All Forum Posts by: Munro Murdock

Thank you @Don Spafford! Sent you a message. Look forward to connecting. 

 Thank you @Justin Windham! I appreciate it!

Hi! So stoked to be here! I have heard a lot about BP for a LONG time and I'm finally getting involved! It's about time! I'm normally an early adopter with things, but obviously am slacking in this regard!

My wife and I own a few investment properties and are excited to acquire more as we can. We've been married for 20+ years and have 3 kids. We've moved a lot over the years and it's been on big adventure, that's for sure! We've lived in Hawaii, Utah, Grand Cayman and are now in Idaho.

I'm an investor and real estate broker and have been involved with residential real estate sales since 2012 and vacation rental management since 2009. I ran my own brokerage in Hawaii for a number of years and was recognized as a top 100 agent/broker in that market. You can learn a little bit more about me and the Hawaii part of my career in this Real Producers Magazine article. 

I also help coach/consult others on the process of obtaining their local real estate license and how to utilize that to create multiple streams of income, in addition to their income from investments. I have a YouTube channel and am focused on creating content for "The Striving Man", which is for men who are not satisfied with average, mediocre or the status quo; men who have a strong desire to make more of their lives mentally, physically and in life's most important relationships. I will also be launching a real estate-specific channel and podcast during 2022. Lots of fun stuff going on this year for sure! 

I am currently residing in North Idaho and am pivoting my real estate license focus from residential to commercial. My personal investment focus this year (2022) is primarily on multi-family and hotel/vacation rental type of use. 

Feel free to reach out, to follow and/or connect with me!

I look forward to meeting and working with other like-minded investors, to assist however I can, and also to learn as much as I can from others! Since I've owned, operated and sold businesses, I do find that I enjoy working with fellow entrepreneurs, investors and other like-minded people. That's one of the reasons why I'm moving into the commercial side of real estate, as a licensed professional, as I think there will be a bit more relatability with other business owners and investors. 

I believe that success in life and business is about the quality of the relationships, not the quantity of the transactions. Dollars always follow value and I hope to focus on value creation and value consumption. Every deal should be a win-win, or it shouldn't be done!

I also hope to develop a list of potential investors that have an interest in investing in multi-family properties in Idaho, Utah and Hawaii, as I'm likely to come across some excellent opportunities that I'll be seeking limited investment partners on, in order to acquire them. If you have a specific investment thesis that matches up with that then please message me and let me know so that we can be in contact about any future deals that I come across. 

If you are aware of any amazing off-market deals in North Idaho, specifically (anything from Coeur'd Alene, Sandpoint and north of there), feel free to share them with me. Also open to looking at viable vacation rental properties in the Scottsdale, AZ area(s). 

I'm willing to look at viable LEGAL short-term rentals (in N. Idaho or Scottsdale areas) that could have solid cashflow, as well as triplexes, fourplexes and 5+ unit apartment buildings (in N. Idaho only for now). Also open to considering really good deals on value-add motels/hotels/inns that are in good locations with visitor travel demand and solid rental / booking history performance. Ideal scenario is off market with a motivated seller situation that doesn't want to hassle with all of the on-market challenges. I know that's what everyone wants! ;)

I will be very selective about what I invest in, but am happy to review anything that may fit within the above criteria. 

Thanks!
Munro

Thanks @Nate Sanow. We were able to cashflow it nicely while it was used as a vacation rental. Local RE prices have gone up a LOT though since we bought it  we were running about $350-$550/nt and had pretty good occupancy (70-80%). We had a family rent for 3 months at a flat rate that was still cash flowing nicely  our biggest month was July 2021 at well over $10k in gross rents.

Since it is a big house and right on the river we were able to accommodate some bigger groups.

Our main goal was to be cashflow positive and we were. Averaged about $1500-$2000/month cashflow and we were self managing it. If we had a management team they would have kept 25-35% of gross rents. 

You bet. Thanks @Grant Schroeder!

Investment Info:

Single-family residence buy & hold investment.

We found this amazing home during a 4-day property search trip to North Idaho. As soon as we set foot on / in this property we fell in love with it. We could see the potential and the sellers had put a tremendous amount of work into the landscaping and everything. Close to two acres, right on the river and the most incredible variety of plants, flowers and trees that we had seen at any of the properties we looked at. It's an incredible piece of property!

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

Prime location in town, acreage, large home, private river access/boat ramp, mature landscaping, water rights for use of river pump for landscape irrigation, potential for property improvements and other property use.

