All Forum Posts by: Tanner Pile

@Jayson Ewert are you connected with Thomas Wang? He has recently bought a larger unit in the Pueblo area. I can connect you if you haven't yet. 

Investment Info:

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

Purchase price: $1,300,000
Cash invested: $5,000

Owner financing a triplex and converting into back into four units. I will house hack and live in the basement while also renting out the other three units as short term rentals. Own finance terms are 10% down and 4% interest rate. Conventional rates when I bought this were 7.75%! Over the course of the year I should live for free. But even if I do have to pay a small portion it will be worth it.

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

Good owner finance terms

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

MLS. Owner was also the agent

How did you finance this deal?

Owner financing with the seller for purchase and down payment. Financed the rehab with my grandpa.

How did you add value to the deal?

Adding a third unit, updating the main level bathroom, updating one full unit, and renting out the garages.

Lessons learned? Challenges?

Rehab! materials and labor is expensive, I planned to go over budget so Ill keep you posted!

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

I was also the agent on the deal representing myself.

@Robin Simon 

How is there no minimum on the DSCR?

A .75 or .8 would be okay?

Are rates higher for a lower DSCR?

@Halley Havlicek

Track all costs and receipts for the property - Helps with tax season

You can use bigger pockets leases to start or speak with an attorney. 

Learn how to be a good property manager.

Finding tenants is easier than you think if you market well and price the rental correctly. 

@Ryan Thomson

What's the max seller concessions you have gotten for yourself or a client??

@Sharlene Ko

Always get an application first. I usually do a google form that answers the basics before allowing them to view. I also send videos and photos so they get a good idea of what it looks like. Doing viewings too early can be a large waste of your time. 

If they are still interested and I think they are a good fit then I do a background/credit check

@Jane S.

Are you not able to tell if its livable from photos when it's on market?

You can do the inspection before earnest money is due as long as it's in the contract. 

@Andrew Tinnon

Hey Andrew! Welcome to BP. Are you open to all markets in Colorado for a fix n flip?

Are you planning to purchase all on your own?

@Brittany Guimond

Facebook market place, roommate.com and rooster are the best that I have used. Have good photo and list all the amenities well to get a ton of interest on the rooms. Also be picky on who you select! having a bad house hacking roommate can cause problems. 

I've rented rooms for over $1k before because I include all utilities, internet, parking, and private bathrooms.