All Forum Posts by: Irving Casas

Quote from @Steven Gesis:

Purchased and began renovating a nice property near the NEW Intel Factory in Columbus, Ohio - purchased this a month before Intel announced coming to town - now renovated some of the units, thinking about long-term stay or taking a segment and making some AirBnB? Any thoughts and or best practices with AirBnB units? 

Best practice with Air BnB units for the new Intel plant would be to cater to tech employees. Intel plants are open 24hrs a day. Night shift workers will need special Air BnB accommodations such as black out shades and white noise makers. 

I would focus on buying SFR and turn them into mid-term rentals. I work in Beaverton/Hillsboro Oregon, Intel has a reputation for hiring seasonal employees from around the world. These employees come to a new city and need furnished homes close to Intel.

@Jonathan Styer

Columbus Ohio will see continued appreciation and development. I work in Beaverton/Hillsboro Oregon. Intel completely changed the economics of this county. We saw home prices quadruple. Developers continue to build high raise apartment buildings to accommodate for tech workers with high incomes. Little farmhouses sold for millions because of their land and proximity to intel. 

Commerical loan is the way when the home is inhabitable, got it! Thank you saving us all time evaluating deals. 

@Pepper Bradford

Since the deal has been on market for so long perhaps the seller will finance it themselves to you? The seller may require a down payment, if the deal has a strong return this is where you can bring in a partner with cash. In place of cash, you can manage the property, do maintenance work and get tenants.

More days on market means the seller is more likely to provide seller concessions. These concessions can include major price drops, repairs or closing costs coverage.

@Allen Duan

Target marketing works. I have not provided housing to construction workers. As investors the more tools we have in our toolbox the better we will be at finding solutions!  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in San Antonio.

Purchase price: $388,000
Cash invested: $77,600

On February 8th, 2021 I bought a duplex for $388,000. The tenants who were on a yearlong lease were paying $1,300. Once I moved into the vacant side of the duplex, I realized I still only needed a room to sleep. I had reversed house hacked my entire adult life to save for my downpayment. I rented the vacant room for $725. My mortgage is $1750. My expenses include taxes, home insurance, water/sewer, 5% for vacancy and 10% for capital expenditures and maintenance.

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

In 2020 after months of listening to BiggerPockets and analyzing deals. I focused on buying a duplex in Portland, Oregon.

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

I work as a realtor. I found it on the RMLS. After inspection I was able to negotiate 8k in closing credits in lieu of repairs.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

I rehabbed the kitchen, bathroom and painted the entire home.

What was the outcome?

I now pay zero in living expenses.

Lessons learned? Challenges?

Buy more real estate.

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

My inspector was great!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in San Antonio.

Purchase price: $388,000
Cash invested: $77,600

In 2020 after months of listening to BiggerPockets and analyzing deals. I focused on buying a duplex in Portland, Oregon. On February 8th, 2021 I bought a duplex for $388,000. The tenants who were on a yearlong lease were paying $1,300. I work as a realtor and night shift at a hospital as a respiratory therapist, I don't have my own family. Once I moved into the vacant side of the duplex, I realized I still only needed a room to sleep. I had reversed house hacked my entire adult life to save for my downpayment. I rented the vacant room for $725. My mortgage is $1750. My expenses include taxes, home insurance, water/sewer, 5% for vacancy and 10% for capital expenditures and maintenance.

@Taylor Johnson

Flood insurance has a potential to increase significantly. This increase could squash you cash flow. When you are ready to sell the duplex there will be less interested and willing buyers.  

@Account Closed MTR have less turnover and less need to respond to the guest immediately. For example, if someone plans to live in the home for 2-3 months, they will only need to be instructed on how to use the TV once. Compared to STR where you may get multiple questions per night.