All Forum Posts by: Mike Terry

I am trying to purchase a vastly underperforming boutique hotel/resort property and was wondering who has any experience in this area? It is a beautiful lake front property, 8000 square feet, 5 suites, 2 RV pads, 6.6 acres, lots of room to guild additional structure, Yurts, Cabins. If anyone can provide any input and guidance I would love to connect.

Thanks,
Mike Terry

0 Votes

Hi PAtrick,

We are seeking the same thing for very different reasons. I am trying to purchase a vastly underperforming boutique hotel/resort property and was wondering if you have any experience in this area? It is a beautiful lake front property, 8000 square feet, 5 suites, 2 RV pads, 6.6 acres, lots of room to guild additional structure, Yurts, Cabins. If anyone can provide any input and guidance I would love to connect.

Thanks,
Mike Terry
330 807 2720

0 Votes

Quote from @Stefanie Capriola:

@Mike Terry who do you recommend for realtor? Curious on PM too.

I use Tommy Cangelosi at Landmark Realty. He is on here gets investors and is an investor himself. I don't have a PM recommendation for you. There is Anchor Realty, Lincoln Realty and Lyons Property Management.

0 Votes

Why is no one talking about H.R.1331?

Congress recently passed legislation that treats Hurricane Ian as a qualified disaster for tax purposes. The legislation also applies to other hurricanes, including Idalia, Nicole, Fiona, Debby, Helene, and Milton.

For investors in Florida, Georgia, South Carolina and North Carolina this is huge. My accountant's office called me the other day and let me know that I could amend my 2022 tax return and claim losses due to Hurricane Ian to a primary residence property and a investment property. This is why I don't lament the fees I pay for this service.

Call your accountant if they have not called you.

2 Votes

Cape Coral, Florida

i work in recruiting in banking. Get on FDIC website under the bankfind tab search all the federally regulated deposit institutions in your target market. Then search on Linkedin for those banks and their "Special Asset" officer. If you can't find this person search for the bank's Chief Credit Officer. The community banks and small regionals are more accessible and you can usually reach the right person once you have a name by calling a branch in the city the bank is headquartered in. Good luck!

1 Vote

Los Angeles County, California

One of the things I learned early is that the margins on a deal need to be substantial. The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV. 40k projected profit on a 600k project is too skinny for me. If things go sideways, you discovery greater rehab expenses, the market takes a turn for the worse, you can get in the red quickly. I am a firm believer in smaller projects with a bigger spread. The first few flips I undertook, although marginally profitable I would not touch now.

1 Vote

Quote from @V.G Jason:

Quote from @Chris Seveney:

Quote from @Alex Silang:

There are 11 million undocumented immigrants in the United States. If even just a quarter of them are removed, don't you think it would greatly affect housing markets? That'd be 2-3 million people not needing housing in the US any longer.

I think it will have little impact on housing for several reasons. First I do not think there will be seven figures of people removed from the country. Secondly, if it does have an impact it will be contained to areas more to the southern borders than it would in Michigan, Massachusetts or say washington dc (just using those states as an example but northern states and higher priced areas typically have lower populations of undocumented people).

I think housing has a lot more other concerns ongoing than this, but this issue could also have a very slight impact that tied to the other 50 issues that housing has right now I am sure it will be used for political purposes.

Housing main issues are permitting, cost to build, ROI projections, and availability in areas that have zero infrastructure to set up to acquire demand.

I read somewhere on here before about people disagreeing there is a housing short. That there's plenty of properties in the middle of the MW available & affordable. That's right and wrong.

There's a housing short, where it counts. It doesn't count if no one can qualify being there. If companies require you in office, and the companies are based in cities where housing is becoming unaffordable then inherently from a supply-demand mechanism-- there's a short.

For housing to really be addressed, there needs to be way less tape to set up ground up construction yet stricter rules on actual build quality not necessarily code. Then a hiring increase for local regulation officials or private sector to assess housing quality & approve it. Then, there needs to be an incentive for builder and developers to build starter homes not mcmansions. This needs to happen in the cities with demand and in the cities that have no demand, but only after there's incentive for companies to grow in those cities.

