All Forum Posts by: Nick Troutman

@Jody Sperling thanks for your input, and I totally agree. Here are the full details. I have a SFH under contract for $92,000. It is a foreclosure and the only way to get the contract was with a cash offer. The house is at 105 Second Ave. Fayetteville WV. I'll be using it as a short term rental at the entrance town for the popular and newest National Park, New River Gorge National Park. This town has also been a high tourism town with some of the nations top whitewater rafting, new mountain bike trails and its famous Legal BASE jumping "bridge day". The area has just recently reached official National Park status as of a month ago and you can already see investors flooding into the area with any housing stock available bought up immediately. AirDNA has data stating monthly incomes for a house of this type between $3000-$4000 a month, which is online with what locals have told me their AirBnb's bring in. The property needs about 5-10k in rehab and curb appeal and another 10k in finishing. I will be immediately doing a delayed financing after purchase and pull the cash back out of the property. After refinancing it and paying P&I, taxes, all utilities, water, electrical, TV, internet etc. it will still be netting well over $1000 per month and an ROI of over 100% with only the 10k left in as the furnishing expenses.

I have an epic deal at hand, and as they say "when you find the money will come." Well, I'm under contract though I'm still working on figuring out the best options on financing this opportunity, as it has to be a Cash deal with the whole-seller.

 I know there is a link on BP for hard money, though I was wondering if anyone had any recommendations or advice for using hard money.

Thanks,

Nick

@Austin Ashcraft Thanks. I hadn't thought of Brevard. 

@William Beck Thanks so much, I'll check it out. 

@Avery Carl I will continue to be patient. Glad to hear you got a couple new cabins. 

@Justin Anderson I totally agree, though I am now coming across two issues, 1. the numbers don't work as well if I over pay. 2. The houses aren't apprising for the price they are selling for. I just had a cabin that I loved that was selling for the new standard in Gatlinburg area for a 3/2 and it was selling for over 100K more than what it would appraise for. The sellers had 3 contracts already fall through because of this and were just waiting for a cash offer. I know these are all problems that can be overcome though they are still issues at hand. 

@William Beck Thanks for all the input. This is incredible. Just out of curiosity, when you say you analyzed short term vacations for your former job, what was that? Sounds interesting. Thanks again!

I am very much intersted in growing my Air BNB rentals. What do you feel are some of the best markets for Air BNB? I have been trying the Pigeon Forge/ Gatlinburg market but I've been out bid on EVER offer in the past 12 months (and I'm always over asking price). I'd love some insight for all of you in the BP community. 

Thanks so much,

Nick

Hey Brice, It still comes down to the neighborhood and how many sq ft, number of bedrooms etc. though a totally off the cuff for that zip could be between 40K-80K. Though I also just got an appraisal in yesterday for 31901 that I was expecting to be 65K and it ended up appraising for 117K (I was stoked). So obviously that is a lot more that goes into it. Honestly, I'd just call up an appraiser and ask for a desk top appraisal. 

Hey Bruce,

I have a couple rentals in Columbus. I think the biggest thing for the ARV is what zipcode it is located in. The 31903 are way different then the 31909.

Nick