All Forum Posts by: Kevin Smith

Following. I know of several sites that allow occupants to pay with CCs, including Cozy, but would love to utilize any that took an extra step to report the rent payments directly. 

Investment Info:

Single-family residence other investment in Englewood.

Purchase price: $480,555
Cash invested: $30,000

House hack #3. Able to buy 100% on my own. Planned on AirBnB before the Corona. Shifted to traditional house hack when vacation market halted. Once again got $12K sewer line replaced by paying for $120 sewer scope. Objected to listing basement as a bedroom, seller did complete. Launchpad for my initiative-The Gamehinge Community-which hacks the real estate market with community and creativity, while creating positive human connections and helping local economies prosper-starting with your own.

What made you interested in investing in this type of deal?

Keeping the ball rolling, and upgrading living situation.

How did you find this deal and how did you negotiate it?

MLS, with my real estate agent Mary Anschutz

How did you finance this deal?

Conventional, owner occupied, 5% down, during historic lows for interest rates.

How did you add value to the deal?

Getting the sellers to pay for some needed improvements with their equity, not price reduction.

What was the outcome?

Only time can tell with the current state of the world, but feeling good about it.

Lessons learned? Challenges?

Two offers - liked that method.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes both of the above, my realtor Mary Anschutz and Finance Matt Hanson.

Investment Info:

Single-family residence other investment in Englewood.

Purchase price: $480,555
Cash invested: $30,000

House hack #3. Able to buy 100% on my own. Completely move in ready and updated. Just blocks off of S Broadway - opening the book for many short/long term rental possibilities. Planned on AirBnB before the Corona Virus pandemic. Shifted to traditional house hack when vacation market halted. Once again got $12K sewer line completely replaced - just by paying for $120 sewer scope. Also objected to listing basement (pictured) as a bedroom and had them install the egress and closet to complete. Launchpad and home base for my initiative - The Gamehinge Community - which hacks the real estate market with community and creativity, while creating positive human connections and helping local economies prosper - starting with your own.

What made you interested in investing in this type of deal?

Keeping the ball rolling, and upgrading living situation.

How did you find this deal and how did you negotiate it?

MLS, with my real estate agent Mary Anschutz

How did you finance this deal?

Conventional, owner occupied, 5% down, during historic lows for interest rates.

How did you add value to the deal?

Getting the sellers to pay for some needed improvements with their equity, not price reduction.

What was the outcome?

Only time can tell with the current state of the world, but feeling good about it.

Lessons learned? Challenges?

Two offers - liked that method.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes both of the above, my realtor Mary Anschutz and Finance Matt Hanson.

@Scott Trench @Brandon Turner the online community yall have built is extremely impressive and has a positive impact for many and most, including myself. Yall have provided invaluable resources along with an open code format for real estate investors - of whatever experience - to come together and support each other like no other platform I know. Thank you. One thought, how do we get more community within the community? How do we replace the common problem & solution (or cause and effect as above) with a conversation about POSSIBILITIES and GIFTS. 

I believe in hacking (Urban Dictionary def: a clever solution to a tricky problem) the real estate market with community and creativity. There is an interesting quote from the Chief of Police up in Longmont (I live in Denver too), 

"For 80% of the calls we receive, people do not need a uniformed officer, they need a neighbor."

Now more then ever, we need our roommates, occupants, mentors, leaders, coaches, friends, family, and neighbors for support. To keep our local economies afloat, starting with our own, no matter what previous advice we took, or how cold it gets, BRRRR.

I'd love to help start a movement - by creating positive human connections, building community, and helping local economies prosper with and within rental properties - where we as investors focused on the future possibilities of this glorious industry, instead of passing blame to occupants or hindsight problems from our mistakes. Let's keep learning / deviating our perceptions, and give our experience, good and bad, as knowledge to the next folks with the right mindset. Would BP be on board to help? 

@William C. Looks like you're on the right track with this particular issue. I have a DEVIATED solution, that works for some scenarios, certainly not all.

I like to give my occupants a chance at sweat equity repair, if I know the skill set of the person and difficulty of the job. Folks love the chance to fix simple things. I send them what they need via Amazon, and extend them a discount of next months rent for their efforts/time and saving me the trip. Sometimes I'll send them a YouTube video for additional help.

The added bonus to this system is that with each small project, the occupants take ownership of the property and better care thereafter. I manage SFHs that I own, so different then apartments, but a cool approach none the less, I think. I understand some won't trust the folks to do it right, but there are risks and costs to any option. Some people you pay professional pricing and they still don't do it right. I choose to first involve the local community within the home and see if we can figure it out together.

Also, if any local Vegas folks know of anyone looking to attend - I bought a 2 for 1 pass that my buddy just bailed on, so have a DEEPLY discounted ticket available. I will get my barrings down tomorrow (not super familiar with Mandalay Bay) and then set a good meeting spot for Saturday evening. If anyone has location suggestion, I am all ears. 

@Ramon Gary awesome! Tupelo is a great community, I went to MS State. Looking forward to meeting and discussing. Thanks and have a good one. 

Looks like we have a few folks that will be there and interested. I will refine the event in a couple days with more specifics. Looking forward to a great weekend!

Hey BP, anyone attending the 10X Growth Conference in Vegas just a couple weeks away? Would love to correlate and meetup with some of you fine folks. Reply here if so.

@Derrick E. I love how you know this goes way beyond on time payments. Allowing citizen's to pay rent in a matter that helps them manage CASH FLOW is amazing, and we should all be able to relate & support. This is a brilliant system that can help build social capital and local community. Bravo.