All Forum Posts by: Brandon Allenczy

Hey BP!

I have a househack and I'm thinking about switching the rented unit from a LTR to a mid-term rental focusing on travel nurses, etc. My first step is just gauging if there's actually a demand for this in my area (Hagerstown, MD).

Does anyone have experience with mid-term rentals and estimating demand in their area? I know Airdna for STR's and Rentometer for LTRs, but nothing for monthly rentals yet. If someone has experience with it I'd love to ask a few more questions about your systems/marketing to guests.

Thanks everyone.

Welcome! My name is Brandon, I'm an hour outside of DC in Hagerstown, MD. Looking forward to reading about your journey!

Has anyone ever done a seller financed deal that was just found on market? If so, did you just have your agent contact the listing agent and ask if they'll take owner financing? I feel some hesitation from my current agent now in doing this because he just feels it's super unlikely to happen. I get that some properties have it in the description, but just wondering if you've found an on market deal where that wasn't the case and actually had to ask the listing agent.

Hey BP!

For those that haven't seen me before, my name is Brandon and I'm a rental property investor in Hagerstown, MD. I own 1 househack, 1 duplex rental, and am looking to grow my portfolio more this year.

I have family in Dexter, MO and when we visited this past year we spent a good amount of time in Cape Girardeau. I'd been before, but it caught my interest this time as a potentially good market for something like co-living. To me, it seems like an inexpensive university town where you could buy a single family home, then rent by the room to college students or young professionals. 

Does anyone have any experience with Cape and can tell me their perception of the market? Is SEMO a big enough university that Cape would have enough demand for something like this? Anyone in the market, I'd love to hear your thoughts!

@Will Gissendanner

First off, congratulations on taking action and actually making steps towards tour goals!

I agree with the above, leverage is definitely your friend here. It will skyrocket your overall return. Look at the rents minus your debt service + reserves for capex, vacancy, repairs, and property management. My criteria I shoot for is around $200/door net cash flow.

Good luck!

@Riaz Gillani

Awesome, thank you!

@Jay Hinrichs

Thanks Jay, I appreciate your input!

Hey BP!

I'm looking at scaling this year and my goal is to buy 6 more units (3 duplexes or equivalent).

I'd love to use the brrrr method to get these so I can minimize the cash I have tied up in the properties. That being said I've never used any type of short term financing before so I have a few questions I was hoping to get answers to.

1. Can you combine private and hard money? Say a hard money lender will give me an 80% LTV, if I borrow the 20% down payment from a friend, would that be considered illegal crowd funding or something? I feel like I've heard before if you borrow money from too many unaccredited investors you can get into some kind of trouble.

2. How do you show proof of funds when putting in an offer and using private or hard money? If I put in a cash offer and the seller wants to see proof of funds how would you handle that? Just get your lender's bank statement or something?

Thanks everyone!

Hey BP!

I'm looking at scaling this year and my goal is to buy 6 more units (3 duplexes or equivalent).

I'd love to use the brrrr method to get these so I can minimize the cash I have tied up in the properties. That being said I've never used any type of short term financing before so I have a few questions I was hoping to get answers to.

1. Can you combine private and hard money? Say a hard money lender will give me an 80% LTV, if I borrow the 20% down payment from a friend, would that be considered illegal crowd funding or something? I feel like I've heard before if you borrow money from too many unaccredited investors you can get into some kind of trouble.

2. How do you show proof of funds when putting in an offer and using private or hard money? If I put in a cash offer and the seller wants to see proof of funds how would you handle that? Just get your lender's bank statement or something?

Thanks everyone!

I bought a duplex, successfully started househacking, and sold a house in NC! Went from negative to positive net worth.

Super thankful for this year!!