All Forum Posts by: Jacob Stevenson

We just made an offer on a multiple properties, one has minimal work to be done, the other is a massive project.  Owner inherited the side by side properties and wants to move on from both.  

So, we are in a similar situation.  I would like to buy the smaller project with cash and have it turned around in three weeks.  Get a tenant in there and refi.  The larger project, I hope to do some type of construction loan like you are.

I will be following this thread and hope for some good feedback from those with experience.  

I love student renters for similar reasons as @Austin F.. We have structured our properties to be attractive to students and price our sfh by the room.  We also donate to the school organizations that our student renters are involved with and provide referral compensation.   We usually have new leases signed months before leases are up and the houses don't take as much damage as most fear.  We are after more college rentals.  

I don't know anyone that has a turnkey business but there are investment properties from time to time that are turnkey on the market.  DM me if you want to connect to discuss more the properties you are looking for.

I would say you picked the most competitive area of the community to find a single family rental in but that's because it's also one of the best.  Lot of investors focus on that area.  We have three there that do really well.  

Are you looking for turnkey or do you have some connections that can help you make some improvements?

Sounds like a great opportunity to find a partner that can help you get started.  You have the deal, find someone with the money.  

@Alex S. let me know who that guy/gal is in Sioux City, need him/her as my mentor!

I've lived in Sioux City for 17 years but I've never gone through the development process. I'd be happy to answer questions about the area or contractors but some of the processes you're talking about I have never experienced.

I would suggest connecting with Nic Madsen from NAI United.  Phenomenal commercial agent in the area.  

Good luck and if you go the direction of some duplexes I would be interested in purchasing!  

I would figure out the penalties for moving early or payback terms and then make a decision but am leaning to taking both.  10k is a great incentive to stay if you are trying to build your portfolio and a great incentive to buy a nicer property that will hopefully be less maintenance.  

Thank you I appreciate the advice 

Thank you