All Forum Posts by: Jaycee Greene

Hey BiggerPockets crew! I'm an active-duty pilot who bought my first deal a year ago (long-term rental) and now found a potential short-term rental in Pensacola's historic district. It's a $385,000 condo, 2-bed, 2.5-bath, 1,288 sq ft, using a VA loan (0% down). I've been digging into AirDNA and Airbnb listings nearby, and here's what I'm seeing:

• Slow Season (Nov-Feb): 45-55% occupancy (14-17 nights) at $225-$250/night = $3,150-$4,250 gross, ~$4,000 expenses (mortgage $2,485, taxes, cleaning, etc.). Net: -$889 to $250/month. Listings show 60%+ open days now (March-May), so I’m worried about vacancies.
• Busy Season (June-Aug): 75-85% occupancy (23-26 nights) at $275-$300/night = $6,325-$7,800 gross. Net: $1,819 to $3,100/month.
• Average: 60% (18 nights), $250/night = $286/month net, scaling to $1,500+ with upgrades ($275-$300, 70-75%).
  I've got $15k-$25k to invest (upgrades, buffer), but my reserves are tied up in crypto/stocks, which are down. I'm new to STRs and hesitant—scared it won't rent enough or managing it will be a nightmare after I PCS out of state in a year. I would live in it for the next year while renovating it to be ready for STR once I leave the area. Love the podcasts and have been listening for years, but am I over my head? Is this a great deal?
  Looking for military/STR pros to help me run the numbers or point me to a service for beginners to underwrite this. Is this worth the work, or should I pass? Thanks for any wisdom!

 @Jaycee Greene that doesn't seem too bad. This was for a four unit? Where was this listing posted?

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 @Jaycee Greene not yet. The ones I have come across have been a little out of range. Gonna keep an eye out

@Jaycee Greene Yes! I remember seeing that during my research. Unless I can find the funding or someone who is willing to take part ownership in exchange for a down payment, the FHA is what I will be going for. & yes, this would be in San Diego.

No need to DM, just making STL jokes!  I'm sure it was a good school.

 Hi Jaycee,

Appreciate the welcome! If i end up going for a smaller MF, it would have to be a 4 unit. But the bigger picture I'm aiming for, is at least 5 units minimum. Not sure about prices. I'm middle class, so my only option as of now is to go for an FHA loan. In terms of types of properties, ideally one that comes with less stress and headaches. Not entirely sure because I honestly have no clue how any of this stuff works. I've only just scratched the surface.

We have a property picked out.  I'm in the process of getting pricing on cleaning services, marketing costs, etc to make sure the numbers make sense to purchase.  Where did you go to high school?  

We were recently approved by the bank to start our first spec home project (we have done it many times for other investors, first time doing the whole deal on our own). The home will be around 1800sqft 3/2, we are estimating 180k-200k in construction costs plus land, which was 22k for 1 acre, land was preowned. Homes with these specs sell for around 310k in our market.

The terms the bank is offering are

Loan Amount $140,000

• Term 18 months
• Rate 8% adjusting every 6 months
• As proposed appraisal to support a 70% or better loan to value
• Estimated closing costs of $8,223.

What do you guys think of this financing deal?, and what should I be looking as far as net profit margin on a build like this?.
Also, as I build up my credibility as a builder, what is the best financing structure I should be asking for from a bank?

Thank you!

Hey Everyone! It's been a while since I've been active here on BP, so wanted to re-introduce myself, give a quick snapshot of where I am, and hoping to connect with like-minded people. 

I'm 36 years old and live in Malden, MA. I am a construction project manager, currently managing a $1B life science project in Cambridge, MA. I am a real estate agent and focus on clients north of Boston. I am a real estate investor and currently own 14 units in Rhode Island (I grew up in Providence). 

This year, I'm looking to:

- Sell one of my properties, use a 1031 exchange to purchase another property closer to my other 3 properties

- Purchase another 2 investment properties (in RI or MA)

- Help clients buy and sell real estate, increase my sales as I look to transition into real estate full time

- Attend more networking events and connect with like-minded individuals

Other facts about me:

- I am big on faith and have been connecting more and more with my spiritual beliefs. My goal is to read the entire bible this year and would like to join a bible study. I've been attending Genesis church in Woburn. 

- I love fitness, working out, and eating healthy food

- I enjoy playing sports, hiking, staying active

- I love anything related to personal development, well being, and becoming the best version of myself. It could be reading books, meditating, cold plunge, going for a walk, etc. 

If you resonated with any of the above, let's chat!