All Forum Posts by: Susan Elliott

@Lucas Miller Thanks! I'll give them a call.

We are researching partnership structures for a contract we've just gotten and would love to get Attorney recommendations from the BP community, preferably here in the Portland, OR/Vancouver, WA area. We are starting to look into syndication options, as well as Limited Partnership agreements. Since this will be the first time we'll bring in outside partners, we want to be sure we have a well-constructed operating agreement and aren't violating any SEC laws. This project is relatively small, but we already have several others larger projects in the pipeline.

Thanks!

@Andrey Goretoy Great question, as we are trying to educate ourselves quickly on different partnership options for a 3-plex (short-term rental) investment we just got under contract. We'd like to bring in partners for the down payment (seller finance loan) and rehab loan. I'm doing a lot of research right now on these different structures. If you learned anything through your process, I'd love to hear how it turned out.  

Thanks!

@Hai Loc Yes, good to focus in areas that are easily accessible via non-stop service. 

And we all excited about the impending sale? :) If it opened up a market like LA...exciting times!

@Corey Block Got it. I like the idea of handling the management initially, but passing it off to a (preferably) experienced or (at least) a well-trained local manager.

@Hai Loc I like that summary of initial check-boxes. As with any new asset class, it is easy to get bogged down with too many things to look for, to set up, to do, etc. But starting with that simple list makes it easier to evaluate opportunities and determine where future efforts need to be placed. 

I'm starting to arrange meetings for my upcoming trip to visit properties in Central Arizona and the Pheonix area. I travel there for family frequently, but will be setting up any acquisitions to run without my regular presence (also true for other asset classes we are pursuing - mainly STRs). 

Have either of you done work with MHP in Arizona or New Mexico?

@Corey Block Got it. That's what I hoped your summary would be. It feels like an asset class that an investor would need to visitore frequently. But with a good property manager, I don't see why that would be necessary. Thanks!

@Corey Block Cool deal. Awesome to see success stories with MHPs. I'm diving into this asset class now as I diversify from SFH and short term rentals. I assume this is a local park. How would this have gone if it were out of state? What drawbacks/difficulties do you think you would have encountered? Thanks for your insight!

Investment Info:

Single-family residence buy & hold investment in The Dalles.

Purchase price: $271,500
Cash invested: $17,000

We have split this SFH into 2 units (2br/1ba and 1br/1ba) and are living in the smaller unit to fulfill our owner-occupancy financing. We placed a kitchen in the smaller unit and sealed off the stairway to make it two full units. In one year we'll move out and have the bottom unit rented for a great cashflow in a tricky market. Excited to replicate this strategy in this uniquely zoned area of town and with the new permitting rules coming out soon to make ADUs much more friendly for investors.

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

This is in a great market that has seen lots of appreciation, but can be tricky to make rental numbers work at current higher prices.

How did you add value to the deal?

We turned this SFH into a duplex, essentially, adding a full other unit and approximately 30-50K in equity.

@Melanie Johnston This is such a great summary! Thank you for your time. It is certainly more than I expected. I'll see if my travels can accommodate any of those events. And I'll be visiting more often to catch other meetings and take tours if the holidays prove to be a tricky time of year to get free time. 

Hello Arizona BPers,

I'm starting to set up some meetings in Arizona while I'm visiting for 3 weeks over the holidays. I'd love to join any networking events or meet-ups to start building a team and strategic partnerships. I'll be in Phoenix, Camp Verde and Flagstaff. While my schedule isn't super flexible, I'm optimistic that I'll be able to fit on some events or meetings.

Right now, I'd like to learn about the broader sub-markets in these areas and the smaller towns nearby. My team is currently evaluating multi-family, mobile home and SFHs (multiple in one area preferred).

Let me know if you know of an event or have time for a chat!