All Forum Posts by: Alec Newman

Hello all, I'm looking to see if there are any Charleston WV STR hosts in the BP community.

I am a host as well, originally from Charleston, and am coming next week to visit for a few days.

Would like to support your business, maybe we can work a direct booking out.

Let me know!

Thanks.

-Alec

Looking for anyone who may be interested in an off market property in Charleston WV. As the title says, it’s a 3/2 2000sq ft home on nearly an acre outside of city limits yet conveniently located within 10-15 minutes to the heart of Charleston. 6 car driveway, metal roof about 8 years of age, finished basement, hardwood flooring throughout.

Let me know if anyone’s interested!

@Ross Bowman Thanks man! No worries glad you commented! 

So far it has gone extremely well, beating my expectations in the first 4 month even as we are in the Fall, not the peak of summer. The cabin I truly believe is able to appeal to travelers in any season though, given the location. 

I currently am continuing that, have some new roommates moving in this Friday to househack with me, so they will be paying my entire mortgage (minus 50 bucks) to live here with me in my primary, and I too am under contract with a partner for another STR in PCB,FL ! We close a week from today!

I would say it's not as scary as it seems, it's not as hard as it seems, just have an exit strategy for worst case scenario, but man I love STRs. I'm not sure how you are managing, be it self managing or hiring out, but I would suggest to self manage. I plan to do that to my cabin property in the near future, to save that 10% that I'm paying to Evolve to manage. Evolve is cool and was a great starter management company to use, but what I found to be true is while yes, they created the listings, hired the photographer for the first time, and used their automated systems to send guests check in information, request reviews, etc. That isn't THAT much work. Additionally, I still find myself talking to almost every, if not every guest. I am the problem solver, I also look to build relationships with every guest. I think that truly makes a difference. Don't overdo it, but be a human, imagine what you have liked from hosts in past places that you've stayed.

Additionally, one of the MOST important things is your cleaning partner. Maintenance partner is also important, especially for my cabin as it's on 24 acres and he has maintained all of that for me. The cleaning WILL make or break you. Reviews and reputation are everything, and again, just imagine what you would do if you went to vacation and popped up in a nasty place. No one wants that! 

I owe so much of my small bit of success so far to my cleaning and maintenance partners. I call them partners, as that's how I view it. Without them I would not be doing nearly as well. My last piece of advice, take care of them, they'll take care of you.

I often throw in little bonuses to them, got them a customized cutting board with their names for their home, etc etc. That kind of stuff matters, be authentic, be genuine. 

Hope this helps brother.

-Alec

Hello BP! 

I've come to the forums as it has proven to be such a valuable resource to throw out ideas, questions, or seeking opinions on anything I've ever been curious of regarding REI.

I'll get to my question shortly, but first a little context. I currently own one investment property and my primary residence in which I'm house hacking. My partner and I are under contract for what will be my third investment property now. I'm very interested in the MF space and am currently reading vol 1 of the Multifamily Millionaire as well as soaking up as much as I can from podcasts such as the Multifamily Mentors. 

To my understanding, after I have tax reports on the properties, I will be able to offset DTI with 75% of the income produced from each respective property. This is great, but I'm at a point where I'm looking to try to bring in other people's money to grow my portfolio. My partner and I are exploring the concept of stealing the idea of raising capital for syndications and such and using it for our smaller scale residential investments, gaining some experience in how that works, what it looks like to raise capital, and just adding to our experience and track record.

Now, while offsetting DTI is great, there comes a point in which it just makes sense to use other people's money and capabilities they have in methods such as equity money partnerships. Reading the Multifamily Millionaire, Brandon talks about doing this with a triplex and someone from his church. They brought the DP, closing costs, etc in exchange for him doing all of the work with a 50/50 split.

My question is, if entering in an equity money partnership, how does it work in terms of lending and ownership of the property? Liability?

For example,

If Bob and I agree to a similar partnership as mentioned in Brandon's example, Bob applies for the loan solely, is there a way in which we can both hold liability for the debt? Or, would Bob have to hold liability himself. Furthermore, if we agree to a 50/50 split, we agree in that during good or bad, as well as if we decide to offload the property, but how could I give Bob security in that if we made $0 and the mortgage had to be paid, that he wouldn't be hung out to dry and foot the bill himself, aside from my word? Something in the partnership agreement?

Finally, in situations like this, where Bob is taking the loan solely, is a common selling point to Bob the ability to do the same thing as I mentioned before with taxes in order to offset his DTI based upon the income the property produces?

Hopefully my thoughts to "paper" are making sense to you all, and thanks in advance for any feedback.

-Alec

My partner and I are looking for a handyman or contractor as well as a cleaning partner in the Panama City Beach, FL area. We are out of state investors under contract and are trying to begin preparations for some light updating as well as establish the relationship with our cleaning partners.

Further detail can be discussed via PM such as scope of work, dates, and ideally an in person meet and walkthroughs towards the end of October.

Thanks you for your consideration! 

-Alec

@Rylan Kean Awesome! Thanks a ton for the info.

Hello all! I was looking in the Clarksville TN area for a meetup and the only attempted one I found was from 4 years ago. I'm making this post in order to seek out any potential interested investors that would like to just meet, connect, and network with other investors in our area! At this time, this is a super loose idea without a settled agenda and is very open to all feedback, changes of dates and times, ideas, etc. I just wanted to see what it would look like to consider beginning some sort of local meetup in order to allow us all to progress in our paths of real estate investing!

Thanks a ton, you guys rock.

-Alec

Hey all! I just wanted to post a little update on how the cabin is doing now that we are up and running. BP and the community have been such a wealth of knowledge and given so much advice from the very beginning when I was considering this as an idea in my head.. and here we are.

Got back from Iraq around early May, had the cabin listed on all sites by June 18th, and now we are in July with 22 nights booked out of the month. Also my first 3 reviews on VRBO were posted today, every guest booking via VRBO posted a review so far.. and I'm thrilled with their feedback as well as seeing that they are enjoying their stays as much as I'm enjoying hosting. I will attach the picture.. all three were 5 star reviews.

Once again thanks to everyone. I am so excited about keeping this ball rolling and continuing to grow. Most recently I've been trying to learn a bit about larger multifamily deals. If anyone has experience in that I would love to hear your stories and how things are going for you. Not asking for anything, not asking for a free mentor haha just genuinely interested in your story!

@Daniel Denning

Thank you ! And sure I’ll shoot you a PM!

@Nicole Falvey

Thanks a ton !