All Forum Posts by: Shaun Hatton

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $350,000

I purchased a condo in Hollywood Beach that is split into 2 separate units. Plan is to renovate and live in 1 side and keep the existing tenant in place. After 6 months of searching, it was the only place near the beach that would let me have a place to live and have a tenant covering a good portion of the mortgage.

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

Needed a place that I could live in and have a tenant/income.

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

Partnered with my broker and found it on MLS. Waited out the seller to come down to a good price.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Upgrading 1 unit.

What was the outcome?

Working on remodeling 1 unit right now before I move in.

Lessons learned? Challenges?

Hollywood is a competitive market for multi-family investment properties. In the end, I had to go with a condo to get into the right price range and where the #'s and situation worked.

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

Myself & my broker. Great lender, David Bargas @ Elite Mortgage of South Florida.

Welcome @Clay Burk &@Angela Wang. Great bunch of people on here. Reach out any time if you need anything in Broward County.

Tyler,

BP is a great place to start. Starting your real estate journey at such a young age could be life changing. Ask questions and learn as much as you can to figure out your best path forward.
Thanks for your service!

I would reach out to Jamie Rose. He's a great resource in the Anchorage area.

Best of luck!

@Kimberly Land You might want to reach out to Paul Hansmeyer @ Alaska USA Mortgage. (907) 350-1100

Best of luck!

Luke,

I do STR in Homer, Alaska. Feel free to reach out anytime. We are in more of a seasonal market here. Especially compared to the Smokies. Good opportunities still exist. Some investors will combine STR with a winter long rental to make the #'s work.

Best of luck Corey. House hacking can be the start to a huge change for your financial future.

Tyrel,

Congrats on the 4 plex and best of luck with the near future plans. Hopefully, this is a good winter to buy.

@Filip Reutov Here's a link to a good overview of partnerships and some of the things to consider.  https://learn.roofstock.com/bl...

Sit down with one another and go through all the uncomfortable and even unlikely scenarios before you form your partnership.  It's much easier to spell out how you'll address the things you think can/will never happen before the situations come up.  It's worth talking to an attorney to make sure what you put in writing will have the outcome that you think it will.  Over prepare now so if things go south you'll both have a good way out.

Best of luck,

@Randy Bloch & @Daniel Anshus Appreciate you sharing your local knowledge.  It's definitely harder to make the #'s work when you pay someone else to manage your STRs.  With automatic messaging and all the available apps I hardly spend any time doing it myself so it's hard to justify paying someone else to do it unless the #'s are that good.