All Forum Posts by: Ryan Weimer

@Jordan Rundell thanks appreciate it!

@Nasir Cureton Yes I do but Boise has such an extreme shortage of supply in the MF space it is compressing returns and value add opportunities.  Additionally because of double digit price appreciation last few years the space is competitive.  A lot of work but not impossible

@Mitxel Totorica PM me and we can set up a call sometime

@Matthew McNeil it is $58/month. But ARV is 265+ so not a cash flow play for me.

@Jordan Rundell Wasn't great... I don't want to publicly shame the city.  But I learned quickly this isn't something they come across often as it's a newer city.  So they sent me on a bit of a wild goose chase saying I need a plethora of different things and in the end completely retracted all of that when an inspector with more experience was back in the office and I made enough of a fuss. Cost me about 3-4 weeks of back and forth communication and about a 1.5k in holding costs + random 3rd party energy reports that they initially required.  I expected some headache and in the end they worked with me to approve it so I can't complain too much.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,179
Cash invested: $22,632

Contributors:
Corby Goade

My 3rd BRRRR property in Boise to date - this one had an unpermitted finished bonus room. This sq footage was not accounted for in the listing. With some extra rehab measures and working with the city, I was able to get an extra 261sqft of additional footprint approved. Now it is occupied by another great tenant at $1600/month! Reach out to me for additional questions or detail.

Investment Info:

Single-family residence buy & hold investment in Meridian.

Purchase price: $215,135
Cash invested: $15,452

Contributors:
Corby Goade

My 2nd BRRRR so far this year - lease was just signed and tenants in place!

Found this cosmetic fixer off-market in a fantastic neighborhood! Message me if you'd like additional details, I can answer any questions you have.

Hey BP - I'm in need of a CPA in the SD area with expertise in REI. Have some BRRRR rental properties purchased and rehabbed in Idaho this year via partnerships, and cash+HELOCs. I own my primary in Encinitas. Any and all recommendations welcome!

@Noah Evans Yes I did!  Have been able to snag 2 more in the meantime currently under rehab - hope to share those soon!  Recently I had to say no to a couple deals I found while I wait on funding which was tough to stomach.  PM me if you'd be interested in any future deals or have any questions.

@Jonna Weber Thanks!

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $205,000
Cash invested: $13,500

Our first BRRRR property in Boise! Occupied within 2 weeks with fantastic tenants!

*Updated* After 6 month seasoning period and rates dipping, we elected to cash out refi. Property Appraised at 255k, putting just shy of 25k back in our pockets (after new loan closing costs), a whopping 1.125% lower interest rate, and increased cash flow despite the larger loan!

See post in profile for more pictures

I am pursuing a MHP deal and just received the financials of the past year.  It is a 10 unit with only 2/120 months vacant in the past year (2 evictions shown in the expenses). Lot rents are $450, and only one of the units is owned by the park owner.  Rental income looks something like:

Jul 2018 - 5.8k

Aug - 6.9k

Sept - 2.7k

Oct - 6.3k

Nov - 5.1k

Dec - 6.9k

Jan 2019 - 11.1k

Feb - 7k

Mar - 3.3k

Apr - 5.8k

May - 3.5k

Jun - 3.4k

TOTAL: ~58k (or $580/per)

The expense line items are all accounted for... My question is more in the broad sense for a 10 unit, how can the rents vary from 2.7k to 11k?  Could this indicate the payment collection is really unorganized, there are properties on "young" lease to own contracts with balloon payments in January, and/or are the financials bologna?

Is this common with MHP's due to higher turnover and one-off contracts for each tenant?  I didn't expect the numbers to vary this greatly but maybe this is par for the course.

Any comments are greatly appreciated!

Hey Trevor - I did some version of it with my condo in Encinitas by renting out the other room for a few years.  I was able to get solid demand for $1000-$1100 for a private room and bathroom. I'm about 2 miles from the beach for reference.  Nothing like the returns a multi-family will get you but the price point/availability for those is quite steep unless you want to look inland.

Kind of depends on your situation - your personal finances, your tolerability for multiple roommates, condition of the home, time frame, etc...

I'm also a mech engineer working in SD - PM me and we can chat in more detail

BP community - I've got a tricky one and in need of help.  I've been able to negotiate a deal on rough terms with an elderly woman who is on disability payments with a ton of equity.  Because the market in her area is appreciating so much her property taxes are rising and making her monthly payments tight, and in her condition she would prefer not to move.  Basically I would receive the deed for cash equivalent to half of the current market value (to pay off what's left of the existing mortgage and what's left over).  In return I would offer her a lease for the rest of her life at a significantly discounted fixed rate.

While this is a somewhat grim scenario I am evaluating just how long that might be and the legal challenges of a "lease for life".

I'd be financing about half the cash (hard or LOC) so I plan to pull a HELOC to pay those back and then pay the HELOC back slowly over time. I'll be discussing the legal and liability risks of this with my attorney. I know this is a loaded question - what else should I be aware of? Anybody ever come across something like this?