All Forum Posts by: Patrick Bisson

Have you thought about investing in RV Parks? We made a 180 degree from looking to buy MF Complexes to purchasing 2 RV parks in the last 4 months. They cash flow from Day 1 and improvements can be made while the "guests" are on site. 

Happy to walk anyone through the upsides of this asset class. Our goal is to acquire 10 parks in 2024

Let's go!

Thank you for the initial feedback gents...  @Eric Cornwell good question, waiting on response back from their agent, lot's of moving parts on these types of deals.

@Ronald Rohde good point. @H. Jack Miller I'll look into that - makes sense.

Hello BP!  We are currently looking at a commercial property that has MOTEL/MHP/RV+BOAT Storage and more.

The seller is asking for $4.5M (List price) at a 10% cap rate, with opportunity to grow revenues with some updating and upgrading (rents are low, room rates could be improved)

What are some creative financing options that we can look into to make this transaction happen?

We have several STRs and LTRs, currently building 4 STRs townhomes in Scottsdale opening Fall of 2022. 

We are financially stable and looking at growing our portfolio. 

Thanks in advance for your recommendations!

Patrick & Mychele

Hello BP friends. We have an opportunity to purchase a piece of land to build a house that will be used for Short Term Rental and generate as solid annual return. 

The Land cost is 300K, and the build cost is going to be approximately ~$800K 

What is the best way to proceed. My wife and I have too many properties under our names to get a conventional loan, or a vacation home or second home loan. Looking for creative ideas as to how you would recommend structuring a deal?

1) Purchase the land (The seller wants his number, and will not do seller finance - he just wants his price and get out)

2) Building loan (We currently work with a small bank and and have a fairly large project going on with them, so they will not lend us more until we're up and running with our 4 townhomes that will generate 250K in short term rental starting in June 2022.

Thank you in advance for your advice! 

Patrick & Mychele

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $335,000
Cash invested: $83,750

This was our first rental property a 4/2/2, and this is how we started this adventure!
My wife and I had dinner with a couple of friends who invested in SFR.
The following weekend, my wife scheduled a meeting with a local agent for a coffee, she happened to be the one who had the listing for this house. After looking at the numbers, We made an offer and got it!
Later she listed it on Zillow Rental. It took less than a week and we had multiple requests, we closed in 30 days and rented it day 1

What made you interested in investing in this type of deal?

We have friends who invested in real estate and making good cash flow from their investments.

How did you find this deal and how did you negotiate it?

Worked with a local realtor, first to offer on the listing

How did you finance this deal?

Traditional investment mortgage 25% down.

How did you add value to the deal?

Used my own spreadsheet calculator (similar to BP)

What was the outcome?

Bought it and rented it right away!

Lessons learned? Challenges?

It was too easy... we bought several properties since

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $335,000
Cash invested: $83,750

This was our first rental property a 4/2/2, and this is how we started this adventure!

My wife and I previously discussed that week that we should get into the real estate rental game... a few days later we had dinner at our house with a couple who invested single family rentals, they walked us through their portfolio, how it came to be and how properties they owned were cash-flowing for them, basically how it "works". That night we looked at our finances and said that we should consider a single family house, near our residence and something manageable to start.

That weekend, my wife had scheduled meeting with a local agent for a coffee, she happened to be the one who had the listing for this house. The two of them hit it off, laughing and sharing stories, the conversation quickly turned into a short trip to see the house the agent had for sale... All this is happening on a Saturday morning, while I was out golfing! My wife texted me about it and sent pictures, I said great I'll come over to see it right after my round... I take the game seriously ;) she texted me again, and said: nope I got it... so she made an offer on the spot, and she bought the house!!!
Later she listed it on Zillow Rental - It took less than a week and we had multiple requests, we closed in 30 days and had our 1st renter moving in that day. Quite a start!

What made you interested in investing in this type of deal?

We have friends who invested in real estate and making good cash flow from their investments.

How did you find this deal and how did you negotiate it?

Worked with a local realtor, first to offer on the listing

How did you finance this deal?

Traditional investment mortgage 25% down.

How did you add value to the deal?

Used my own spreadsheet calculator (similar to BP)

What was the outcome?

Bought it and rented it right away!

Lessons learned? Challenges?

It was too easy... we bought several properties since

@Benjamin Goodman Great! I’m out until the 4th, let’s talk when I get back that week. Happy Holidays!

@Subbu Munagala I suggest you read MULTI FAMILY MILLIONS by David Lindahl... and I think you’ll get a good perspective, and might change your mind about starting small :)

Hello BP, we've been buying SFRP and now getting into MF or NNN commercial deals. Looking for like minded individuals.

Thank you!