All Forum Posts by: Zachary Harrison

Hi James.  Congrats on closing on your first investment property!!!!!!  The price of the property is very person specific.  There are CHEAP properties in my market that are dilapidated and in not great parts of town.  As a result I tend to stay awas from them.  Your market may be different.

Not sure what you mean by "rental percentage"

Thanks all for the info.  Much appreciated.  The multiple offers seems like the best route.  Never know until you make the offer.

I asked them if they would consider that and they said no.  They would prefer a lump sum and move on.

There is a 22 unit Boutique hotel owned by a couple in a town of about 2500 people.  It is seasonal and does most of its revenue from March-November.  I am looking at doing an SBA loan but at their asking price it would still need over 100k.  Are their any creative ways to help with the downpayment or would a partner be the only route?  All comments/advice are welcomed. 

Scott,

I have not had any luck contacting hospitals.  Your best bet would be to have a FurnishedFinder account and used their "stats" page.  It shows how many searches have been in the past 12 months for a city and gives the price range of units in the area.

If you choose to contact a hospital ask for HR or if they have someone who specifically works with traveling nurse placement.  You might get transferred a couple times until you reach the right person.

How much is the HELOC and what is the interest rate you are paying on it? I assume this is in Denver?

A couple options I see right of the bat is:

1. Depeding on the amount get a credit card that has no interest for 12-18 months. If you can pay off the HELOC in that time it could work. If not I don't like this as the payment will sky rocket after the 0% intro period.

2. You could look for a PML (friends or family and offer to pay them interest but lower than what the HELOC is). Sometimes friends/family will give you a favorable rate so it might be worth asking. I have heard SOMETIMES family will only charge 4-5%. That isn't every family but could be worth a shot.

Hope this helps and goodluck getting the HELOC paid down.

I don't currently invest there but I have heard many cautionary tales about investing in that area. Lots of the hosues around there are in HOAs. Even though most allow STR I haven't heard many success stories from FIRST TIME investors there. Not saying it can't be successful but if you don't self manage the upside is very limited from what I am hearing about the area (if self managing is even allowed). HOA could require a property manager. Extra due diligence is required in that area.

Nice!!!  Sounds like a solid deal to me.  If you want to discuss more you can always send me a private message but so far I don't see any negatives with purchasing the multi-family.

That sounds like an ideal situation versus doing a full fix and flip for your first deal.  If it just needs some paint, updated, bathroom, new appliacnes, ect.  No reason to rush into a full flip if you don't have to.  You also wouldn't have to worry about hard money and and all that.  

Would the property still cashflow if you had to make it a long term rental?  I always like to have multiple exit strategies.

@Leslie Daniely that is awesome to hear!!  Does the property you found need any rehab?  Would you move in to one of the units or are you looking to have it a straight rental?