All Forum Posts by: Joe Rivera

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000

My business partner purchased this property and asked me to handle the remodel and the management of tenants. We are considering taking this 2 bed 1 outdated bath house with a detached 1 car garage. Remodeling it to be a 2 bed 1 1/2 bath house, detached garage that is converted into an office/workout area with a half bath in it. We are going to use the house as a short-term and mid-term rental.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000

My business partner purchased this property and asked me to handle the remodel and the management of tenants. We are considering taking this 2 bed 1 outdated bath house with a detached 1 car garage. Remodeling it to be a 2 bed 1 1/2 bath house, detached garage that is converted into an office/workout area with a half bath in it. The house needs new flooring, an updated kitchen, an updated bathroom, new windows, paint, and wall repairs. The detached garage has plumbing for the washer and dryer, there is room for a half bath and counters by the washer and dryer for a small sink and an area to fold clothes. We are going to use the house as a short-term and mid-term rental.

Investment Info:

Other other investment.

Undeveloped land we inherited by Clarks Hill Lake in GA. Right now we are unsure what we want to do with it.

Investment Info:

Single-family residence buy & hold investment.

We inherited this property in Dec 2021. We had it on the market for 6 months with no interest. We are taking it off the market and fixing it up to rent out long-term. We will be doing a long-distance rehab.

How did you finance this deal?

The estate is able to pay the low mortgage and other costs.

How did you add value to the deal?

We will be rehabbing the kitchen, and the bathrooms, new carpet, and new paint. The house needs a little TLC>

What was the outcome?

We will have another property to add to our portfolio for a few years.

@Josh H. sounds good, looking forward to talking to you.

Hey @Josh H.

I would say that Dallas is very STR friendly. There are a lot of STRs in the Dallas downtown area. Do you have a location in mind that you are looking at in Dallas?

We live in Fort Worth and will start rehabbing a small 2bed 1 bath next year to turn it into a mid-term rental. It is in a great location, close to a major interstate, college, and the medical district. 

Hope this helps. If you need more information please let me know.

@Nicole Heasley Beitenman I see you posted this a few months ago and did not receive a reply. I was wondering if you found any resources about mid-term rentals. We will start a rehab here in Fort Worth, TX, and turn it into a mid-term rental because it is close to the medical district and a major college. I was wondering where you are at in converting the property. 

Investment Info:

Other buy & hold investment in Galveston.

Purchase price: $169,000
Cash invested: $52,000
Sale price: $242,500

We purchased a 1 bed, 1 bath beach condo in Galveston, TX. It has direct beach access, a pool, and a hot tub. The condo sleeps 6, a king bed, hallway built-in bunk beds, and a sleeper sofa. It also has an ocean view.

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

This was our first time purchasing a short-term rental. We were interested in the deal because of the nightly rate and the location of the condo complex.

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

We found the deal on the MLS. We did not negotiate.

How did you finance this deal?

We financed the deal with the traditional 30-year note.

How did you add value to the deal?

We improved the decorations in the condo.

Lessons learned? Challenges?

Here are some of the lessons we learned. First, if you are going to purchase a sessional short-term rental, don't buy at the end of the session. Second, before you start to rent out the property to guests, be your own guest and stay in the condo and use everything. Third, schedule quarterly maintenance on major appliances like heating and air. The last thing you want is the ac to go out in the middle of the summer or the heat will go out in the winter. Which will happen.

@Bonnie Low I am still in the process of remodeling the house. The biggest thing the city requires at the moment is for us to put in sprinkler system into the house and have a defined evacuation plan in place. Those are the biggest hurdles at the moment. The next big issue is going to be parking. Street parking is a big issue down there for the city.