All Forum Posts by: Patrick O'Shea

Demand was my biggest question when I started. I took the leap knowing there were a number of hospitals in the area. Turns out a site like this can help you identify what hospitals are producing the demand. It confirmed where the demand was coming from.

https://www.vivian.com/browse-jobs/landing

Listening to Frank Rolfe's opinion on this topic is interesting. Are you looking at this from your buyers prospective? 

* This likely isn't bankable so it's a cash/seller finance transaction.
* The buyer is going to have to fill the park. Cashflow will be low until it's significantly full.
* They can't pull their money out via refi until it's bankable.
* (I believe) new home prices are near historical highs. I've *heard* new homes have stricter/costlier installation requirements. That's likely dependent upon AL laws, but potentially another obstacle towards you or your buyers goal. 
* Filling parks typically is a costly and time consuming process.
* New parks are rarely welcome in areas ( by municipal leaders and residents) unless it rural. If it's that rural, does the demand exist?
* Municipalities frown upon parks due to the lack of tax revenue and cost (school district).

These points are counter to a existing park that likely is bankable or closer to it than an empty park. Basically, all the risk without the upside of existing tenants. Maybe your location is unique or demand is thru the roof, but this is food for thought on the paradigm.

I'm curious about your thoughts on this response. I love the idea of developing a park myself. I don't know if it's typically a good financial decision. Let us know how it goes!

 https://www.furnishedfinder.com/stats

I also find searching for travel jobs here helpful to check demand by filtering down to your area.

https://www.vivian.com/nursing/travel/

I use Cort furniture to buy used furniture. It's sturdy and affordable. Looks like there is a local store in Parma, OH. You can also finance it to reduce your out of pocket cost up front.

I'd find a insurance broker. My multifamily policy in Pittsburgh is with Millers Mutual who specialize in multifamily.

I guess it depends on your target guest. In Pittsburgh I have plenty of students and traveling medical pros. The students want desks, and the medical professionals have smart TVs and blackout curtains for when they are not working.

@Mikey Bentivegna, @Jeremy Taggart and @Jim K. are dropping solid advice. I've been in Pittsburgh for 7 years so I have decent understand of the area. What area are you in?  I'm curious if you have any specific goals/plans.  I'm in the South Hills (Upper St Clair) and own a 6-unit building in Southside which I'm converting to mid-term rentals. I'd like to help if you would like to discuss more.

I used this site to confirm where the travel nursing demand was coming from in the Pittsburgh, PA area. It seems there is definitely demand in KC too. I avoid the complications of STR taxes by being exclusively 30+ day stays in my area. YMMV, but good luck!

https://www.vivian.com/browse-...

I don't know his definition of conventional, but 5+ unit property is a commercial mortgage (instead of residential). You'll work with a different department when it comes to the financing. You'll work with a commercial lender at the financial institution. Depending upon price, you'll likely be best off working with a local/regional banker or credit union. Big banks usually don't want to put the effort forth for a smaller loan when they can do the same amount of work for a loan of tens of millions. Good luck!

There aren't any tools to my knowledge. This really seems to be a gap in functionality, but perhaps the is due to the relative size of the market segment. I believe a good ruler of thumb is MTR is 1.5 - 2.0x of LTR rates. Also, STR is 2.0 - 3.0x of LTR rates. YMMV, but it's a starting point if one doesn't have much experience to go on.