All Forum Posts by: Greg Tomita

Hi Everyone, I've been following this thread but wanted to introduce myself. My name is Greg and I'm a US based investor, LT and STR in AZ, FL and IN. I'm very interested in finding a property in the Algarve region or possibly another tourist driven area for STR and eventually living there more and more over the next 3-4 years. Love to connect and chat with others doing STR investing in Portugal, esp in the Algarve, Cascais area or surrounding. Thanks!

I have a 12 unit apartment building that will need framing, run new electrical, plumbing, drywall, and finishing to get rent ready.  I'm hoping my fellow BP folks can recommend some good and experienced general contractors to work on the job. I appreciate any referrals.

If you know some resources that do small multifamily commercial loans (<$500K) for purchase and rehab , please let me know. I'm an OOS investor so unfortunately the local bank option has been challenging.

Thanks!

I second Jay's recommendations of @Brian Burke and @Ivan Barratt.  I have invested personally with both and they do comprehensive analysis and sound projections. 

I am looking to also diversify so love to connect @Michael Ealy and @Roni E. sometime and hear more about your projects.

@Zach Evanish

Thanks Zach!

@Jeremy W. I'd say for a 2/2 condo in my area you are looking at $1250-$1400/month depending on amenities and interior condition. You can always check out craigslist too as a second check.

Hi @Jeremy W.  The project is work in progress but learning as I go. 

We got the place ready in time for the hot Phx summer so it was pretty slow July-Aug but started to pick up in September. My philosophy was to keep it at a $95/night min. even though many people heavily discount during the summer. Most of the furnishings are new so I'd rather just keep them nice and bank on Mid and High season to make my return while preserving the condo's new appeal. 

Sept: $2150 

Oct: $1520

Nov: $1630

Dec: $1730 (proj)

Jan: 1/2 full, Feb: 3/4 full and March: 1/2 full.  Feb and March are at $150-$200/night.

If I had to take a stab, I'd say I'll end up around $18K-$21K for year 1.  Not a gold mine but learning and setting up my team.  Plus I get to stay there about a month or so and it still looking great.

Couple of thoughts with more to follow..

1. Summer in Scottsdale is really hot (110), you need to lock the thermostat so the tenant can't run the AC at 65 degrees for 5 days straight and kill you AC unit (that was guest #1.. $1500 lesson after the water in the ceiling damage)

2. Most guests are very respectful and awesome, so don't get discouraged when you have a bad one.. it's par for the course.

3. Highly recommend a video doorbell to keep an eye on the property, makes sure cleaning gets in there on time and just general security. Of course disclose that on your listing too.

4. Find reliable partners (cleaners, handyman, AC guy).

That's it for now. Happy Holidays!

@Sammy Lyon Can you PM your PM recos for Cleveland?  If anyone else has a recommendation for properties in S Euclid and Lakewood. Thanks

Thank you @Jared Townsend and @Brad Miller I will give them a call.

Hello, I have a 6 unit commercial (residential) property under contract in Eustis FL. I'm looking for recommendations for commercial lending bank (this one is small $225K so loan is only for about $160K) and commercial insurance agent.  Any recommendations would be appreciated.  Thanks!

Hi BP friends, I just put a 6 unit in Eustis Florida under contract and now need to find insurance for the property. Since it's over 4 units, I'll need to find a commercial policy. Can you recommend anyone in particular that you have worked with in the past?  

Any other insights that are unique to Florida or commercial I should consider would also be appreciated. So far all my investments have been of the 1-4 units variety and in CA, AZ and IN area.  

Thank you.