All Forum Posts by: Michael Steimle

@Elin Anderson

Mat McCoy at Macorckle Johnson and McCoy. Best dude in town. Knows tons about RE and construction. Tell him I sent you.

I have a deal I am putting together...see info on attached report.  This is in a very strong and growing area, directly across the street from a very trendy mixed used development, in an up-and-coming town in SE Georgia.  The best part, this is in an opportunity zone so whomever needs to shield a gain from capital gains, this is your chance!  Being the general contractor, I am willing to contribute my typical GC fee as equity in this deal and to have "skin in the game"  Looking for investor(s)/partner(s).  If interested, please contact me and I will send much more detail after exchange of a non-disclosure agreement.  Thanks in advance!!

@Ryan Shannon as a GC, I sub roofing to American Roofing. They are headquartered in Statesboro but work on the area a lot. Trent Nesmith is the owner. Tell him I sent you.

Good evening BP! I am pursuing my first multi-family project as a landlord vs general contractor. I have a tool for analysis but it’s been a challenge getting “estimates” for landlord insurance as a percentage of purchase price or gross rental income. What does everyone use? I realize it varies per property but I can’t imagine we all get a hard quote for each deal we look at. Any guidance would be appreciated.

Thank you for all the great replies!

Hello BP! I am a general contractor that is beginning to investigate income generating property investment. I have no issues analyzing long term rental deals because it straightforward to forecast stable rental income. However I am struggling to find STR income data that I can trust when making decisions related to purchases in the millions of dollars. Is AirDNA reliable? Do they provide any type of guarantee on the accuracy of historical data? Is there an independent data clearinghouse out there somewhere? TIA

@James Free

The spreadsheet you mentioned, I have been trying to develop something similar without much success and I have found many flaws with “canned” models. Mind if I reach out regarding yours? I’d be willing to pay for a viable model.

Unfortunately Crystal, not at this time.  I have a few large projects coming up and want to liquidate the cash.  Otherwise I would just do minor rehab and rent it.  I am sure there are private money folks on BP that would be willing to finance it for you though!

Charming 4/3 off market deal in Garden Hills.  The comps are fantastic for this for a flip and we bought it for that purpose.  However, I have too much inventory and with us being located in Savannah, we are putting this one back out for sale with no margin for us, just to cover closing costs.  If you are an agent with a buyer, add your commission to the list price above.  If this isn't under contract in 60 days we are going to keep it and do as originally planned and flip it per one of the options below.

Some deal numbers:

Purchase Price: $550k

ARV: $778,850 with just updating what is there for about $80K.

ARV: $1.1 to $1.2MM with spending more to put in a shed dormer across the back of the second story and creating a master on the main, etc.

Comps:

542 E Wesley Rd NE, Dist 285 ft, Sold 05/31/17, $735k

2721 N Hills Dr NE, Dist .24mi, Sold 07/20/17, Needs Work $600k

684 Darlington Rd, Dist .42mi, Sold 09/29/17, High End Finishes $860k

2885 N Hills Dr NE 4/2, $765k, 0.32mi

217 E Wesley Rd NE 4/2, $700k, 0.66mi

2774 Atwood Rd NE, 3/3.5, $950k, 0.2mi

549 E Wesley Rd 3/3.5, $775k, 0.1mi

535 Pine Tree Dr NE 3/4, $825k, 0.1mi

521 E Wesley Rd NE, 3/3.5, $798,500, 0.1mi

500 Pine Tree Dr NE 4/4, $780k, 0.2mi

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