All Forum Posts by: Michael Tempel

I am completing a 1031 exchange and was looking at putting the money into an investment cabin in northern Minnesota.

Anyone doing this? Happy to buy lunch or dinner and get some pointers.

Ideally want nicer cabins 300 plus Purchase price, but am unsure if it is easy to break even or better using it for personal use from time to time.

We are on the board for a 48 unit HOA townhouse and are trying to get an idea of the cost of 3rd party management and expectations for that cost.

Anyone have any experience in this area?   

@Frank Patalano

Capital and time :-). Otherwise I am going full steam ahead.

Agree!   My wife just started about a year ago.   I funded her for first year and now she is starting to do well.   Keep in mind a closing takes 2 months typically.   

Also, what do you bring to the business model is huge.   I already have a large SF management and apt business so I can supply her leads from qualified investors, even with that it is a slow burn at first.   She might have 1.2 million in closings this month though :-).  

Yes, I just did this for a client and made 3400.00 a month vs 2100 a month.   I typically add a 35% premium to rent.  

Highly recommend doing this if you can.   Works well.  

@Michael Seutin

Not true at all. I have investors from all over US, Canada, Italy, London, Russia and they are killing it!

@Braden Anderson

SF - address

Apt- Area of positive or positive area name if negative location.

@Ki Lee

Man I am sorry to hear this. First thing I would do is not pay utilities and pass on to the renters. I always help my owners do this often more then paying for our fees.

Second, 4000k for a turn is extremely high. Turns are highly subjective based on property and how a resident leaves a unit/home, but I have never come close that with over 1000 homes/units in 23 years.

I would go to a few RE networking groups and ask around for referrals. I also think it is weird you have to sign up for a year. We are MTM on single family. I like to earn our business and also leave if I don’t like the owners :-).

Wish you luck, feel free to reach out if needed.

@John Corey

John - we use these all the time! They work great especially in smaller spaces.

I just used one on a nice home that smelled like pancakes from misuse of the convection oven.

Worked!

All great comments.   I will add spend extra time on photos and streamlining the application process.   

In this market free services will likely be sufficient.