All Forum Posts by: David Landsman

Thanks for all the input, I have spoke to a number of lenders in the area and its just such a unique property they don't have a lot of options but still looking..  Todd Gosdeke: to answer your question this is part of an estate of an older couple who owned multiple properties in the area and who the last of the couple has now pasted away, now its being sold by the 3 out of town Aires. They are no outstanding code violations, there are about 6 septic systems on property and one well we are still looking into the condition of those..  When it first opened is was used a vacation rentals the over time became more long term rentals to locals and since the couple was getting up in age a lot of the cottages were neglected, except 6 have new metal roofs last done about 5 years ago..

This is a major undertaking that I'm not 100% sure my wife and I can handle she seems to think after renovations we could gross over 150K per year but I'm a bit more skeptical but seriously considering it but hate to sink all cash into the deal if we can't find financing.. 

We are considering the purchase of 13 cottages on a 3 acre lot in a primarily summer vacation mountain area..

Being somewhat new to this (STR investing), I'm looking for any and all help, advice. mentors or critiques..

1) Financing:  I seem to be hitting a wall with conventional lenders because of the uniqueness of the property and the fact that all the cottages need lots of work and haven't been rented in a couple years.

I'm about to sell a house which will net us about $300K  and I own a commercial property which I wasn't really ready to sell but might in order to purchase this unique property..

Asking price is $500K and renovations should run about $250K 

Any and all suggestions, help would be appreciated...