All Forum Posts by: Mario Mormile

@John Underwood is there a specific reason why you went with VRBO instead of Airbnb?

Thanks @Chai Xiong definitely a good point to always keep in mind. 

@Villy Ellinger thanks for sharing- will be reaching out.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Warren.

Purchase price: $58,000
Cash invested: $8,000

Small 5 unit multi family property

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

More units under one roof

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

Online marketing

How did you finance this deal?

Private money for 14% down payment, 86% seller financed.

How did you add value to the deal?

I still am! Evicted 2 tenants immediately. Replaced leaking porch roof, gutted and renovated one unit, updated/ replaced a lot of the plumbing, two units under renovations, will renovate the last two units before end of 2019.

What was the outcome?

Did not account for the lost rent from losing so many tenants so quickly.

Lessons learned? Challenges?

Have your team already built and ready to roll before closing day.

Good morning fellow BP members-

We are looking to purchase our first STR in Florida. Gathering info and numbers and learning so much.

For those who have STRs, how did you structure your financing? 20-25% Down payment with conventional bank financing? Smaller Down payment with seller financing?

Any recommendations for a lender?

Thanks

Looking forward to hearing your response. 

@Kaynea Bingham thanks for sharing. Definitely focusing on building a solid team down there. 

@Warren Mitchell how did your deal go? Curious to hear as I am in the market to buy. 

I too am looking in/ around this area. Any resources would be much appreciated guys. 

hi everyone- we are currently doing our due diligence on this topic: vacation rental in/ around Orlando, FL to be used as a STR. We would use the property for 6 weeks out of the year.

Who is in this market? 

We are weighing pros and cons of starting with a new build Vs. Value add property. 

@Jason Gordon if you have found a deal you can find the down payment money. Even if you have to share equity or part of the cash flow to get your foot in the door... creativity has been working well for me lately.