All Forum Posts by: Baron Wheeler

Well as an update to this. We finished the house last week and put it up on furnished finder, and Airbnb for min of monthly rent and got our first tenant Wednesday. They are moving in Saturday. 

We are honestly kinda surprised, but very excited.

Thanks to everyone that offered advice. We really appreciate the community!

@Zachary Deal

Thank you for your input. Fortunately/unfortunately I don’t have any Facebook or other social media accounts. I was planning on searching here today to see if I can find any meetups in our area.

@Daniel Tanasa thank you for the links. I had not heard of the corporate housing by owner site. I will take a look. Furnished finder we were only able to find a few which is what brought us here to ask. Trying to find out if there just isn’t the demand, or so much demand that the available units are rented so they don’t show up.

Quote from @Daniel Tanasa:

Hello Baron, 

Congrats on your remodel. Is this house outside of an HOA?

No, it is inside of an HOA neighborhood but the current regulations only restrict rentals under 30 days stays.

We have a home that we are almost done remodeling that we would like to try the mid term strategy to increase our cash flow vs long term. The home is a 3/2 in a great neighborhood next to the community pool, park, and playground and located just south of beltway and and I45.

We are new to the midterm strategy and trying to figure out what the demand is and the pricing. 

Is anyone actively doing midterm rentals in this general area and willing to help some new comers out?

Quote from @Jaycee Greene:

Hey @Baron Wheeler! Sounds like you have a strong stomach! :-) How much will you rehab costs end up being and what rent do you expect to get upon completion?

We initially were budgeting 60-70k but we are going to end up closer to 80-90k.

It is looking like we will basically hit market value with little extra equity and certainly not enough to be able to sell with an agent and make anything.

We went into this one new to the market, (we just moved states a few months before purchasing this). We figured we would use this one to find our contractors, learn the cost of things in our new market and chock it up to education no matter how it turned out financially.

we are projecting $2k-$2200 for long term rent but trying to research furnished mid and long term rentals to see if we can squeeze some extra money out of the property to help offset the cost. We have all the furniture from a house that our family sold so setup cost would be minimal.

Investment Info:

Single-family residence buy & hold investment in Lake Mary.

Purchase price: $210,000
Cash invested: $95,000

Bought home in poor condition. Old food and dog feces on floor, full of old owners belonging and furniture.

We completely gutted the home down to drywall, replace cabinets, showers, vanities, floors, roof, fence, fixed foundation, retextured walls, led light throughout doors etc. fully painted inside and outside.

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

Great neighborhood and location in neighborhood. One house away from the community pool, playground and park.

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

On MLS and used our agent.

How did you finance this deal?

Paid cash from the sale of our primary residence.

How did you add value to the deal?

Full remodel. We ran into unexpected repairs beyond what we initially budgeted for and did not end up with the equity we thought we would have but still came out ok.

What was the outcome?

Should have the property finished 2/2025 and up for rent to hold. May try furnished rental to try to offset the extra expenses we put into the home.

Lessons learned? Challenges?

Need to put a larger budget for unseen expenses. Also we got emotionally attached to the home and over spend on the rehab with nicer finishes than we probably should have.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We used Nick Boyd with keystone realty group 409.789.0227

Well figured I would give a follow up. We pulled the trigger on moving to Texas. Multiple factors influenced our decision but seems like it’s going to be our best move for the family and financially. Once we get moved and settled in next month we will decide on where to invest the profits from our home in Colorado once it’s sold.

How strong is the mid term market in the teller county and springs areas? We have considered renting our current home as a mid term but we are afraid there isn't much demand and it would sit vacant for long periods of time between tenants. STR's are not allowed in our neighborhood unfortunately.

We currently have 1 paid off home in woodland park that we have been renting for the last 4 years and wanting to grow .