All Forum Posts by: Colin Williams

@Nathan G. I agree. i would also add that @Will LHeureux take a look at the tax assessed value of the property before last year and what it is this year to help with deciding the percentage increase. Are you still cash flow positive based on your rate of return? If not it’s time to get a new tiene at at the market rate if your property can command it.

Hello Jared - I’m interested! Once a month would work for me. 

Hello Bigger Pockets Family,

I have a cash flowing asset that has generated $111k in the last two years that needs to be quickly refinanced. I am asking for $193,000  at 9.5% for 6 months of interest only payments, however, if you are interested in a longer note I am open to discussing. The property was rehabbed in 2019. Attached in an investor brief. 

Colin Williams

BP Pro Member

@Jacob Turner I live in the Houston area and own rental property. Please reach and let’s talk numbers.

@Ryan Johnson and @Brian Alfaro I'm projecting $2700/month based on a conservative 63% occupancy. I'm testing the waters to see what works. I interviewed a host from Kingwood and they did well with a larger home but without as many amenities. 

I have a few questions for you both. You can respond in comments or DM me. 

1. How do you price your AirBnB properties?
2. Where do you buy your furniture?
3. Any tips you want to share?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $155,000
Cash invested: $43,227

This property is 4 bed and 2.5 bath dream home that sits in an active community a short ride away from Lake Houston Golf & Country Club. I decided to do a cosmetic rehab and take it up a notch. The rehab consisted of new paint, flooring, countertops, backsplashes, cabinet faces, pulls, and landscaping.

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

This property was perfect for multiple exit strategies depending on finishes.

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

The deal was found through a wholesaler. I had walked several properties he presented, but this one had the most potential and the numbers worked.

How did you finance this deal?

I used hard money and private money

What was the outcome?

The property went under contract but the buyer backed out due to lack of financing. I am converting the property to an AirBnB.

Lessons learned? Challenges?

An agreed to detailed scope of work will save you! make sure your contractor and any subs are aware of what has to occur at the Jobsite. Make sure your buyers are vetted so that their back end DTI will be under the bank's threshold.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Easy Street Capital on this deal. Kelly Smith was great to work with.

@Tyler Gregerson Try batchskiptracing.com for your skip tracing needs. You can search on Google direct mail house in Utah or check ProFinder in LinkedIn https://www.linkedin.com/profinder?trk=google. 

Hi BP - I have an opportunity to convert a well-constructed property into a short-term rental on St. Thomas. I will be traveling to view the property next month and I'm in need of local contacts for property management (cleaning & laundry) and maintenance for the MEP systems. Thanks in advance. 

@Tony Castronovo I know you're excited to get the first MF acquisition done. Congrats on making the jump. I've spoken to many MF investors who told me that after the first one it becomes easier. Keep us posted on your progress. 

@Emily C. Congrats on taking the challenge and closing on your second rental. Stay the course! Perhaps it will be 2 rental in the next 90 days!