All Forum Posts by: Jonah Slove

@Jonah Slove 

I went through the photos, and the property looks fantastic—great job! I'm really fond of this part of Nampa; it's seeing a lot of gentrification. You’re about 2 miles from NNU and the same distance from downtown, which is a prime location. Given the steady population growth of around 3% annually over the last decade and the current housing shortage, I think holding onto this property could really pay off in the long term. It’s likely to appreciate a bit faster than average.

It sounds like you've got a solid strategy in place. If you're considering a cash-out refinance at 75% LTV based on your current asking price, you could pocket around $285k. Does that align with your calculations? With a DSCR of 7%, your monthly payment would come in around $2,500.

I don’t have experience selling on terms, so I can’t offer much input there. But with you being listed with KW, I’m sure you’re in good hands. If you ever want to connect and chat about real estate investing, I’m based in the Boise area and would be happy to meet up sometime.

@Jonah Slove curious what did you end up doing with this property? Flip or BRRRR?

@Jonah Slove Indy is a great spot to expand your portfolio! I’d be happy to run rental rates and help analyze neighborhoods for you. Indy can be very street to street instead of zip to zip. Happy to connect you with some solid agents and contractors too. Would love to connect!

Hi Jonah,  I would love to join your team.  Indianapolis is a great place to invest.  Happy to hop on a call with you to discuss.  I have been an OOS agent for 8 years and am an investor myself.  For wholesalers, there are 5 major wholesalers in town (and hundreds of mom & pop wholesalers).  Simple Wholesaling is my favorite - Terry Young is who you need to talk to.  For lenders, start with @Jared Shore Mamba mortgage - he can help with both DSCR and HML. Contractors - I have few I can recommend, but that is a rotating industry - if you find a good one, hold on to him and keep him busy. I also have lists of property managers, inspectors, title companies, etc. I will PM you my info so we can get in touch.

 Hey @Jonah Slove, I work with several SDIRA custodians. Please DM me what exactly you are looking for and I'll do a warm introduction to the best custodian that matches your needs...

@Jonah Slove As mentioned above, assuming zoning allows it, do you have water / sewer / septic for these 6 cabins?  I own property in VT and looked at a similar project in the past.  In particular if septic systems, VT was pretty strict on the locations so do your research for your state.

I personally couldn't find too many construction lenders and it would be easier to use a HELOC from a different property to get started, so keep that in mind as a possibly.

Sounds like a cool concept and good luck!

Hey @Jonah Slove, so a few things. Tiny homes and many manufactured homes are not considered real property so loans on those will not be mortgages but you might look at a SBA small business loan.

I am assuming the zoning will allow this kind of operation. I would be concerned with the sale of the other lots. I know that I wouldn't really want to be next to a small working farm and that is coming from someone who grew up in rural Idaho and worked farms as a teen.