All Forum Posts by: Brett Deas

I know of banks that will count it for you, try going local instead of national. In my experience, local banks work wonders and can keep it on their books. I would also look into some sort of DSCR option for more properties as they don't care about DTI.

I am here in Denver so I can only talk about here. Denver is very stable with its growth, it rarely ever dives in prices. The average appreciation is 9.5% a year and has even kept that this past year 2022. Currently being a broker I see no reason why it is not going to stop. We have so many people moving to Denver from CA and WA. The rest of the state has seen some population drops and thus a drop in prices, but not Denver. Rent growth will most likely grow at a very moderate pace due to a massive increase in supply coming with many multifamily and sub-divisions going up. 

Now Denver's landlord laws are another thing. Absolutely terrible and do not look like they will get better anytime soon. typically the farther out and south you go the better they get but also it gets more expensive the farther south you go. 

It has, I used to be looking for LTRs because I thought the STR market was too easy to break into with low-interest rates and constant travel. Now with rates being high and lots of uncertainty in the STR market I have switched my focus to acquire a few. I am looking at unique stays and properties that could use massive improvements to their STR system to increase revenue. While everybody is scared about this space I am finding it is the best time to get in for what I am doing.

I have had many friends take Buffini's 100 days to greatness and live and die by it. Personally, I have never truly loved a course like those, my best thing was to just find a broker who is good at what they do and learn from them. Instead of paying them upfront, They are incentivized by your continual success. 

I own Mid-terms here in Denver so hopefully, this all helps. 

Typically bigger properties aren't used by travel nurses as they only need 1 bed and bath, and if you choose to rent by the room it could be hard because people don't love sharing bathrooms. Also if there is no secondary strategy then I would not suggest it. What makes our properties so great is that we are in Cap hill so we are pretty close to 5 0r 6 major hospitals. If it is just near one (no matter how big) I would not feel comfortable with the flow of nurses because there is no consistent demand to them. They can also cancel their contracts on a mass scale if they get too many. 

Not my experience, but one of my colleague's. 

She entered into a syndication with a first time managing partner about 5 years ago. The deal itself looks very solid but had some underlying problems. From what she was told everything was remedied but a few months ago she got a call asking for some emergency capital. Turns out some issues were not remedied and a state inspector had came and found some structural problems. (I believe it was a 40 unit apartment building so no small endeavor). She didn't read her contract well enough and she is obligated to provide more capital in accordance with her share of ownership or else the GP can take her portion and kick her out. 

I'm not quite sure how the situation turned out but basically always read the contract and know what it means. 

Largest return, within reason. Obviously if the project was taking years and I could make more money other ways then time, but if it takes years for millions of dollars in return I would take that. 

I dont know if I can be labeled 'successful', but this was my first property which has since been successful. 

I had lots of trouble trying to raise Capital (still something I struggle with) to initially get into the deal. Then once I got it, it sat vacant for about 2 months which was killer. But now it is a thriving mid-term rental because I got angels as my partners on the place and was always open and honest. 

Heavily look into the demand in the area. I am out in Denver and the amount of mid-term rentals is absolutely ridiculous and the majority sit empty. After Denver changed their STR rules every body does MTR and almost nobody is winning with it. That being said if you get a great place and can get it booked, you are set.

I would definitely read the minutes first with the HOA docs before closing the property. From my personal experience, I did not like my first investment for a while because the Condo association was terrible. We were using it as a mid-term rental so the costumer service expectation is generally higher than a long-term rental and with all of the problems the tenants wanted discounts from us even though we could not control the problem.

That being said condos can be great for cashflow just vet out the association first and make sure it is actually doing what it says it is doing.