All Forum Posts by: Tanner Pile

@Michael Lax

If you can do a refi on the LTR where it still cash flows I would do that first and then look to do a second home loan over a DSCR. DSCR you will need 25% on average and can have higher rates than a second home loan. Have your wife keep her job until you close on the STR and have it running smoothly. You may she has to keep her job for a bit longer to get more rentals as only a few rentals may not meet cash flow expectations.

I would NOT do a HELOC to buy another property. The numbers will likely not work because you will need to make enough in rental revenue to pay the mortgage and the HELOC. A HELOC is best to add value on a current property with the intention if paying it off very soon or doing a flip where you fix a property and then go to sell it to pay off the loan.

People have used HELOCs to buy STRs but this worked a lot better 4-5 years ago when rates were extremely low and rent revenue could cover both loans and cashflow. 

If you want to talk STRs in Colorado Springs or Teller County I'm happy to educate you on those areas. 

@Cherie Tormey

I would analyze your return on equity for this deal to see if it still makes sense. You may find investing a portion of it else where is a better option and then keeping some to the side for reserves. 

@Lauren B Czirr

They will pressure you hard and the comps they show you you will need to check yourself since sometimes they are not the best or most accurate comps. 

@Rene Ordaz What size multi-family? 

@Antonio De Llamas

For an industrial property your tenant base will be different than residential (which most people have experience in). 

I would speak with commercial agents/brokers on what they can do to help fill empty units. For industrial I consider that as warehouse type unirs for construction materials, trucks, etc. 

Good signing will go a long way, plus getting your listing up on Facebook market place and Loopnet and crux may have rental listings available too. 

I have heard commercial properties can have vacancies for 6-12 months before finding a good tenant. But the leases signed are for 3-5 years. 

As far as having a digital presence you can definitely post ads on Facebook and IG about your facility and target your ideal client. 

@Ty Kennedy how are you planning to find deals? 

I host a local real estate meet up in town if you want to come network with other investors. I'm also an agent here in Colorado. 

Finding the ARV and calculating holding costs tend to be the bigger challenges for most flippers. Aside from finding a good deal too.

 @Justin King There is the better life real estate summit in Austin Texas this June and I heard of a Co-Living real estate conference happening in Denver early June too! 

Plus BP Con is October in Las Vegas.

For local meet ups there is several on meet up.com in Denver. I host one in Colorado Springs if you ever want to come to one down South. 

@Mathew Fuller I have not done a flip but have friends that do that full time. 

Definitely possible to make that much money doing flips. They typically aim between $20-60k per deal. You will need to also consider the amount it takes to buy rehab and sell. In some cases this can be 6 months and you're only at one deal. 

Being able to operate multiple deals at once will be helpful to hit those numbers. 

Finding deals can be done from on market with agents, cold, calling, mailers, etc. They typically deal finding strategies. They all work just depends on the amount of time and money you want to put into it. 

Is it in an HOA? And zoned correctly?

@Peter Vercellin What strategy to you plan to use for renting out?