All Forum Posts by: Kyler J Sloan

@Curtis Mears and @Daniel Williams 

Thank you. I just wanted to be sure.   

@Bruce Woodruff In my experience, sadistic laughter is self-directed. Sad little man -- old; tired; resentful. 

I post on here when I am actually have a desire for advice; you are making an obsessive pastime of it. 

If you were a person of any consequence, you would have no time for this. 

Good luck to you. 

@Paul Sandhu Yeah, It is very likely. I have an idea to negotiate down on the purchase price though. I got a great interest rate (2.7%), which does bring the payment down quite a bit. That makes up for a bit of the price difference. 

@Bruce Woodruff I have taken the advice of many people posting here. Just not yours. If your so agitated by that, leave the forum. 

@Ken Boone I was not mentioning that the property had multiple offers except to counter a post someone made which implied that, if it were a great deal, it would have sold to someone else before I got to it.  

I see the issues you mentioned, but am going to allow myself one "experimental" property at a given time (my "primary residence") -- one which has potential for future additions. I think a recent podcast called this the BRRR STR ("B-r-stir").

I will have plenty of time moving forward to get turnkey vacation rentals, which do not have issues [1-8] above.

In the end, I have not denied that personal interest has influenced me on this property.

But, the expected ROI is not poor, even after factoring in road maintenance (about 30 percent).

Thanks everyone. This is my first real estate transaction, and I was not sure if there was a standard. My agent sold about 70 houses last year, and this is a very small town. It's probably unlikely  she would do something underhanded, and risk the ruined reputation. 

@Ken Boone It does not pay to go on explaining all of the details; we would be at it eternally. As it is, I will not rent it "while I am there". In some places, I am speaking in a future tense (after the construction of certain structures is complete), and in others I am speaking in the present. It would make more sense if you could see the place, and knew what I intended for it, but I will try to be more consistent in that sense in the future. 

As to being more receptive to advice: I have utilized quite a bit of what has been said already, but do not mindlessly accept everything that an experienced investor has to say. If I did that, I would condemn myself to perpetual contradiction, as investors do not often unanimously agree on things.  

Just as there are "good students", there are "good teachers". A teacher who cannot handle opposition is not a good teacher. They should be able to defend their case, and oppose mine, if they are in the right. I was hoping to get to the bottom of why this was a bad idea, rather than deferring to "scare words" like "liability". 

This is going to reveal just how much of a "newbie" I am, but: 

Who should schedule and arrange the home inspections? 

I would think that a realtor is incentivized to choose inspectors who are less likely to reveal home defects, if their interest is in the commission. Moreover, I would think the home inspectors who have a relationship with my realtor will be (either unconsciously or consciously) motivated to help their friend gain his/her commission. 

Or, am I just being paranoid? 

@Marlene Rose Esquivel When I said that, I was assuming that I had bought it. It should have said "if I purchase the jeep, I WILL monetize it". I was convinced that I needed new transportation because I have used the same car for almost a decade (it was my first car). But, I may be able to get a few more years out of it. I have since sided with a utility vehicle, to get up there myself, plow/clear the road, etc. It may work as a utility vehicle for cleaners as well. 

I am still considering whether to offer it as an option to guests, and how I would go about it. 

@JD Martin I do appreciate the feedback, and do not ignore it. As you can see from above, I have already adjusted my initial plan in response to those who kept telling me the returns would not justify the hustle. After running the numbers, I would only break even on the Jeep idea after my cleaners are paid each time the Jeep is rented. 

However, by saying "there is a reason that no one else has bought it", that same argument can be applied to any and every cabin on the MLS -- and that new investors should stay away because the competition is so great, they will never find a deal. I submitted an offer on this one within the first 24 hours it was posted; many others had come to see it, and it had nearly 300 "saves" on Zillow. If I had not made an offer as quickly as I did, and for more than others had, it would have sold (very quickly).