All Forum Posts by: Erickson Sainval

Welcome! I am in Pensacola right now for the same thing.

Always better to use other people's money. I would open a heloc and have it accessible. Use hard money to get the deal done, and if things go south you have the heloc.

You've gotten a million options. For the future I would highly suggest adding bath.

As for this issue, can your margin take a price drop? Staging is nice and all but you've already gotten the reason for it not selling, its the layout. So I would suggest dropping the price if you can support it. 

If not have you looked at a second exit strategy such as refinance? Another option is to refurbish it and use as air bnb.

Danville can cashflow but can be a rough area for tenants. Definitely screen you tenants well. Ask police or look up reports for the area your investing with. If you just call and give them a location they will usually let you know bluntly.

That I would say is a little general. It all depends on location, activities in the area, events, state laws, start-up cost vs potential profit, and more.

Pull up air bnb int= the area you are looking to start and dive deep into research.

great tips!

Your going to need to raise the money or find partners. I would start networking in your local area and online. Have a simple pitch for the deal along with a presentation with some slides. It wouldn't hurt to have a page page business plan, and one page excel sheet of the numbers. 

Network, network, network- raise capital.

And remember, you can do it, just have to be determined.

Great work, will be keeping track as well.

@Brian Burke this is the case if the LP never realizes the capital gain and allows the syndicator to roll into another deal correct? Or Can this be done if the funds are received but than put into another deal that same year?

Something like QuickBooks or stessa are cheap.