All Forum Posts by: Jeff Piscioniere

@Tito Burgos How far from home would you need to go to feel both comfortable with that distance and to also purchase something worth investing some or all of your capital into? I’m sure you’ll agree that you live in one of the most expense real estate markets on the planet, but outside the city there will always be those blue collar communities that are home to mainly service professional types. We invested in what we’d define as an old mill old railroad type town of which there are countless in our part of the country. I’m not for putting all of one’s eggs in one basket, but $300K could get you a significant property perhaps size enough where property management made sense. That would alleviate much of your fears I’m sure. Again, with that in mind, partnering with just a couple other like minded individuals with similar investment amounts and you’re talking a significant type of a property that could easily justify sufficient cash flow to take a more hands off/pressure off approach.

@Tito Burgos I would agree that your money would go so much further in other markets vs the very expensive Northeast. I live in CT and we had to go off the beaten path a bit to find buy and hold that makes sense. It’s out there if you look hard enough. Good for you for having $300K in cash. That’s outstanding! But sitting in a bank account, I assume, and you’re denying yourself and your future income you could be making. Finding investors you trust to lend to is no doubt a giant leap of faith but maybe instead partner up with a group of friends on a multi and at least put some of that $300K to work for you. Good luck!

@Eddie Sorrell that would be outstanding if there was something already available. Appreciate it!

My business partners and I are looking to scale as quickly as possible on a buy and hold rental strategy. For purposes of using as little of our own money as possible we naturally want to use other people’s money. Together we could all probably cobble together family members to lend us money sufficient for down payments in our price range. That money we could probably just borrow and pay back through family trust but my question is,does it make sense, even though not needing to make it an official legal loan, should we have the loan legally drawn up by an attorney with an interest rate and amortization schedule in order to establish a private loan history for the purpose of demonstrating to future private lenders who are not family members that we met loan obligations? Thank you in advance!

@Austin Works sorry for the delayed response. Exactly what @Lucas Carl stated. You’re not going to find below market that’s not a fixer upper or is ready to slip off its foundation down a hillside. Lol! My wife and I were planning on scaling our STR business as we have seen our cabin’s value increase over 20% in just 2 years but I’ve now turned my REI focus to buy and hold rentals nearer my market in CT. I have 2 partners and our goal is to scale as quickly as possible as the 3 of us and our families bought one way tickets on the early retirement express! 😉 I’ve got some nice equity to tap as needed in the cabin going forward. I’m looking at a few $thousand to stain my cabin in the next year or so but aside from that its cruise control using AirBNB, TripAdvisor, and VRBO and I keep the 30-40% otherwise spent on subpar rental management services.

Way to go Janice Vannatta !!! I agree with Anthony Wick 100%! Week after week we’re hearing these stories on BP podcasts and here you are proudly posting your deal and suddenly it’s elder abuse. SMH. Thanks for this posting as the answers were very educational. Congrats and good luck!

Will Gaston Do you think that book is still relevant considering it was last updated in 2010? If you say it still is I will certainly consider downloading it to my kindle. Thanks! Jeff

Jaden Harper I would also love to know if there were other books available other than Brandon Turner’s which was very good. I’m very interested in seller financing and would love a goto book with a prevalence of examples more than anything. I’m following this discussion and if I cone across anything I’ll pass it in. Good Luck!

@Luke Carl is definitely the William Wallace of the Southeast! LOL. Great discussion! Ray I have sent a number of people from all over the country down to the Smokies to do their research on the STRs in the area with many of them absolutely loving the area and ultimately purchasing. I will say, however, that the last investor I sent down to the area was someone I met here in the forums in the STR/Vacation Rental discussions who also happened to be from my hometown here in CT. She passed on the area due to the massive price appreciation the area has seen the last 18+ months and I would agree there is some concern that the valuations are inflated a bit. I just recently had a valuation done on my 2BR in Gatlinburg and it had appreciated over 20% since our purchase in May of 2016. As @Avery Carl stated, if you can find something that might need a little fixing up then it becomes more of a no brainer.  And I agree that a view is nice, but not a must.  My cabin only has modest views and I kick but self managing with a full time job from 700miles away.  I think bottom line is you have to do your due diligence and run the numbers and try to sneak into a good deal because prices might be getting a bit hot right now but I would love to be corrected by the professional realtors if I might be wrong!  Good luck!!!

Cassidy Burns I’m going to follow your thread because I’m equally intrigued. My partners and I will hopefully have as much success as you have and because we’re on a similar pathway, I’m interested to see the answers that come back. Good Luck either way!