If you're a small cap company with less than 5,000 employees, limited debt, then these cities in the middle of Arkansas, Ohio, some other **** state, need to incentivize you to come here and move/create your HQ here. Force a build out, bring demand!

I live in Florida and hold properties in Southern Georgia. We have had a lot construction work recently and all of the people doing the work are Hispanic, don't speak English, due to hurricane damage. They do great work are very warm and friendly. If this is representative of the construction industry around other markets in the nation and assuming many of these workers are undocumented (they may very well be legally working here, but having been through the immigration process myself, that would be difficult) the impact on construction would be massive. So like my original post the federal government does not have the operational ability our financial backing to accomplish deporting 11MM people.

1 Vote

Quote from @V.G Jason:

From my understanding deportation will work this way;

1) Removal of all incarcerated illegal immigrants.
2) Removal of illegal immigrants with a violent and multiple offenses within a criminal record
3) Removal of all illegal immigrants with any criminal record.
4) Removal of single male illegal immigrants-- no families will be deported.

Expectations are expected to be about 1.3MM of deportation--including the first 500k in 2025.

This is just the policy I was briefed on. I think expectations on it impacting inflation is overstated if this is the case, and it breaking the country's back too. It's likely we will be net positive immigrants.

Much like tariffs, from what I have heard versus what I have read are vastly different.

I trust my sources, but then again it could be completely off.

#4 is a pipe dream!!! will never happen, but we will see.

0 Votes

Quote from @Jay Hinrichs:

Quote from @JD Martin:

Quote from @Mike Terry:

Quote from @Alex Silang:

The country has massive debts and deficits. Our federal government, operationally does not function very effectively and certainly not efficiently. The cost to remove just one illegal will be in the thousands and way the government operates probably 100's of thousands of dollars. I don't see any possible way to accomplish this goal. The last Trump administration was much more show and bluster than it was effective at implementing policy. They successful cut taxes and loosened IRS enforcement. That was accomplished with the stroke of a pen. They unleashed pandemic handouts and loan programs that greased the economy (this was not well thought out, contributed to the inflationary environment we are still suffering from and PPP and ERP loans were flooded with fraudulent loans and benefits)
These programs leveraged existing corporate infrastructure (banks and the government had little or no operational involvement). The big difference here is some federal state or local agencies will have to be redeployed to take on this task creating a lack of services in the areas they were already operating. This will create more costs. Apprehended illegals will still be afforded due process (I presume since this is constitutionally protected for everyone in the United States). Anything requiring court or judicial decisioning is extremely slow. So we will be housing feeding and detaining millions of people for well beyond the Trump presidency. I suspect this is mostly campaign rhetoric that was popular with the current anti immigrant xenophobia that grew out of the pandemic both here and internationally and won the election, but the governments ability to achieve any real change in the population of illegals in this country would be very out of character. There will be some showy roundup of few immigrants (most likely only in Blue State, because every act of both parties right now is to be punitive to the citizens of the states that oppose the current administration), they will go after people with removal orders already in place, have a couple of press conferences and go back to improving their own personal economic situations. I hope I am wrong, but the above scenario more closely fits how the government operated in Trump first 4 years.

PS before you dismiss this as liberal, communist, socialist talk. I am not a democrat, just a realist. I often think we forgot we the voters are responsible for all of this. We elected Trump the first time, elected Biden to relieve ourselves of the chaos of his first presidency and now reelected him because he promised he would lower the cost of eggs by pumping more oil. The binary choice was not a good one, but I wouldn't anticipate some remarkable improvement of fiscal responsibility or operational efficiency in this second act.

Before I post, remember all - you can talk policy but not denigration of parties/personalities.

I think your points are well stated. The logistics of removing that many people en masse are pretty impossible. More possible is reducing immigration to a net zero or negative number over time, which would have essentially the same effect as mass deportation but over a longer, controlled timeline. I think the short term effect on rents is virtually zero - illegal immigrants usually live multiple numbers to a home, rather than everyone having their own space like Americans - but longer term there may be some softness at the bottom levels of rentals.

i would be more concerned about the lower economic job market than I would be about rental housing. Talk to any business owner of the heavy, hard manual labor jobs and they will all tell you the same thing - it's almost impossible to get Americans to work these jobs at any salary, much less one that a company can afford to pay. People are just going to have to get used to paying higher prices for stuff like that. That may not necessarily be a bad thing, just reality.

