All Forum Posts by: Jefferson Simmons

Dave, thank you for your response! I agree 100%, that is the same advice I give to my out of state clients purchasing traditional rentals with me in Manhattan, KS. 

My traditional rental portfolio has grown nicely over the past few years and I am looking to purchase a short term rental in a vacation destination. The market I purchase in is less important to me than finding a management partner that has strong reviews. Anyone have somebody they feel strongly about? 

Just got home from my first BPCON! Such an awesome experience getting to meet so many BP'ers for the first time! Can't wait for next year!!

I'm going! Would love to meet up!

@Jonathan Stone thank you! This was an early project and I did not have a personal relationship with subs yet. I used a general contractor and my all-in was 300K. We were initially getting $3,100/mo in rent. I could have done it today for $250k with relationships I have made with subcontractors. 

@Dmitriy Fomichenko thank you very much! Was a learning process but I am very proud of this one! My current projects are much better deals.

Does anyone have a good source where I could network with acquisition managers for real estate investing companies? As an agent, I have access to several off-market options at any given time and would like to have serious buyers I could present to before disrupting tenants and causing headaches for property owners/managers. I have a strong list of buyers for SFH's, looking more for potential buyers of apartment buildings and portfolios of SFH's. Any input is appreciated!

If you're also living at the property you can keep an eye on how long the friend is there. In this situation I would just weigh whether or not this is worth making an issue of. If you have a great tenant, I would try to avoid friction. If you're willing to be flexible with them, you will have some rapport down the road.

I would start by contacting your property manager and see if they know another investor that may be interested in purchasing it from you. They would be incentivized to help you find a buyer if it means they can keep the property under management. If that doesn't work. I would try to connect with a couple Realtors on BiggerPockets and have them each send you their marketing plans and go from there.

Are you going to rehab the property? A 203k loan could be a great option here! The lender will do an appraisal for the ARV and if the neighboring properties are valued that high, you shouldn't have any issue appraising.

This is so important for a lot of landlords on here! Thanks for sharing!!