All Forum Posts by: Gary Nicholson

Andrew Postell Thanks Andrew for your response. I prefer a 10 year loan due to the small amount I'd be financing and the fact that I'd like to pay off the mortgage quicker so I'll own the property free and clear in a relatively short amount of time.

Hello, I own some property close to a very popular national park and it is also very close to a small tourist town that is near this national park. The town alone gets hundreds of thousands of visitors a year and well over 5 million visit this national park every year. I did my due diligence and realized there is a huge shortage of Airbnb rental and they stay booked up for most of the year. I bought some land (10 acres) with some amazing views. A convenience store and KOA campground are less than a mile from the property. I have improved the property with a road and fencing around the perimeter. I also had a pad cut for a 2 bedroom cabin I want to build. I already installed a septic tank. I have enough cash to get the cabin foundation done and probably the structure "dried in". I want to get a $40-$50k construction loan to finish the cabin and interior and place it on Airbnb. Before I bought I found out that the county allows for Airbnb rentals and actually has a simple certification and permitting process for short term rentals. My question is, will a bank loan me that kind of money to finish construction and then roll it over into a 10 year mortgage? I'd also like to try and pay it off in 5-7 years with income from my job and potential passive income from the rental. I paid 50k for the land cash so it's free and clear. My neighbor just sold a same sized parcel next door for $62k. it is raw land with no road, no house or other improvements done to it. So in the year I've owned the land, the value has gone up already. With my improvements completed to date, I've seen similar properties very close to me that have the same improvements as mine have now and they are going for $95k. Any help would be greatly appreciated as I'd like to start building very soon and I'm looking for finish financing options. Thank you!

Thanks Brandon!

Hello, Can anyone here recommend a real estate lawyer in Arizona who can advise me on setting up a corporation for holding real estate investments? Thanks!

Thanks Ciprian. All great advice. We would consider living in one of the units if we can find a property where the math works out to make that work financially. It's definitely an option at this point. 

Thanks Andrew!

Hello! My name is Gary and my wife Ann and I are investors in real estate. We live and work in Los Angeles and we have both been here for about 12 years now. 

We have a pretty nice portfolio of existing real estate spanning several states and one custom home we built and own in South Thailand.

We have decided to try and find a multifamily 3-plex or 4-plex in the crazy real estate market of Los Angeles. So, we found Bigger Pockets and started researching the ins and outs of investing in multifamily. Most of our past real estate transactions have consisted of raw land and single family homes. Now we want to invest in multifamily. Any advice would be greatly appreciated and if any of you ever need advice on buying raw land (ranches, farms, build-able lots, etc.) please do get in touch. I have a construction background from growing up in the trades and have built several homes for investment purposes over the years. I am a veteran and would like to ideally use my VA loan to buy a multifamily unit.