All Forum Posts by: Max Ferguson

@Alex Ramos

Hey Alex, are you going to the BP event on Thursday in Denver? I'll be attending with some folks. But yeah, partnership would be the way to go for this venture for sure. You may be able to pull it off with proper hard money yourself. I'm happy to give you guidance if you aren't familiar but sounds like you may be from your credentials. 

@Tanner Pile is right. He and his company are an amazing resource for STR.

My question is, what prompted you to want to do STR? Is it the returns? What are the financials of the the LTR you are considering selling? 

What are your credentials Alex? Maybe a bit more info on your background will help folks reach out to you. With no info and only one post you might not get any traction, but who knows. Let us know what you figure out and good luck!

Yep, as others have said. I would just outline that you are switching it out to gas because it will heat the home better and cost them less. Compensation for such a small amount can be provided but next time I wouldn't even get into it. As for the previous owner installing inadequate heating, you hired the inspector that missed that. The previous owner has no liability there as in theory they could've thought the heating was "adequate" and were acting in "good faith". 

I might have missed something. But I wouldn't stress it too much. Offer to pay the full bill if you have to for the month. Starting off on the right foot with tenants is a lot better than saving a small amount. Our last landlord's wall mounted A/C units went out the first week we lived in the home, he installed central air that week and we loved him for it forever. Paid early and took great care of the home. Let us know what you figure out. 

It is a full time job and not worth it unless seen as your main focus in my opinion. Partnering with an amazing agent and focusing on flipping/a normal job/different business can be a lot easier than trying to learn the ins and outs of sales as a Realtor. It is very rewarding and fun, but it is running your own business in most scenarios. There are certain brokerages that act more like true w2 employers, but for the most part you will be managing yourself. If you don't like cold calling, being hyper social/extroverted, and dealing with heavy rejection often I wouldn't recommend it. On the flip side, learning how to deal with those problems sets you up for a successful life regardless if you stick with realtor work or not. 

For a land strategy, going 40 miles out from a large city center and buying plots has always interested me. Just know that you won't make any money on the land for a very long time in most cases. If you can get it dirt cheap somehow and maybe flip it, then you could profit. 

As for trusting folks, just ask for their experience and evidence of it. That is a quick way to weed out people. 

I'm interested in this as well. I feel that there aren't many courses due to areas of the county being different. There may be some discords or Skool communities that cater to this? 

Happy to give you opinions on deals if you need to review some stuff. Multifamily Millions by David Lindahl is a good book to start with as well, although he grows out of the smaller stuff quickly. Multifamily MILLIONAIRE by Brandon Turner is a good read on it if you haven't read that yet as well. 

Hi Raif, 

Could you provide interest rates and payoff amounts? This is probably a question for your personal CPA or if you don't have one, paying a consultation fee to a Real Estate centered CPA would be a good investment. 

Good luck, and let us know what you figure out!

I'd be interested in hearing about it, but I can almost guarantee if you aren't extremely well versed in the local market you will not find an end buyer. Unless the deal is fantastic of course, and maybe it will be! All major flippers in town have heavily compressed ARV to accommodate for the potential of the downward slide to continue. Hopefully that slide stops due to seasonality in spring, but if we are in another year of stagnation prices may plummet. Homes sales are the lowest they have been in over 10 years now at this point here in Co Springs.