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All Forum Posts by: Tanner Pile

Tanner Pile has started 17 posts and replied 360 times.

Post: CO Springs Commercial Multi-Family

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@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. 

Post: Third House Hack

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

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.

Post: Best Colorado DSCR Lender - Easy Street Capital

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@Robin Simon 

How is there no minimum on the DSCR?

A .75 or .8 would be okay?

Are rates higher for a lower DSCR?

Post: What did you wish you knew before starting your first rental?

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@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. 

Post: How to Negotiate and Use Seller Concessions

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@Ryan Thomson

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

Post: Room for rent viewings

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@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

Post: How to get facts without going to the property

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@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. 

Post: New to Bigger Pockets - Looking to make connections and learn from others

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@Andrew Tinnon

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

Post: Building an RV park in Colorado Springs

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

Are you planning to purchase all on your own?

Post: Rent by the Room Pricing Strategy..?

Tanner Pile
Posted
  • Real Estate Broker
  • Colorado Springs, CO
  • Posts 376
  • Votes 320

@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.