All Forum Posts by: Tanner Pile

 Yep! The 22nd 

@Carter Mayberry

Your friend has the right to stay since he has a signed lease for the next 10 months. They would need to sign a document for the termination of the town home lease and starting up of the new lease for the other property. 

Since this did not happen he does not need to move. 

Also, an increase of rent to $2900 and being required to move does not sound like the landlord is helping out your friend. 

@Kylie Gerstein 

1) You could find some one that wants be the operator of the assisted living home. This way you only own the property and have a tenant. I would contact other facil and see if they are looking for more spaces. 

2) Co-Living / Rent by room strategy - I would try to turn that half bath into a 3/4 or full and then it could work very well. My friend @Miller McSwain does this very well and is even writing a book about it! It works very well in Colorado Springs with the military bases. 

3) You could also find someone that wants to operate it as a sober living home. Very similar to assisted living but with a slight twist. 

Having three full bathrooms will be best for either of these strategies no matter what. 

@Hitesh Gupta Check out meetup.com for local meetups to go to. We have one down in Colorado Springs but they are many in Denver too. 

@Taylor Cook

Check out Stessa to help manage the books. If you have everything going through one account it will be very easy to track

@Eric Sato

Hey Eric, doing that high of a down payment should not be an issue for getting a conventional loan for DTI purposes. The one thing that may cause a problem is lenders not taking the short term rental income if it has not yet been stated on your taxes. Even if it is stated on taxes some may want 2 years worth to show it is established income. If it is in the same year they will not count any of it.

Definitely speak with lenders on this exact scenario for short term rentals. When they have a signed lease they are able to take 75% of that rent amount. 

What market are you considering for STRs? I'm down in Colorado Sprrings and have 2 properties 4 units total in STRs if you have any questions!

@Christopher Hall

Did you buy a storage facility? 

I'm looking to do this soon. 

@Kristie Laufer

Partnering with family is a good way to start because they know, like, and trust you. 

Finding private money lenders out side of that takes time as you need to build your relationship with them so that they know, like and trust you AND they know you have experience in real estate. For your first deal many will not decide to work with you because you lack experience. Getting experience on your first deal with your own capital or a partner you work for or with family will help show others you know what you're doing in real estate. 

Providing a good offer will always peak someone's interest and have well written contracts. Partners like that you bring up contracts to correctly form partnerships. 

@Daniel Kalam

I would do the sub metering or increase the cost you charge for utilities to $150 or $200 per unit. 

@Shane Petersen

Contact Ash Burden with Bright Way Insurance 

+1 (479) 458-3981

He has worked with SafeCo but SafeCo has been recently pulling out of CO and having very high rates. 

Travelers is another insurer in CO that has been good or Allstate.