All Forum Posts by: Chelsea Anderson

Anybody have any experience running a small boutique hotel/motel?  This is about 50 units - half traditional hotel rooms and half more studio/1 bedroom weekly or monthly rental. Looking for help on what percentages should be for expenses at this scale and any creative financing options?

Darcy is right - you can only have 1 FHA loan. You can buy another house with a minimal down payment but with a conventional loan and I believe you can have 10 conventional loans.

Investment Info:

Single-family residence buy & hold investment in Duluth.

Purchase price: $300,000
Cash invested: $300,000

Helped clients find and analyze a potential investment property with a local partner. They bought a home in a desirable area close to attractions in a city that needs additional short term housing. Long term rental rates in the area are also high compared to home value.

How did you finance this deal?

1031 exchange from a land sale here in Phoenix.

Phoenix - Yes!  Tracking success rates which is trending down from almost 93% to 91% currently.  Active inventory up 13% from this time last month which doesn't help when we are 25% of our normal inventory but headed in the right direction.  Just whispers of a shifting market, it doesn't feel any different to my buyers & sellers right now except that we have gotten a couple offers accepted without going astronomically higher than list or including an appraisal waiver with leaseback options for the seller.

Hi Marv - I'm missing some information to answer your question.  What part of town is your property in and do you currently have a lease in place?  I just got some great info from the Cromford Report that I'm happy to share with you that has a market projection based on City to help answer that question for you.  

The market right now doesn't care about condition of the property either so if you are concerned about the property not being in great condition, maybe selling sooner rather than later would be a better option for you while the buying frenzy is still going strong. If the property is in good-great shape, then maybe waiting a bit is a better choice.

Hi @Steven May - yes please, send me your info!

@Taylor Vogan I believe title companies can pull lists of owners who own multiple properties too - say 10 properties minimum or something like that.  Worth the ask!  Good luck! Sounds like you've got a fun time ahead

I've got a great RELIABLE cleaning crew for your Scottsdale STR when you're ready! Happy to share.

Building relationships - specific relationships with the bigger property managers in town, homeowners who have multiple properties, estate attorneys? Working smarter... right?

I just finished the Psychology of Money which is great by Morgan Housel.  Really dives into why people do what they do financially.  Profit first is also a great one to reframe how you handle your business finances and then as people have said above - Millionaire Real Estate Investor along with HOLD or FLIP in the same series depending on which side of investing you focus on.