All Forum Posts by: Seth Wilcock

Hi @James Carlson - Woodland Park is absolutely beautiful, and I'm sure that would do well as a short-term rental.  What's stopping you from moving forward with your goal?

Investment Info:

Single-family residence buy & hold investment in Florissant.

Purchase price: $275,000
Cash invested: $300,000

New short-term rental project in Florissant, CO.

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

We had previously done a short-term rental condo in Granby, CO. That property exceeded my expectations and made me want to do another short-term rental in Colorado.

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

I was casually browsing homes on Zillow one night, and I plugged in a search for A-Frame Cabins. I've always wanted an A-Frame cabin, and I was intrigued to see what was on the market. This one popped up, and it looked good. We went in to a multiple offer situation. While we weren't the highest and best, we offered to pay cash, we waived inspection contingencies, and we offered $2K in non-refundable EMD if the seller accepted our offer by midnight that day.

How did you finance this deal?

We paid "cash". We have a first lien HELOC on our primary residence, and we used the HELOC to pay "cash" for the cabin.

How did you add value to the deal?

Immediately after closing, there were several repairs that needed to be done including a new water heater, new roof, and gutters. While these items don't necessarily add value to a home, they were needed to ensure a safe & sound property for future guests. From there, my wife started browsing at furniture on nextdoor, facebook, and craigslist. Most everything we found was free and we probably spent less than $1,000 on furnishings and decor for the entire home.

What was the outcome?

We just started advertising the property through Evolve vacation rental in early September. So far, the property seems to be performing well and we have bookings coming in. We only have two reviews so far, but both have been positive. The area really is great and we believe this will be a great vacation rental for years to come.

Lessons learned? Challenges?

Coming off the heels of COVID, there were definitely material shortages, shipping delays, and contractor delays. The project took me about 2 months longer to advertise than I had originally expected. I also learned that we probably should not have waived our inspection contingency due to the extensive work this property needs. Over the long-term, the performance of the property should balance out the challenges we faced, but some additional repairs impacted our ROI.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. I worked with the Bring Home Denver team at Keller Williams. They were exceptional as always, and helped us secure the contract in a highly competitive real estate environment.

@tanner crawley - I'll send you a DM with details. 

I recently went under contract on a 5/2 single family home in Orangeburg, SC ($2,900 sqft).  I'm looking to meet a contractor that would be willing and able to do a full rehab on this property.

Here is the listing and some relatively recent photos from Zillow -> https://www.zillow.com/homedetails/541-Felder-St-Orangeburg-SC-29115/61147399_zpid/?

Estimated scope of work is listed below:

1. New LVP flooring throughout
2. New drywall & trim throughout, remove wood paneling throughout
3. Interior paint throughout
4. New water heater
5. Exterior landscaping, tree/shrub removal, grass cut
6. Repair/replace damaged windows & doors
7. Trash-out/debris removal & rekey
8. Bathrooms - new toilets, vanity, tile flooring & walls, new tub surrounds.  Possible mold remediation - cut out infected drywall areas, remove insulation, bleach/Kilz, and repair/replace as needed.
9. Kitchen - possibly install new cabinets or paint existing cabinets if salvageable.  Install new appliances, move hot water heater and reroute plumbing lines.  Install new countertop and kitchen sink.
10. Possibly new electrical and/or plumbing (depending on condition)
11. Possibly a new roof, depending on condition and remaining life
12. Repair/replace damaged shutters (where applicable)
13. New lighting throughout home
14. Possibly install new HVAC system (heating and A/C)
15. New concrete sidewalk/pathways around exterior of home

Additional repairs may be needed after I get the inspection results back (est. 8/18). Ideally, I'd prefer to complete the job in 3-6 months, but of course we can discuss timeline depending on scope of work, material availability, contractor availability, etc. The property will be a long-term rental (BRRRR) and not a fix and flip. I can share the inspection report once received.

Feel free to send me a direct message or schedule an appointment on my calendar at www.calendly.com/seth-wilcock as I'd love to have a conversation about budget and timeline.

Hello BP friends, 

I just made an offer on my first property in South Carolina. The numbers on this property are incredible, but I don't know anything about the market in Orangeburg, SC. Any advice or tips would be greatly appreciated from the BP community. Jobs, population growth, economy, risk of hurricanes, common inspection items to watch out for, etc. 

This property was built in 1970 and is going to be a BRRRR for a 2,900 sqft SFR, so any contractor recommendations are needed and welcome.

Hi Mel, 

75% of the gross rent (as determined by the Appraiser at the time of contract) can be used to help offset the new housing expense and lower your DTI on an investment property transaction.

Hi Mel, 

Just sent you a DM. I'd love to connect and be a resource for you. 

@ryan sports - I'd love to help you explore some financing options. I'm a local lender in Denver. I have some pretty cool options for down payment assistance on multi-family. 

BRRRR

@Grant R. - thank you for your help!  I feel like I've heard of that company before.  I appreciate the recommendation and for pointing me in the right direction.