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

Looking at properties with out agent. We put together a solid offer package and due to other buyer interest in the property we came in with really clean offer docs. We made it clear that we were qualified and serious about getting it done asap.

How did you finance this deal?

Some cash down and a bank loan for the difference.

How did you add value to the deal?

As a licensed real estate broker I was able to help make the process a little smoother both for our agent and also for the sellers. Also, we were very responsive in getting docs back to our agent and lender so that we didn't slow anything down. There was another buyer coming into town in the next couple of days for a second look so we jumped on it and got our offer submitted within the next 24-48 hours.

What was the outcome?

A smooth transaction and what we feel like was a good price for us.

Lessons learned? Challenges?

When you know the opportunity / deal is good, make it happen as quickly as you can. Also, have all the ducks in a row before looking at property, so that if you find one worth making an offer on, you are well positioned to do so. Don't waste anyone's time (including your own). Only go out looking at properties if you are ready and serious about taking something down.

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

Yes. We worked with a local agent and the seller was represented by a different local agent. I'm a licensed broker as well so it worked out well and made for a very smooth transaction with many real estate industry professionals involved in the deal.

Investment Info:

Single-family residence buy & hold investment.

We found this amazing home during a 4-day property search trip to North Idaho. We spent 2 days looking at properties in the Sandpoint, Idaho area around Lake Pend Oreille (pronounced "Ponderay"). There were some homes of interest there we were considering. Then we spent a couple of days looking at homes in the Bonners Ferry area, about 30 minutes from the Canadian border. As soon as we set foot on / in this property we fell in love with it. We could see the potential and the sellers had put a tremendous amount of work into the landscaping and everything. Close to two acres, right on the river and the most incredible variety of plants, flowers and trees that we had seen at any of the properties we looked at. Nothing else we had seen on the trip could compare with this home and the price was within the realm of possibility for us.

There was another buyer coming into town in the next couple of days for a second look so we jumped on it and got our offer submitted within the next 24-48 hours.

We purchased it unfurnished and then took a month to fully furnish it and set it up as a short-term vacation rental property for a time. That worked out really well and we had excellent monthly cashflow on the short-term rentals.

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

Prime location in town, acreage, large home, private river access/boat ramp, mature landscaping, water rights for use of river pump for landscape irrigation, potential for property improvements and other property use.

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

Looking at properties with out agent. We put together a solid offer package and due to other buyer interest in the property we came in with really clean offer docs. We made it clear that we were qualified and serious about getting it done asap.

How did you finance this deal?

Some cash down and a bank loan for the difference.

How did you add value to the deal?

As a licensed real estate broker I was able to help make the process a little smoother both for our agent and also for the sellers. Also, we were very responsive in getting docs back to our agent and lender so that we didn't slow anything down.

What was the outcome?

A smooth transaction and what we feel like was a good price for us.

Lessons learned? Challenges?

When you know the opportunity / deal is good, make it happen as quickly as you can. Also, have all the ducks in a row before looking at property, so that if you find one worth making an offer on, you are well positioned to do so. Don't waste anyone's time (including your own). Only go out looking at properties if you are ready and serious about taking something down.

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

Yes. We worked with a local agent and the seller was represented by a different local agent. I'm a licensed broker as well so it worked out well and made for a very smooth transaction with many real estate industry professionals involved in the deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,389,000
Cash invested: $200,000

Beautiful luxury executive estate home with 4200 sq. ft. and expansive ocean views. 4BD 4BA. Was our primary residence for a time and is now a long-term rental property with excellent cashflow.

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

Amazing home and location. Finishes are unreal and we purchased it for less than what rebuild / land cost would have been for sure. Excellent appreciation over the past couple of years as well. Great residence for our family and now being used as a long-term executive style rental property.

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

On market deal, worked on it broker to broker (I'm licensed and self represented), jumped on it right away and got our offer in, along with a solid cover letter. Was able to get the seller to accept a price $65k below list with other parties with interest as well. They really liked our family and could see that we would love making the home our own.

How did you finance this deal?

Equity funds from the sale of our then primary residence, as well as conventional long-term financing through a local lender.

How did you add value to the deal?

Impeccable offer documents package and solid qualification docs to show that we had funds and were approved for the loan amount we were going for.

What was the outcome?

Everything worked out pretty smoothly and we LOVE the house.

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

Yes, I'm a licensed broker so I represented my family. The Seller / Owner was a broker as well, but since it was being sold due to a divorce situation, they had to hire a 3rd party agent for the deal. Agent wasn't the greatest, but we made it work.