs we could have found a property that offered a positive cash flow which would cover expenses and while also creating for us a passive income stream.