All Forum Posts by: Corey Meyer

@Brittany Guimond

Did you happen to find anyone? I’m looking for

a PM as well to manage a portfolio of 21 single family residents low income housing.

Does anyone know a typical structure of a 3rd party management company for a small hotel? Do they typically take a commission of revenue?

What about cleaning fees? I am more familiar with short term rentals and understand commission of revenue is normal and the cleaning fee is typically passed on to the guest. In hotels is it typically different?

If we keep in house management of the hotel, what kind of structure would that look like? One member of the real estate team would manage a local team.

Thanks,

Corey

Investment Info:

Condo buy & hold investment.

Purchase price: $77,000
Cash invested: $77,000

Buy and Hold STR Property in uptown Butte, Montana in a restored 1899 building that was renovated by Fort + Hom and sold as new in 2021. I own a non-conforming 1 bedroom basement level unit. I am currently operating it as a 30 day minimum rental.

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

I liked the location, I liked that there would be very little day-to-day maintenance as I planned on managing this property remotely.

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

I found this deal on Zillow.

How did you finance this deal?

Cash via margin through leveraging Robinhood stock portfolio.

How did you add value to the deal?

I didn't. New build, nice finishes.

I operate 20 vacation rental properties in Big Sky, Montana with my vacation rental management company Headwaters Hosting Vacation Rental Management Property.  I personally own two strs in Big Sky.  Strong market, lots of competition, off-season drop off is serious.  Getting into the market is by far the most difficult part.  

Corey

@Dandan Weinrich I am part owner/operate Headwaters Hosting Vacation Rental Management in Big Sky, Montana.  Let me know if you have any questions.  

Cheers,

Corey

@Armando Ramirez Yes I manage a portfolio of properties through my vacation rental management company Headwaters Hosting in Big Sky, Montana. Let me know if you are still shopping around for a management company to operate your STR. Congrats on closing in Big Sky, a hard place to make it happen!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $680,000
Cash invested: $25,000

I purchased this property as my primary residence in August of 2021 with my wife. There is a basement apartment we are currently remodeling and hope to launch as a rental this coming April!

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

I have been renting and was ready to buy a property to call my home.

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

My wife and I were walking in the neighborhood and saw the sign in the front yard. It was a block away from our favorite bakery and coffee shop. We decided to put an offer on the property and the seller accepted.

How did you finance this deal?

We financed the deal through a local bank with a traditional 30 year fixed rate mortgage.

How did you add value to the deal?

We are currently adding value with a full basement apartment renovation.

Lessons learned? Challenges?

This house is old and will need a lot of maintenance. This is our biggest challenge for the foreseeable future.

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

Diana Hafemeyer with Tamara Williams was our agent, I highly recommend her.

Thanks everyone for this information!

Greetings Michael, 

My advice to you is yes.  It takes a lot of resources to do the first deal; you have to save money, build credit, look good to lenders, etc.  If you loose patience and by a "bad deal" for your first one, there is a chance you may not be able to re-coop your loses and your real estate endeavors may be set back a good deal. 

Many investors on here can take a larger risk on deals because of their volume, if a couple of their deals don't pencil, it isn't as important because they have enough "good deals" to float their ship.

You need to be sure your first deal floats and doesn't sink.  Don't fear risk but be certain with your numbers and your gut on that first property. 

Corey

Can a non-spouse/family member be a co-borrower on a VA loan?

Also, in terms of the buy/sell agreement and title, if the VA financing is for the active military person only can the purchase still be under the partnerships LLC?

Or would we need to do a quick-claim deed? 

Thanks, 

Corey