All Forum Posts by: Patrick Michaels

I am interested in buying a str along the

MS gulf coast. Pricelab and airdna both put occupancy at 60-70 percent. However, in looking on Airbnb and Vrbo in Bay St.Louis for example most calendars are wide open. I am curious what others have experienced in this market. Is it very seasonal so the the warmer months stay booked or is the data from Airdna and pricelab off?

@Rick Pozos thank you so much for the response - that makes total sense. 

I have been speaking with an 8 unit property owner about purchasing their property. They have $100K of debt, but it is worth about $550K. Their loan is not assumable. My question is if it is possible to use traditional financing to buy the property for $100K, then after closing sign a promissory note with the seller for $450K. I had a realtor tell me he had seen this before, but hoping to get some feedback from the BP community about this strategy and any land mines I should be aware of if this is a possibility. I have explored multiple creative financing strategies on this one and none have worked for both of us yet. Thanks!

We furnished our 2bed apartment buying all of our furniture from Rooms 2 Go. 66 month 0% interest. We often get compliments on how nice the furniture is and comfortable the beds are. 

Last year when I got my first rental property (triplex) I started using Cozy to manage my properties and I like it. With the transition to apartments.com I am not too happy with my experience so far. I now have 12 units - what are other landlords using to manage their properties with similar size portfolios? I am also interested in knowing which apps allow for varied payment methods. For example Rentredi allows tenants to pay in cash through the Chime app. Thanks in advance!

@Nathan McBride this is great! We purchased a historic home in Spanishtown last year that has a detached 2 bedroom apartment. Our apartment has its own address and entrance on the street behind us so it is an ideal setup. We renovated the apartment and our house is an ongoing renovation haha. We were planning on long term rental but made the decision to do STR instead. You should consider it - our revenue is twice what we would have received on a long term lease. Either way I would love to connect and best of luck!

I have been discussing an owner finance deal on a small portfolio of small mf properties in Baton Rouge. As is the case here in Baton Rouge, the 4-unit and two duplexes are in C to D areas. I am working with two insurance brokers and getting insurance quotes has been difficult. I was able to get quotes from one of them... the 4-plex is over $5k per year. I bought a 3 plex last year in a neighborhood not much better and was able to get a policy for $1600. Who out there can refer an insurance broker that represents investor friendly carriers?

Does anyone have rec for contractors in Baton Rouge? I am working on rehabbing my first investment property and need some bids on flooring, cabinets, paint/patch. Thanks!

@Michael Ealy please send to my inbox as well. Thanks!

I am planning on offering on my first deal - a triplex. I am running through different scenarios to see where I have to draw the line in negotiations. I am planning on getting some closing costs and maybe some cash back for repairs, which I have not included in this particular analysis. The property need updating - no obvious major work. Thanks for your feedback!