All Forum Posts by: Kasie Smith

Investment Info:

Single-family residence other investment in Wiggins.

We're building 10 SFR this year in Kiowa Park in Wiggins, CO- a production home neighborhood, first of its kind in our county.

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

Husband is a builder, I’m a RE agent- we needed to put ourselves to work.

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

Found land opportunity while representing buyers purchasing new home from a production builder.

How did you finance this deal?

Creatively-
-lot loans from personal residence 2nd, family member, and HELOC on a rental we own.
-financing construction notes through local CU

How did you add value to the deal?

Sweat equity from husband, and representing our company as listing agent.

What was the outcome?

To be determined.

Lessons learned? Challenges?

So many. So, so many. From creative financing...An opportunity to keep our first build as a show home derailing the timeline....subcontractors...we’re constantly learning.

I had something similar happen with a bird in a vacant listing- it got in through a dryer vent that was missing the exterior cover. Maybe check the soffit vents, etc to make sure there’s not another entry point! I second the ozone machine...and Clorox.

What is our best recourse for a tenant that just vacates a rental with no notice? How do we file a report so that this behavior shows up on any tenant searches when he moves again? 

Kevin, sorry this is coming in late- hopefully it’s still useful. I recently represented a buyer of a foreclosed reverse mortgage property that was also owned by Fannie Mae, it was very technical to say it nicely.... This article was the most helpful in preparing myself and my client for the process, and I knew a few things the selling agent wasn’t aware of because I had read it: https://www.linkedin.com/pulse/what-hud-guidelines-24-cfr-206125-timothy-bethel

@Eugene Kemp yes sir, I understand there are costs- asking what other short-term rental owners have found to be successful and help them leverage the rental to get the best rates and lowest vacancies. Thank you for your responses :)

@Eugene Kemp it sure does!

Working on a deal for a SFR that would make a great short-term rental, but I want to make sure and include all the necessary start up costs in my budget- things like silverware, furniture, etc. What are some things that you've found necessary in short-term rentals or AirBnB listings that I should account for? Any other advice or things to consider in making this plan?

Thank you @Don Konipol! I appreciate the feedback. It's a great place, I'm excited to work a sale like this!

I am representing a seller as their agent, and they would like to offer Owner Financing. I understand I am obligated to direct them to their nearest attorney to draw up the note, etc. But what are some fair terms that you've seen for deals? This is an $850k equine facility, the owner and I agree that offering terms will open it up to a lot of people getting started in the business- just want to have some idea of what he can/should offer, and things to watch out for!

Thank you!