STR Investors in Washington

[Shane Crockett]

I'm curious the best ways to go about finding STR investors looking for strong wholesale deals here in Washington State. I have a model and strategy which have worked very well in finding lucrative opportunities but I do not have an investor Rolodex to send memos, Pro formas, or other details to. Anyone have some feedback?

[John Underwood]

Quote from @Shane Crockett:

Even if it's a 4 unit dwelling with 4 active STRs performing well?  I know typically "commercial" units start at 5+ for lending and underwriting purposes, but even at 4 it seems there is a great deal of carryover and many FIs have loan products, rate and term sheets, and even underwriting guidelines which will value a MF 4-plex the same way they would a 5+ unit property using NOI and CAP instead of comps.  Thoughts?

 If the loan was kept in house, never to be resold they could possibly do what they want to if could could convince them of the value of the rents.

The underwriter is likely going to think that if they had to foreclose on the property because of a pandemic or anti STR legislation they could only value the property per comps.