All Forum Posts by: Nicole Jones

I’m a small time investor, have been a landlord for my 4 units for the last 8 years and I’m also an entrepreneur. I’m reaching out to BP’ers who have a lot more experience than I and can offer some sound unbiased advice for a project I’m looking into.

I’m in the process of transitioning a few of my units into short term rentals to learn the industry. Concurrently, I’m preparing myself to start a small vacation rental business. It’s my idea to purchase a distressed property (cabin) on a larger piece of land in a high tourist mountain area in California. I would like to rehab the existing cabin, in addition add a few tiny homes or yurts and to rent all out on all the short term vacation rental platforms, as well as develop a website to further market the vacation homes.

Please BP’ers…. tear this plan to pieces if you can.

I need advice specifically on two things… First, if an experienced investor was interested in this type of business how might they decide to go about acquiring the property? I’m interested in purchasing something distressed so that I can keep my cost down, rehab it, add value, giving me an exit strategy need be. I’m not sure the best and most time effective way to acquire it. Second… how would one, such as myself, who has never done a deal before, approach funding for a project that I haven’t really seen or heard of before. I’m not rehabbing and selling, this is going to be a business. I am wondering how to approach investors in a way where I can show that we all win. What do investors want to see? Especially when involving a few pieces that don’t appreciate or possibly even hold value. I’m not sure conventional funding will be an option at first (though I would love if it was) so I’m looking into private funds for the first time.

I have faith in the model. I am a buy and hold girl and the short term model, despite the additional expenses, is a way to maximize dollars per day. I have a team of people who are motivating me along the way but I am the one taking the financial risk and pulling the trigger because that’s just my personality. Any input would be greatly appreciated.

Michael Seeker and David Dey This is exactly what I needed to hear. No BS, just straight forward answers. These are along the lines I was heading but this will really help to route all of my info back to those 2 key questions and answers. Thank you.

I am in the process of beginning a business plan for a few private lenders. This is for a vacation rental business in a huge tourist spot in California. From the lenders perspective... what would be the most important items that you would want to see? What medium is preferred (video, power point, plain old portfolio etc.) What sections/topics/highlights are most desired? How long or short should it be? This is for a short term hard money loan until I refinance. I understand that any lenders primary concern is their return but how would I convey this the most succinctly? I am looking around the $500,000- $700,000 range depending on a few factors to be determined this week.  

I'm looking to get financed NOW. I've had some response time issues with the 2 lenders I'm currently... eh "working with." What's the protocol with shopping around for lenders? Obviously I'm looking for the best rate and the best terms. I have all of my documents neatly together. I'm a conventional girl, not looking for any crazy financing unless it serves me in my hold strategy. Who do people recommend shopping around with? Should I go to the banks I hold accounts with as well? Does it impact my score when too many creditors run my credit? I've only purchased twice and it's been a while so just looking for advice. Thanks!

Awesome thanks @Jason Hartley

Any opinion on Buildium?? @Jason Hartley and @Chris Erwin

The price on Rentec Direct is a bit high. I'm not ruling it out just making sure I get the best for the money I'm about to spend. Thanks!

I'm looking for something other than my binder with scattered papers to help me with my 4 units. Is there a software that is tailored for smaller portfolios and that is very simple but still includes a lot of the things that I would need?

Rent collection

Maintenance scheduling

Marketing and tenant screening

Lease Agreements

What else do I need?   

Awesome! Hi Tim Mikkola Welcome to BP. It's a great resource. Check out the podcasts and blogs. They've helped me a lot. I also love to travel and live in a multi-family. In the past years I have used the cash flow to travel. It's all possible. I wrote a short blog post about my experience which you can find linked on my profile... If interested. Enjoy all the info you will get on here!

Great English! I agree a fourplex is a great idea if the numbers work good you can find one in your price range in your market. Learn all you can about your market and listen to the podcasts. They might not answer every question you have regarding purchasing a multi-family but they give you enough general info to feel confident about real estate investing in general.

Oh man. It all depends on what you are looking for. For me automatic ability to cash flow and ability for value add are what I've been recently looking for in a multi-family property. What you put down depends on a lot of things. Because I'm old school and I buy and hold I'll always put down whatever I need to to get rid of PMI. I used to think that had to be 20% on an owner occupied investment property however my fiancé just got financing today for 10% down with no PMI.