I agree 5 mil undocumented are living Pad split style so that might equate to 1 mil units and this will be highly regional. Agreed the biggest issue will be labor especially on the west coast and say Texas were Hispanic labor makes up HUGE portions of the manual labor force and Agricultural.. your not going to get born and breed US citizens to work in the fields picking fruit .. Growing up on one of the Ranch's in Northern Ca my dad bought to develop 2k acres. We had 150 acres of walnuts.. And every year the same families came up from Mexico to do the harvesting for us and then returned . Very nice people and always brought us gifts :)

As a home builder ( small time 20 or so a year) I look at my sub base and if I start at survey and work through the house here is the demographic.. Survey white dig out white owned hispanic labor on the machine and holding the survey levels. Foundation white owned hispanic setting forms and pouring. Plumbing White owned white workers. Electrical white owned white workers ( licensed electrians). Framer white owned white workers but sub to hispanic company to do the second story and the truss's. Roof white owned all hispanic.. hvac white owned white workers. dry wall white owned all hispanic insulation white owned all hispanic.. flat work hispanic owned all hispanic workers, floors and tile Eastern block owned Eastern block workers speak no english do incredible work. Painters hispanic owned hispanic workers Landscape hispanic owned hispanic workers final clean Eastern block owned eastern block ladies speak no english. Window was hispanic owned hispanic labor.

How many are undocumented I dont know.. but I can tell you all of our labor trades are the nicest guys work with smile and will do any little task my wife and I may ask of them. These are hard working guys and gals providing for their families.. Hopefully though the fed will get rid of the gang bangers and the MS 13 and other really bad folks.

No way your going to round up 10 mil people logistics wont allow it even if it was like world war 2 internment camps for the Japanese.

Great insight thanks!

0 Votes

thanks JD. How about that some reasonable non political discourse without labelling and name calling. There is hope for America!!! sarcasm aside, thank you for your thoughts. Good perspective.

2 Votes

All Forum Posts by: Mike Terry

Mike Terry has started 38 posts and replied 263 times.

Post: Help determining and offering on a Boutique Recreational property/resort

Post: Looking for Advice on Pricing a Unique Hotel/Motel Property

Post: Valdosta market? Anyone in the area?

Post: H.R.1331 qualified disaster declaration for tax purposes

Post: Looking for a list of all Bank Asset Managers and Mortgage Officers in L.A

Post: Need Advice on Fix & Flip Project in West Palm Beach

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?

Mike Terry has started 38 posts and replied 263 times.

Biggerpockets Logo Post: Help determining and offering on a Boutique Recreational property/resort

Biggerpockets Logo Post: Looking for Advice on Pricing a Unique Hotel/Motel Property

Biggerpockets Logo Post: Valdosta market? Anyone in the area?

Biggerpockets Logo Post: H.R.1331 qualified disaster declaration for tax purposes

Biggerpockets Logo Post: Looking for a list of all Bank Asset Managers and Mortgage Officers in L.A

Biggerpockets Logo Post: Need Advice on Fix & Flip Project in West Palm Beach

Biggerpockets Logo Post: Mass deportations: will it affect rental markets?

Biggerpockets Logo Post: Mass deportations: will it affect rental markets?

Biggerpockets Logo Post: Mass deportations: will it affect rental markets?

Biggerpockets Logo Post: Mass deportations: will it affect rental markets?

Post: Help determining and offering on a Boutique Recreational property/resort

Post: Looking for Advice on Pricing a Unique Hotel/Motel Property

Post: Valdosta market? Anyone in the area?

Post: H.R.1331 qualified disaster declaration for tax purposes

Post: Looking for a list of all Bank Asset Managers and Mortgage Officers in L.A

Post: Need Advice on Fix & Flip Project in West Palm Beach

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?

Post: Mass deportations: will it affect rental markets?