All Forum Posts by: Pat Jackson
Pat Jackson has started 105 posts and replied 273 times.
Post: Impacts short term rentals have on apartment valuations
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
We all know how apartments are valued....cap rates and NOI.
Here's a scenerio that's likely to play out. My partners and I own a couple apartments. All have been long term tenants. We are wanting to try some short term rentals in a couple units that are about to be vacant. We would purchase furnishings ourselves, and delegate management (overseeing bookings, handling cleaners, etc). How would this impact the valuation of an apartment? We are wanting to do this to increase cash flow to us, but it's unclear to me what this will do to the value of the apartment. Does anyone have any experience with this? Ever seen an appraisal that included short term rental income as part of the NOI?
Post: Anybody know what's up with hudhomestore.com?
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
Originally posted by @Greg H.:
So the lack of inventory around the country is due to the moratorium
The lack of no inventory in the middle of the country is due to a dispute in the awarding of the Asset Manager bid for the Denver region. My understanding is that it is being litigated at this time
Greg, I don't think anyone know more about this than you! Any idea if homes normally being sold on hudhomestore are going elsewhere, or is there a backlog, factoring it it wouldn't be all that much since there's been a moratorium?
Post: Anybody know what's up with hudhomestore.com?
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
I buy in Missouri, and used to really enjoy snatching single family houses off hudhomestore, https://www.hudhomestore.com/H...
There hasn't been one listing on there for quite some time. Now homepath.com https://www.homepath.fanniemae... seems to have all bank owned homes. Does anyone know why there was a change? Any bidding tips on homepath vs. hudhomestore?
Post: Rental properties in St. Joseph, MO
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
@Lily Smith I live in Reno NV and invest in St. Joe.
You should hit up @Tiffany Smith. She runs the local meetup.
Post: Rental properties in St. Joseph, MO
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
@Lily Smith where do you live?
Post: Investor meetup in Saint Joseph, Missouri November 11
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
Originally posted by @Hyrum Stonehocker:
@Pat Jackson
Hey just wondering if there’s still a meetup going on in St Joe?
You should contact @Tiffany Smith. She runs a meetup.
Post: Successfully BRRRRing a House at 21 Years Old & in College
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
@Kyle Wesley great write up. Great project. Keep us posted on how this property pans out.
Post: Grabbed 2020 By the Horns, Took Down a 64 Unit
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
@Aaron J Latal I grew up in Odessa and just know it better. I’d buy in St. Louis if the deal made sense. So far I haven’t looked there.
Buy! Hurry!!!
Post: Grabbed 2020 By the Horns, Took Down a 64 Unit
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
Originally posted by @Bryan Mitchell:
@Pat Jackson, yes it looks like you have a great property management company. Do you have a renovation plan for those units? You mentioned doing some renovation and then raising the rent by $100 per door and I assumed it was in that order. So my question was how many units need to be rehabbed and how will you approach this? Did you specifically set aside renovation costs in a reserve account? Another investor in my network had a 15 unit complex in which he renovated one unit at a time over a few years. He was able to force appreciation so that now the property is worth significantly more than when he bought it.
Units are $100 a door below market as is.
Post: Grabbed 2020 By the Horns, Took Down a 64 Unit
- Rental Property Investor
- Reno, NV
- Posts 284
- Votes 137
Originally posted by @Bryan Mitchell:
@Pat Jackson well done. How are you managing the property and what’s your renovation plan? Is one of your partners local? Thanks!
Great question. We are using Pro X ran by @Tyler Casey! Him and his team manage over 700 doors and are very systems oriented. Very excited.