All Forum Posts by: Sean Gribbons

Hey BP people, 

I created a spreadsheet to help underwrite and analyze airbnb and short term rentals. It includes things like a supply calculator (editable). furniture estimator, mortgage calculator, cash on cash return, return on investment numbers, bill calculator, and much more. Its laid out so you can easily analyze deals on the fly and see your actual returns. I use this spreadsheet to help find logical deals in my area. Hopefully you can get some use out of it. 

If you are interested in downloading it just follow my website on my profile or in my signature. Click the bar at the top where it says services, and then click Short term rentals. You can easily download the excel file from dropbox. 

Love to hear what everyone thinks.

This market is about as competitve as the big markets LA, San Fran, NY, etc. There is still loads of oppurtunity in the market though. My past two flips were both purchased on the MLS. For flip I use others peoples money to buy, flip, and sell properties but for my personal portfolio I look for live in units with airbnb and long term potential. I put 5% down conv financing and after a month of being on airbnb I'm usually living for free from the airbnb income. As for returns flipping wise on average we do 50-140% COC return. For airbnb the play is more long term but I get on average 44% yearly COC return after all bills are paid from my properties approx $12,500ish yearly.

Hi @Winny Wen that's a tough price point for Denver metro but there are deals. I would suggest Brighton area Thornton Area possible between Brighton and Greely. You would have a'lot more options single family wise if you looked down south into Pueblo have you considered that?

I don't think FHA will count the rental units income if its a single family home. Duplex they will.

I did exactly what you are trying to do using a normal FHA 3.5% down loan. Basement had separate entrance, kitchen, and one bedroom. I now rent it out and it pays my mortgage and then some.

If you can do 5% down conventional would likely be the way to go but normal FHA will get you there

I'm 25 years old and next month will be $130,000 month for me I graduated high school and skipped college. Got licensed as a RE agent at 19 and have been doing that since as well as flipping homes using others money and credit. If you have the drive and the passion I wouldn't go to college. 

Hey Guys, thanks so much for the feedback. Maybe some insight into why I’m asking this might be helpful! 

I’ve renovated a 4 unit apartment complex that we were originally going to divide and turn into condos. We’ve nixed the condo idea and are trying to determine whether it would be better to get signed leases and then list the property. It will be at a 6.001 cap rate. 

Thanks Jim I appreciate the insight! 

Hi BP people,

Curious as to what is more attractive to multi family buyers more specifically 4 units. Is it more attractive to a landlord to have a lease already in place at a good rate? Or would they prefer a vacant property ready for their lease and their tenant?

Where does everyone stand?

@Marshall Downs thats awesome sounds like it was a fun project. Really appreciate your input!

@Marshall Downs thanks for the reply. I'm in the middle of my first condo conversion here in Denver and its only 4 units so the bank waives the condo underwriting requirements for the end buyer. I would love to go bigger and better as Denver has a huge need for affordable housing and this is a great way to help fill the need. Was it tricky finding banks that were willing to fund the end buyers? I would assume some local banks would love to write loans on products like this.