All Forum Posts by: Katrina Dividina

 Thank You Lucia this is very helpful. I will talk to the zoning department. 

What can we do, I am currently in a contract with this property, it is originally a single-family home and the owner added (3) 1 bed 1bath units at the back (without securing permits). So its a total of 4 unit property now. Its in a small town (20k population) and has no comps. Recently appraised for 240k, I was able to negotiate to 215k with 30k rehab budget (more on cosmetic issues) . My question is, If I refinance after rehab in 6 months, How can I increase the property value aside from renting all units? Is there a way I can inform the zoning to change it to multifamily? (zone is currently mixed use). 

 Thank You Jens.

 Hi Anna, Congratulations on your new job. The world of real estate investing is exciting. BiggerPockets has ton of information and tools. Actually, this is how I started my RE investing in 2020, I just listened to their Podcasts, read forums, and joined virtual boot camps. Now I have 9 rentals, closing soon on our 4 units.  

But remember RE is a broad topic, know what your boss focused on? is it Fix n Flip/BRRRR strategy/wholesaling etc. Because that's where you want to get a laser focus on when it comes to researching, training, podcasts etc. It also help to join conventions and attend Real estate local meet ups in your area to understand your market and make connections.

If you have questions, start a forum here at biggerpockets or join FB groups for Real Estate investors. 

Godbless and Enjoy the journey!

Hi Me and My husband are investors in New Mexico mainly Albuquerque, Rio Rancho, Farmington, and Gallup. We would love to connect with motivated sellers, realtors, and fellow investors. We have 6 properties (9 doors), currently in contract with another 4 units in Gallup, NM. We do mostly Midterm Rentals, Buy and Hold. We only do cosmetic rehab. Let us know if you have deals. We also have some deals for you in Flora Vista, NM. A house that sits in 4 acre lot along the river, and a commercial lot. 

 Thanks Jonathan, that's what I was thinking owner finance it so I don't have to deal with what the bank says. I guess I have to talk to the owner to make his offer better than banks, I feel like he is not motivated enough, he said he wanted to retire. 

Thank You so much Mitch Messer for this valuable information, You're right I need to do my customized financial analysis since it's a nonprofit sober living. I just wanted an appraisal just to see if he is asking more than the value of the motel based on the area and comps (which is not a lot). And Yes I am on it doing my due diligence.

Hi, 

I have 4 SFH and a 4plex doing LTR and MTRS in New Mexico, now, I have the opportunity to talk with a motel owner who is willing to do owner financing. His motel has been shut down since COVID-19 for not being up to code, now, he has renovated it and water/electricity is running. He is asking for 800k, 25% DP, and 9% interest which I think is ridiculous for owner financing. I am a nurse and I have an addiction MD partner planning to turn this 20-door motel into nonprofit sober living which the area is in desperate need of. Medicaid will pay for each client/tenant.

I tried to call several appraisers but 2 of them who responded refused to do valuation. Its hard to find appraisers to service this area. They usually have to travel 2.5 hours.

My questions are:

1.) Does it have to be specifically a hospitality appraiser or can just a commercial appraiser do it? One of the appraiser has been asking for rent rolls but the motel has been shut down since covid. 

2.) What documentation do I have to do during this 1st part of my acquisition before I do my whole due diligence? Letter of intent to the owner? 

Can someone tell me the step-by-step? My partner is a member of Andersons Advisors, I just want to have an Idea of how can we work around this deal.

Thank You

Katrina

Thank you for the info. I will take this into consideration. 

Thank you. I just sent an inquiry on some of them.