All Forum Posts by: Douglas Montgomery

@Alfonso Castillo

I live in Indiana and have bought several properties. I just use a title company to close. Typically they can provide you with the necessary paperwork.

@Justin Hoggatt

Thanks for the reply. There’s a 3/2 house on the property that I would move into and it has 72 full time sites only. No overnights or weekends. The 103 is gross for the site rental and house boat storage. The only other income they have is selling ice and firewood but that’s not included in the number. It has a pond and boat storage barn but not really any other amenities.

Im not sure about Texas but in Indiana we are only allowed to have one property homesteaded.

A local mom/pop owned campground has come up for sale. I would like some insight on how to analyze this. They aren't great book keepers but did provide some numbers. 829k asking price with 103 revenue. I couldn't get any real NOI from them so I'm wondering what are some of the costs to look out for. The overall condition of the park is decent. Well is 8 years old, Septic has been gone though. Theres a lot of room for value add by moving up the lot rent and possibly adding more camp sites. Similar campsites near this one are going for $800.00 more per season than they are charging. Does this even sound like a deal worth pursuing?

@Nathan Caffero I live and invest in Marion if you decide to go that route let’s connect.

@Donald Cole That’s awesome. I am in the middle of doing a duplex in Marion. I think I am going to start hiring out the rehabs as well.

Nice Job @Donald Cole!! Did you hire out the rehab or did you do the work?

Theres not a great way to do this on this calc. You could change the purchase price 282500 and zero out the repair cost and leave your down payment at 20% even though its really closer to 18.5%. That should give you the closest numbers. I also believe your vacancy to be low at 90.00 a month it would take a years worth of saving to cover one months PITI.

Welcome @Ben Sauer looks like you are well on your way to reaching your goals. I discovered BP a few years ago and wished I had found it sooner as well.  I went from 1 investment property to 10 in a little under a year. Your gaol is totally attainable if you ever feel like it isn't focus on the next step to reaching it.  Good luck on your endeavor.  

Personally I analyze a deal like a long term fully expecting the STR to perform better than if a long term renter was in it. Things you will have to account for in you analysis are utilities, furnishings, cleaning, and bedding if the place you are looking into isn't already a STR and coming furnished. If it can run as a long term and meet your qualifications definitely look into it. Something else to think about is flood insurance if it is in a flood zone.