All Forum Posts by: Doug Quist

I have a cabin that I've been STRing since the summer of 2016 and was just notified by the insurance company that they are getting out of my market due to concerns about fire. I'd LOVE to get referrals / recommendations of a new company / agent for my STR. Thanks!

 Please send me the details. Thanks.

I have 6 fourplexes, a duplex and a single family home spread across in Salt Lake and Utah Counties all purchased in the last 30 months. All cash flow, but they also all have under 3% 30 year fixed rate loans at, initially, 75% LTV.

I expect to buy a couple more new builds over the next 12 to 18 months and even at 5.5% to 6% rate loans they should have a minimum 1% CoC. Not amazing, but OK for me, as a start. My current worst performer is my single family rental. I'm a big fan of multifamily, though.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Provo.

Purchase price: $785,000
Cash invested: $215,341

Use part of 1031 Exchange funds to leverage from a single condo into two fourplexes -- this is the first of two.

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

Like multi-family and needed replacement properties due to 1031 exchange funds.

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

Worked with a local real estate agent. This was the first of nine deal in 2020.

How did you finance this deal?

30 year fixed conventional loan at 3.375%

How did you add value to the deal?

No value added.

What was the outcome?

Still cash flowing.

Lessons learned? Challenges?

Don't be scared, even if a pandemic happens within two weeks of closing!

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

Yes, I have a great local real estate team both for buying and selling!