All Forum Posts by: Nikhil P.

I had a call with the founder this morning about managing two of my STR units in Columbus. They have a pretty aggressive growth trajectory and my feedback was I preferred to work with a company that's not growing so quickly because to me that's a risk factor. The call ended and I thought that was it, just a commercial decision to not hire someone.
Apparently the person I spoke with took it personally. I just got an email from a generic inbox linking me to what looks like an AI-generated profile that trashes my background, calling me a "failed ibanker turned real estate wannabe": https://nastrm.org/listing/nikhil-prashar/
I would sue for libel but it's probably not worth it. If you talk to them and decide to decline, maybe just decline passively instead of saying no directly.

A close friend has moved to Mauritius and has started home shopping for his family. I am urging him to buy a short-term rental house hack with a guest cabin or even two floors that can be split so he can supplement his income. Mauritius is truly paradise and he should be trying to capitalize on his location.

He has no RE experience so guidance is critical. I would love to put him in touch with an agent or two on the island who understand this space well. Any connections appreciated.

Also, if you happen to be a BP member in Mauritius doing exactly this, I would love to put you in touch with him, please let me know.

I have a recently rehabbed four bedroom in Collier Heights in Atlanta. Rather than a traditional rental I would like to offer it as a house hack rental - basically you get to live for nearly free in order to "manage" the renters in the other three bedrooms, and this approach should improve my cash flow vs traditional rental with a PM. I was inspired by Todd Baldwin on episode 392 regarding renting by the room.

I would love to invest more in the Atlanta area and this seems like a good basis to build a working relationship with a new partner.

Direct message me if interested. 

If you work with a direct lender that is able to originate a conventional mortgage for an excellent (800) credit borrower on an investment property in Atlanta, GA for a US citizen living overseas, please reply to this thread. Thanks.

I've been looking at places to rent around New York City and am surprised by the rents in Bronxville. The rents make it seem a no-brainer to buy instead of renting. Bronxville seems to have all the qualities that should appeal to a higher-end demographic: good schools, easy commute into NYC, parks, etc. Would appreciate some perspective from a PM in the area on if this is true. Thanks.

Any investors out there knowingly investing in markets in general decline? 

My hometown is effectively a rust belt city.  Population is exactly the same as it was when I was born and median income has stayed relatively stagnant.  However the deals I have done there were really easy to diligence because I know the town, and I now have a great property manager who keeps finding me neat deals (he also shoots down a lot so I know he is honest). 

I have made a concerted effort to diversify my exposure into cities with more promise, but so far it has been a lot of work with little treasure. In the meantime, my PM keeps finding attractive deals in my hometown. I have ignored them for some time, but any deal is a good deal at a certain price - it just means staying conservative on underwriting.

What do people in barely stable/declining markets use as underwriting rules of thumb? Some thoughts on areas to be more conservative:

- LTV

- Rent growth assumptions (I always assume 0% - should we be thinking about declining rents?)

- Cost growth assumptions

- Vacancy

I would love to hear from people with experience in barely stable/declining markets. Thank you for your contributions.

Hi,

I have been asked by a recent contact about my interest in taking on a short-term loan backed by a property in the Chicago area. The property is currently occupied and the owner plans to fix it up and sell after the tenant moves out. There is no appraisal; owner is offering to have a BPO done. Any recommendations for 1) brokers who could do the BPO (ideally I bring the broker to ensure Independence); and 2) an Illinois lawyer who will know the mechanics of setting this up? Thoughts on controlling the cost of the diligence vs the actual interest earned also appreciated. Thanks.