All Forum Posts by: Craig S.

Recently, another local investor offered to purchase a portion of my STR portfolio (10 Units). I have done owner financing before, but it was for just one property. My question is this…

Is there a standard way to structure a deal like this?   I am looking for a simplistic approach that will maximize my profits while ensuring the buyer has the greatest chance of success.  

I'm considering adding a Vacation Rental to my portfolio.  I intend to retire to Key West, the Virgin Islands, or possibly Aruba sometime in the next 10-15 years and I'd like to start buying in the area.  Does anyone have success stories owning in these areas from afar?  

There are many areas to avoid.  You need an investor friendly Realtor who's familiar with the area.  Often times areas to avoid are a stones throw away from bad areas.  

Welcome Keith!

Feel free to reach out if you need any assistance!

Best of luck!

Depending on property values where you're located, I'd use it as down payment on two properties if feasible.

Being new though, you're probably better off starting with one and keeping any leftover aside for potential unforseen issues.

No.  Unless you're somehow projecting an insane amount of appreciation. 

A new water heater will not increase your ARV enough to notice.

Hi Michael.

In my experience appraisers come from two vastly different camps.

Camp one...  Completely and utterly incompetent.

Camp two...  Very cool and willing to be flexible.

I think your best bet with such a short time frame is to develop a good report with the appraiser if possible. Make sure to reiterate to them what it is you're trying to do. Point out any and all repairs and nuances that make your property better than the comparables.  And no matter what you do don't piss them off!

With a little luck, and hopefully an appraiser from camp two, you should do okay.

The amount of fraudsters/financial predators out there and on here is distributing.  Anytime you're considering working with any real estate professional or contractor, make sure to ask pertinent questions prior to hiring them. 

If you say "cap rate" or "ROI" or "1031 exchange" to a supposed to investor friendly real estate agent and they look at you like they don't know what you're talking about, run the other direction

The same goes for contractors.  If they don't show up on time, return calls within a few hours, etc.  Never contact them again.  

Folks like this give reputable, hard working people that are trying to make an honest living a bad name.

I wish BP would allow a star rating for professionals on the website.  SMH

Ed Touehy @ Upstate.  Talked to him last week.  They're still doing blanket refi on investment properties.  C of O must be current and leases need to be in place prior to closing though.  No more flexibility on that.