All Forum Posts by: Jonathan Carpenter

Whitefish is about to complete a new phase of over 30 new build AirBnb's just below Big Mountain as well as another approved hotel downtown. Take that for what it's worth. I own a STR in that area. These new constructions and hotels are just the tip of the iceberg as well. The resort is experiencing significant new builds and someone is building a "Luxury Short Term Rental" community over on the other side of town they are trying to charge $4.5 million a pop for. Not really sure what's going on around here, but its tricky to say the lease.

First off, congratulations! I'm sure none of the acquisition or maintenance of all those homes was easy. Super impressive!

I've been researching blanket loans recently as we're soon to be in a position where we might qualify for one. 

It's something you could research and ask your local lenders about anyway. Multiple properties, one loan, ability to take cash to expand the portfolio. As I said, I'm still researching it myself, but could work in your situation.

Your remodel cost looks pretty reasonable honestly, if I'm doing my math right. Keith is right on pricing out here in Western Montana. I haven't gotten a bid for less than $250/sqft recently.

Sounds like a cool project though. I'd love to find something like that out here! I love restoring older buildings!

@Taylor L. I really don't have any of that stuff up. I mentioned we weren't really looking at running these long term, but I guess as long as we do it'd be best practice to bring the "A" game. I'll look into that group.

@Nathan Gesner Wow, thanks! Thats awesome helpful info. I really appreciate it. We'll start looking at implementing that. I always sort of assumed we'd have to be more hands on but that actually really does sound easy.

As I sort of mentioned, we kind of fell into these, so I really do appreciate it!

We've been looking at Columbia Falls for years as a place to do something cool. I think we're more looking into the canyon though. The new Nucleus Ave condos are really nice and there was one on the market recently that sold pretty fast as I remember it. More are going up, but not sure if they will be sold or held by the developer at this point.

You'll really need to make your money in the summer there. Winter tourism is not as strong in general and proximity to the Mountain is key when it comes to that.

The residential neighborhoods are nice, not really sure at how they'd perform as STR's. I think a lot of that will depend on how you can differentiate your listing, if that makes sense.

But yeah, Columbia Falls is awesome. I've always liked the town and they do great things in the summer there.

Thanks @Dmitriy Fomichenko We've come a long way since, look forward to finally making real estate our full time gig!

Investment Info:

Single-family residence fix & flip investment in Whitefish.

Purchase price: $267,000
Cash invested: $150,000
Sale price: $525,000

Purchased from online auction with minimal investigation.

Home was being used as a drug house prior to purchase. Rooms were added all over the place, HVAC was ducted improperly to heat parts of the garage. The place was just a disgusting mess.

The basement was completely full of mold due to power going out and no operational sump pumps, the list goes on.

Able to fully remediate basement mold, strip out ad hoc interior walls, completely renovate the property including landscaping.

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

We were interested in finding deals we could fix and flip due to television shows when we were younger. Finding this property with massive mold issues was the perfect fit for us and our company.

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

Found this deal at a garage sale. Neighbor told us it was going to auction, we found it online and won at an online auction.

How did you finance this deal?

Private equity partner for a portion of the purchase price, the remainder of financing was with a hard money lender in the area. All renovations were cash flowed personally through leveraging our business. We really didn't have any idea what we were doing on this as far as the financing went. We were lucky honestly.

How did you add value to the deal?

We spent 10 months and $150,000 on the home to repair all the damages and bring it up to speed as a luxury home.

What was the outcome?

We were in a multiple offer situation. Had the home listed for $475,000, sold for $525,000 before renovations were even complete.

Lessons learned? Challenges?

We learned to have ALL your financing figured out! Sheesh, what a nightmare!

Investment Info:

Single-family residence fix & flip investment in Whitefish.

Purchase price: $267,000
Cash invested: $150,000
Sale price: $525,000

Purchased from online auction with minimal investigation.

Home was being used as a drug house prior to our purchase. Rooms were added all over the place, HVAC was ducted improperly to heat parts of the garage. The place was just a disgusting mess.

The basement was completely full of mold due to power going out and no operational sump pumps, the list goes on.

Able to fully remediate basement mold, strip out ad hoc interior walls, completely renovate the property including landscaping.

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

We were interested in finding deals we could fix and flip due to television shows when we were younger. Finding this property with massive mold issues was the perfect fit for us and our company.

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

Found this deal at a garage sale. Neighbor told us it was going to auction, we found it online and won at an online auction.

How did you finance this deal?

Private equity partner for a portion of the purchase price, the remainder of financing was with a hard money lender in the area. All renovations were cash flowed personally through leveraging our business. We really didn't have any idea what we were doing on this as far as the financing went. We were lucky honestly.

How did you add value to the deal?

We spent 10 months and $150,000 on the home to repair all the damages and bring it up to speed as a luxury home.

What was the outcome?

We were in a multiple offer situation. Had the home listed for $475,000, sold for $525,000 before renovations were even complete.

Lessons learned? Challenges?

We learned to have ALL your financing figured out! Sheesh, what a nightmare!

Investment Info:

Single-family residence fix & flip investment in Whitefish.

Purchase price: $267,000
Cash invested: $150,000
Sale price: $525,000

Purchased from online auction with minimal investigation.

Home was being used as a drug house prior to our purchase. Rooms were added all over the place, HVAC was ducted improperly to heat parts of the garage. The place was just a disgusting mess.

The basement was completely full of mold due to power going out and no operational sump pumps, the list goes on.

Able to fully remediate basement mold, strip out ad hoc interior walls, completely renovate the property including landscaping.

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

We were interested in finding deals we could fix and flip due to television shows when we were younger. Finding this property with massive mold issues was the perfect fit for us and our company.

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

Found this deal at a garage sale. Neighbor told us it was going to auction, we found it online and won at an online auction.

How did you finance this deal?

Private equity partner for a portion of the purchase price, the remainder of financing was with a hard money lender in the area. All renovations were cash flowed personally through leveraging our business. We really didn't have any idea what we were doing on this as far as the financing went. We were lucky honestly.

How did you add value to the deal?

We spent 10 months and $150,000 on the home to repair all the damages and bring it up to speed as a luxury home.

What was the outcome?

We were in a multiple offer situation. Had the home listed for $475,000, sold for $525,000 before renovations were even complete.

Lessons learned? Challenges?

We learned to have ALL your financing figured out! Sheesh, what a nightmare!