All Forum Posts by: Grant Vincent

@Dante Fortson

Lots of responses. I didn’t get all the way to the bottom. Glamping is bonafide. I have a friend that is jumping into it and has discussed getting me into his operation. Sounds like you’ve considered a lot of ideas. One of things we’ve learned from another operator and plenty of campgrounds is the idea of partnering with someone as a host. They stay on property and help with operation and hospitality. Not sure if that was mentioned already but thought we could use a quick easy one to break up some of bickering.

Best wishes! Send me a link to your YouTube channel!

1st pic is downstairs. OFP = front porch

2nd pic is upstairs.

Anyone have any insights on rehabbing an 1890 brick farm house? Analyzing this property a few ways: flip, STR, LTR...open to BRRRR

The linked report is to renovate the existing floorplan without the changes to the floorplan.

Fast facts:

• 1600 sq ft
• Currently a 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairs
• Originally a 3Bed/0Bath; eventually someone added bathroom, laundry room, and mudroom (all downstairs; addition is vinyl-sided exterior)
• Full reno needed

Specifically interested in feedback on any of these points:

1. Did I miss anything?
2. Assuming a 100k purchase price as-is, with a scope like this, how much profit would you have to make on this project to be "worth it" as a flip?
3. Costs to put a beam to open the space between existing kitchen and LR?
4. Options & Costs to reconfigure the layout? I know this is difficult to visualize without seeing the house. I'll post an image of the layout. Presumably, the big front room downstairs would be the master bedroom; however, you have to pass through a living room and kitchen to get to the house's only bathroom. The addition with the bathroom is only on the ground level. It's low quality and needs gutted anyway. Also, I am very interested in adding a second bath upstairs and/or doing something more productive with the wasted community space connecting the stairs and upstairs BRs (ie- add a bathroom here or create a 4th BR). I've considered reworking the downstairs addition to be 2 stories
5. How do you source bricks to match the 130-year-old bricks and how do you project costs?

Thanks and sorry! I know this is a lot. Starting to think the only way to profit is finding gold bars stashed in the walls of this place.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Lots of good thinking in this great post from @Richard Balsam. I agree with you, Richard. When put that way, the upside of a few grand per year on rental profits looks pretty soft stacked up against some very realistic eventualities. Very well stated.

Richard, how would your position differ if the owner could realistically generate significantly more profit doing an STR strategy, if they were so inclined? If we were talking $15k-$25k/year (more possibly?) instead of $4k/year, for example? Same thing?

@Sindhura G....I'm curious, have you decided what you'll do?

I believe in Alpharetta's potential as an appreciation play, too. My house in Alpharetta has doubled in just 5 years!

In addition to the regular long-term rental approach, you may also want to analyze it's potential as a short-term rental. People are absolutely crushing it on STRs using AirBnB/VRBO (in general). I have an acquaintance generating excellent returns in Alpharetta using AirBnB. He's targeting working professionals, traveling nurses, etc. on longer stays (ie - multiple weeks or months instead of nightly stays). You can still use property management to run your AirBnB program, but the fee is higher (25%-ish?).

That same gentleman is interested in growing his program. Another variation that could be an opportunity to increase your rent would be to lease your townhome to someone like him to do AirBnB arbitrage - basically, he leases it from you and you let him sublet the unit for STR stays. Just brainstorming.

Send me a PM if you're interested in getting a cash offer to purchase your townhome (no obligation to accept; these are solid buyers that can close) or if you want to connect with the AirBnb guy(s) I mentioned...or if you just want to discuss further.

Great advice @Jordan Burnett

This is a great question! 

If it's comforting, I think all the options presented (sell and buy another property; sell and reinvest in another asset; or keeping it as a rental) could work well. You seem to be considering all the right metrics.

Like@Sam T.said, I'd strongly consider keeping it, too. But, I'm biased...I want to own an Alpharetta investment. It may be valuable for you to consider how each of your options fit your lifestyle, vision, strategies, and expectations. Context matters. 

What would have to be true to make you keep it instead of cashing out and reinvesting in another asset class? What I see from these posts is that you really seem willing to keep this property as an investment if the numbers look good (bonus points for considering property management costs). 

On the other hand, I noticed on your profile that you joined a few days ago (Welcome!) and immediately dove into to asking this question about your keep or sell "dilemma". There's nothing at all wrong with this but I can't help wondering if there's something else going on. Examples include if, say, you have some internal resistance to investing in real estate or a preference for another asset class. Also, you said "We" purchased. Perhaps another involved party has a differing opinion on what you should do?

Am I projecting?

I'm guessing it has to do with data feed issues. Several times, I've had contact attempts go to owners of completely different properties. I love these cool tech solutions, but it stinks when hiccups cramp your exposure. Sorry about your troubles.

I don't suppose you ever thought about selling it? I can get you CASH an offer pretty quickly. Not low-ball #s, solid prices from solid buyers that can close. We're doing this at scale. If the numbers work, this is a very easy option. No obligation to accept, of course. If you're even partially curious what they'd pay, shoot me a message!

Hope it works out well for you!