All Forum Posts by: Bret Gillespie

 Thanks!

Hey Michael. My wife Danielle Gillespie and I live here in Carolina Beach, NC as well. We house hack and have one other property on Canal Drive that does VERY well. We will have at least 2 rental properties by next March, but hoping to have 4-5 if all goes right this year. I ALMOST played football at Hofstra actually but prior to graduating high school, they cut their football program. We both typically go to the meetings, however, not sure if we will make it or not this month. I'll keep an eye out for you though! Welcome to the beach life. You won't regret moving to paradise. Let's connect either way, we have a good time here. 

Investment Info:

Townhouse buy & hold investment in Carolina Beach.

Purchase price: $365,000
Cash invested: $22,000

Contributors:
Danielle Gillespie

Short Term Rental 1 Block from the Ocean. 4 Bed, 4.5 Bath, with 2 car garage underneath. Walking distance to boardwalk/most all of the dining in town. Views of the Yacht Basin from Master Bedroom and Living Room/Kitchen.

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

I love Short Term Rental more than any other type of investing currently, but would like to get into BRRRR.

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

On MLS for over 180 days, but had not accepted any low ball offers. Negotiated with the Seller and got it under list price, as well as had it almost fully furnished for purchase price.

How did you finance this deal?

Partnered 55/45 with another investor, and split the down payment.

How did you add value to the deal?

Found the deal, helped finance the deal, and my wife Danielle and I manage the short term rentals on the home.

What was the outcome?

This home nets about 30-35k in profit annually, hopefully giving us the springboard to the next properties to come.

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

Yes, my wife Danielle Gillespie with Danielle Gillespie Real Estate. She does an incredible job, and works tirelessly for her friends/family, but also for every client that chooses to value her services.

I thought it was the first Tuesday of each month. @Joe Prillaman, is this a different meet up? I know Shelby is your girl in the Fayetteville market, but just double checking date/time. I definitely want to be there. She's got it going on. Would love to hear what she has to say.

Hey Everyone,

My wife and I are looking to build our team in Toledo for doing some BRRRRs. I need core 4 rockstars. My wife is born and raised in Toledo/Sylvania and has family still there locally, but we now live in Carolina Beach NC. Looking to add some passive income to what is now our STR income in our beach market. Any recommendations on any part of the core 4 in the Toledo market? Looking to use commercial notes and get 2-5 properties done by EOY.

Thanks in advance!

@Joe Prillaman make sure you talk to Danielle! She will hook you up with the deets! Also, roadblock is finding the next deal. I need to talk to you tomorrow night and make a connection if possible. I got the Blinkist app and love it. Basically spark notes of all of the takeaways and main ideas of most of the books that I want to read! See you tomorrow!

Appreciate the feedback. This market is built for STR, it is a beach town. Also, we have been doing STR already and have systems in place. I am not worried about feedback from tenants at this point as we are currently having success with this type of investment. We were smart from the start with how we market to potential short term renters, as well as some good advice from some friends that are also successful in this market. It's a matter of finding the best lender or loan option that allows us to do what we want to do. I'm not going to sacrifice revenue and change my investment strategy due to financing or getting a slightly better interest rate. The deal still works with portfolio lending options, I am just looking for the best lending strategy at this point; Not to change my entire game plan.

Working through numbers on a BRRRR with a property that we want to use as a STR. Anyone with experience in doing so? My thought is that when trying to refinance, the lender is going to want to see a monthly LTR number...however, this obviously is not possible in this case. Would we have to deal with hard money for a full year of STR in order to use that income to prove to the lender that it works? I do not want to do LTR on this property for the first year just to refinance. Thoughts on this? looking at 355K all in, and then ARV of 500k; less than 1 full block to the ocean. Keep in mind, LTR numbers are slightly less than 1/3 of annual revenue of projected STR annual revenue. Thanks in advance for thoughts/assistance!

Anyone here tonight?

Here's the stats.

Offer is in on a Triplex for a coastal property at 275k, with an expected 100k rehab. I hate Zillow, and this property is out of state, so it's difficult to hit the MLS and look at comps. My wife is a Realtor in our state and we're stuck looking at Zillow's recently sold section for comps. I've come up with a ARV of 490-525k, but again, such a big margin for error. Any better ways out there? We have an agent in state that we're working with...but would it be easier to just go under contract and have an appraiser take a look? I mean, looking at this deal, we want to be all in for 70% of the ARV, so it has potential to work out great. I guess my question is, would an appraiser be willing to offer up an ARV based on what the house currently looks like and comps in the area that are turnkey? If not, we are just going to continue to bug the Realtor for more comps to look at prior to the due diligence ending.

Any thoughts?

Thanks