All Forum Posts by: Matt Jones

Hello BP community, 

I am looking to sell and I am interested in a bridge/short term loan to use as a down payment on a new home. My home is in Littleton, Colorado. If you can help me out please message me, wife and I have good credit, expected loan would be $100k+ Thank you!

@Matt M. Thanks for the input, these are some of the first questions I'm being asked. I do have this covered in the business plan, happy to share as much info needed over private messages. 

@Matt M. Thanks, I was thinking to using a service that helps validate accredited investors.

Hi @Wesley Jeanette - The property is close to Morrison, some houses on the property are decent sized, couple bedrooms, other cabins are tiny homes essentially. I am open to bringing on more than one investor, essentially crowdfunding this could be a possibility. 

Hello BP Community!

I'm an experienced business owner looking for a partner for a new business. I have business plan I would be happy to send. Here are the details about the property and initial offering, let me know if you have any questions, I also have spreadsheets from the BP calculators.

Buy: The property is a 28 acre ranch near Denver, Colorado. Very high tourist traffic. Perfect opportunity for short term rentals. It is going for $1.5 and has 8 cabins/homes. Property managers will live in one of the homes so that leaves 7 rentable properties.

Rehab: I will be investing $125,000 in fixing up the properties, every property seems to need a lot of work, labor done by myself.

Rent: The cabins are a perfect location to be rented out on Airbnb or any of the other short term rental sites. Properties in the area are avg. $300+ per night, during peak season competitors are over 90% occupancy, avg. through the year is over 65% occupancy rate. 

Re-fi: The re-finance will pay off all or most of the investors debt.

Repeat: Duplicate this process in a different city.

I am seeking $400,000 for the down payment, in exchange for 30% of the company. Again I expect the re-fi to pay off most if not all of the investors initial investment. 

My current businesses income allows me to put all our profits from the property towards paying off the mortgage, I won't need any income from the property for some time. 

 If anyone has any thoughts, input, questions please share! I would be happy to send my plan in full, I have too many files to post here so message me. Thank you. 

@Jared Bouzek That is what I thought, not sure who my broker is talking to. Would you be able to chat next week? Looks like your a local lender who could help me out. 

Thank you @Julie Hicks I have several questions, I mailed you. 

I would look at maybe other costs, costs can be hiding in these kind of agreements that turn a great partnership into a very unpleasant one. Are there repairs to be made and who pays for them? what kind of maintenance is required? taxes? etc. 

Running a vacation property should be considered operating a service oriented business, that comes with a lot of challenges. What sites are you listing the property? Most sites manage the payment processing from guest to guest, if you are going to manage the payments than I would suggest building a WP website, using Stripe or PayPal to manage the credit card payments. Contract templates can be found online, definitely have all your contracts reviewed by a lawyer. As far as finding a cleaning crew you can contract this out, but maybe find a few people to work with so if one can't clean for one day you have someone else to reach out to. There are several freelancers out there cleaning shared rental properties, you just have to tap into them. 

Private lending may work but you still need skin in the game and the interest rates are more than conventional mortgages. Lets say an investor is only making 2% in a bank, they may make 7%-10+% potentially with you. That's your selling point.