All Forum Posts by: Brenainn Kilchoer

I think I'm on a standard contract but it's with the builder's preferred lender so I'm not sure about that. I have my own buyer's agent though I'm having to go through the contract with him to find that contingency. Thanks!

Hello!
I have a property under contract in Denver close to the international airport (<10 minute commute) and unfortunately my company is closing down their operations so I can no longer make that my primary residence. It's a 3 bed 2.5 bath townhouse (end unit) with a large 2 car garage, still under construction (new build).
The loan is for 439k at around 6.3% interest and I have 12k earnest money sitting in it. It's been a little too long for me to just change my mind per the contract so I was wondering how does one go about selling a contract, or selling a house before it's been bought.
Any help with the legalese is greatly appreciated!
Thanks in advance,
Brenainn

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $265,000
Cash invested: $8,000

Duplex but technically unofficial triplex because basement is livable space

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

House hacking! I was renting before this and now I have a place to stay that's basically free

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

Private sale, did not negotiate much, seller was pretty much set on price

How did you finance this deal?

Mortgage company, plus brought in a partner to finance the other half of the down payment

How did you add value to the deal?

small improvements in living space in the basement to improve short term rental potential.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $215,000
Cash invested: $19,500

single-family house, livable area is 2 bed 1 bath but unfinished basement includes space for additional 1 bed and 1 bath for full 3/2 complement

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

It was mostly ready for rent, but with extra space for improvement

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

MLS, requested multiple updates from seller and an additional small price concession for delayed occupancy.

How did you finance this deal?

Credit Union

How did you add value to the deal?

Not complete yet! Will be saving all the rental income and using that to update the basement to be made livable by the next Wyoming summer high season.

Hi @Joshua Messinger!

Thanks for the insight! I'm definitely in the process of managing it as much as I can myself with the ultimate goal of basically having my own PM company here in Casper. It seems there's quite a demand for mid-term rentals here so I'm capitalizing on it and I think once I learn the ropes I can do some hiring of my own. It'll quite a learning curve for sure.

Thanks again!

@Allen Duan

Hi Allen thanks for the post! I'd like to further clarify a few things you mentioned;

So those 20% that's the monthly fee you charge your clients for a full service. What does that include? Do you think I would/could expect something similar in Wyoming?

What other platforms have you seen used for marketing these kinds of rentals?

And lastly, have you had any experience creating job descriptions and hiring? I've tried doing that once with a virtual assistant which worked relatively well at first but I kind of sucked at accurately describing the scope of work I expected. Do you know where I could find examples of a boots on the ground manager job description I could pay per task? That kind of sounds like the kind of person I'd look for, since I can pretty much manage the rest remotely.

I was in LA not too long ago! Next time I go could we meet up? I'd love to pick your brain on management.

Hi!

So I bought a duplex with a friend in Casper WY a while back this past year, which is actually a non-conforming because it also has a finished basement. It's located a couple blocks away from the major city hospital, basically a 5-10 minute walk depending on weather.

One side of the official duplex is a 1 bed 1 bath and the other is a 2 bed 1 bath, and they're currently rented to travel nurses who typically stay 1 to 2 months, although the 2 who are in the 2 bed side are staying for another year.

The duplex currently rents at $1575 and $1250 per respective side. We bought it using an FHA loan, down payment including closing costs out of pocket was $16,000 of which we each paid half, and the property was bought for total purchase price of $265,000. Our total PITI as well as utilities adds up to $2100 every month, but we're not taking any of the profit out since we plan on updating the interior.

We've had absolutely no problem finding renters through Furnished Finder, but right now our inconvenience is that we have to live in the basement until next April to fulfill the FHA requirements so we can't really rent it out just yet.

Now, because of our respective jobs, neither of us is able to stick around Casper enough to be efficient with turnover and addressing tenants needs. We do have another friend who helps but it is not her primary job and we don't have the money to hire her full time ourselves.

So here are my questions:

1. How much should we be expecting to pay for a full time property manager (based on the description above)?

2. Is this considered a short term rental (despite not having any lease under 31 days), and if so, how does managment differ from a long term tenant manager?

3. How much of the work would you recommend we delegate to the manager (based on financials mentioned above) and how do we come up with a contract describing what work we want done? Do we need a lawyer for this or would a real estate professional or agent be capable of setting one up?

Any help with this matter is greatly appreciated!

Brenainn

Hi! Know a seller of 3 quads in Casper (total $1.05M), can anyone give pointers for a good DCSR loan officer and what to look for?

My business partner and I have $100k between the both of us, probably won't be enough so also looking for down payment assist company as well. What kind of questions should we be asking, and what kind of qualification questions should we expect?

How does a DSCR loan get qualified?

Any advice welcome!

Hi!

So my W2 job keeps me everywhere but in Casper where I bought my first ever property. So basically I'm mostly dependent on phoning local friends and businesses to take care of most things but my question here is what apps would you recommend?

I'm looking for something through which invoices pertaining to the business can be viewed (eg contractors and cleaners bills), rents can be collected (via a renter portal maybe), and linked to my business bank account.

Does anyone have anything like that?

@Nadine O.

I actually moved to Casper, WY to get a duplex because location is everything and it is 5 minutes walk from/to the hospital :)