All Forum Posts by: Vincent Pirrone

@Dave Meyers

I am a licensed structural engineer, so I am drawing up all of the plans as we speak!

The building department definitely seems open to allowing new construction. There are a bunch of lots for sale, and I've heard good things about building in this area!

The only issue I've heard is the well... apparently, the water table is really deep in that area. But the guys at the Colorado Water Department are a great resource, so I will be reaching out to them before purchasing a piece of land!

Hello!

I am excited to finally have enough cash to start a small development company. The idea is to buy a piece of land (0.5 - 1ac), build a unique small house (500 - 1500sqft), then sell the property, and repeat! I want to do the whole transaction and build in cash.

I am looking at doing this in a small mountain town in Colorado that has a lot of natural wonders and a growing tourist market. These small houses will be great for people wanting to rent it out as a short term rental!

Is anyone else doing this? Do you have any tips or advice?

@Jordan Malara thank you! Yes short term rentals is definitely what I am focusing on and currently trying to find a rental out of state!

Investment Info:

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

Purchase price: $316,500
Cash invested: $30,000

I purchased this house in 202 and completed construction on the guest house in 2022. Currently, the main house is a short term rental. Both houses will be rented as short term rentals starting June 2022.

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

I would like to focus my real estate investments towards short term rentals.

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

I found this deal on the MLS. It was a listing that sat during the beginning of COVID so I was able to get it cheaper than the asking price.

How did you finance this deal?

I financed the deal with a HELOC on another house I had.

How did you add value to the deal?

I added value to the deal by building a guest house on the property that will become a second unit.

What was the outcome?

I ended up breaking even on the deal and the construction costs, but I did learn a lot of valuable lessons.

Hi Everyone!

I am looking to invest in a short term rental in the Hot Springs, Arkansas area. Is anyone else investing here?

Does anyone know of a good contact for a short term rental property management company? Real estate agent? Lender? in the Hot Springs, AR area?

Thank you!

@JD Gunter Thanks for the recommendation! I will definitely look into Stockman. Thank you!

Hi everyone!

I found an old post on this topic, but I wanted to see if there are any updated recommendations.

I am currently looking for an accountant, in or near the Colorado Springs area, that has experience with working with real estate investors.

Thank you!

Vincent 

@Paul Sandhu and @Carolyn Fuller

That is great information, this property is actually pretty close to a military base in Colorado Springs but I'm not sure how great of a demand there is for STR here. It would mainly be an experiment I guess to get a better grip on the market.

So I am currently living in a house hack in the basement and have awesome tenants upstairs. I just went under contract on a second home that I am planning on moving into as another house hack and renting out my current basement.

I've been thinking about maybe using the basement as an airbnb just for the summer? But after I run it by my upstairs tenants of course. And then finding a long term renter for the slow season of airbnb.

Any thoughts on this? Has anyone done this before?

I was just approved for a HELOC on my house and my original plan was to do a BRRRR, but in these times it seems like that is not a good approach.

What about flipping a Mobile Home?

Or, should I just sit on it until things calm down and buying a BRRRR makes more sense?

What is the best way to use my HELOC?

Let me know what you think! Thanks!