All Forum Posts by: Pete Schmidt

Thanks for the kind words Chris. Greatly appreciated. 

These are great. Looking into all those Options should keep me busy for a while! Thank you all for the tips, it’s greatly appreciated. 

So I have owned and managed long term term rentals in the Myrtle Beach and Conway, SC area for over 15 years now and have used Buildium for close to 5 years with positive results. Over the years I have had numerous request to take on short term rentals but felt as if it was more than I wanted to deal with. Well with the starting of our wedding and event venue along with a few Glamping tents and cabin, I am considering growing my company J&P Unlimited inc into that field as well. I am comfortable with the zoning, what can and can't be done, but totally out of the loop with the best software or programs to run short term rentals. For those that manage their own STR along with STR's for others, is there a program that makes your life any easier, or does everyone just use air BNB? I could have my website designed to take bookings but figured if there is something out there that is tried and true, I'm not looking to reinvent the wheel here, so please share any programs you feel are worth a go.

Thanks everyone. It’s located in Conway, SC, where we live (about 15 miles from Myrtle Beach). 

I own a property management company (J&P Unlimited inc.) but we currently only handle long term rentals. I have been talking with someone who was possibly going to get into the short term rental bness, so may have him handle it if he does. If not then more than likely I will end up expanding my company to handle short term rentals as well I have yet to hear of any quality companies around here for short term rentals, so guess it may be time to add that!
Getting zoning and code approval has been a good amount of work and learning experience. Lol  Especially when your adding so many different things all at once.  I believe I have spoke with just about every person in planning and zoning to residential and commercial code enforcement, (Along with several other divisions). I must say, some of the required codes/laws that apply make absolutely no sense, but the people there have been great to deal with and have helped me out a good deal with what needs to be done. 
I will keep everyone posted and thanks for the kind words.

Investment Info:

Other buy & hold investment.

Purchase price: $648,000
Cash invested: $125,000

Purchased 4000 sqft home on 55 acres that will be owner occupied. Convert the 2 run down barns to a 10 car garage/storage, and the other as a new “rustic” look barn for weddings and events. Open 2 wedding/event venues (1 barn wedding, 1 in the grass field in front of a pond). Build a few short term rental cabins and glamping tent sites. Allow photo shoots and other activities on land.

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

Price, potential, and location.

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

MLS.

How did you finance this deal?

Bank funding.

How did you add value to the deal?

Converted 1 rundown barn to 10 car garage with electric, water, new roof and doors. Extensive landscaping, drainage, irrigation, roads, camping platforms and areas, treehouse cabins, and rustic barn rehab.

What was the outcome?

Still working on it. Most major land work and infrastructure complete.

Lessons learned? Challenges?

Very few banks will lend to large size parcels of land. Over 10 acres it drops significantly.

Whole new set of rules and regulations when it comes to commercial builds vs residential. (ADA, Zoning, Building/ wind codes, fire codes and fire suppression needed etc..).

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

Nancy Degan

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $75,000
Cash invested: $30,863

Purchased a 2000 sqft 3 bedroom 3 bath home that was flooded in July (owner financed 3 year balloon with $0 down 8% interest). Put $30,863 of my personal funds into the rehab which included all new wood look tile floor throughout, cabinets, granite counter tops, stainless appliances, light fixtures, vanities, Converted bonus room to bedroom. All in $105,863. Appraised at $194,400. Cashed out refi of $146,250 with monthly mortgage of $1010. Rented at $1570 a month.

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

Price and potential.

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

Friend of a friend. Spoke with sellers and made offer.

How did you finance this deal?

Owner financing. Paid for rehab with line of credit. Cash out refi when rehab complete.

How did you add value to the deal?

Tiled whole down stairs, added granite, converted bonus room to a bedroom.

What was the outcome?

Cash out refi left escrowed mortgage of $1010 a month. Have it rented for $1570 a month.

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

J&P Unlimited inc. I guess I will list my company here since I found, funded, and rehabbed the place myself. Lol

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $75,000
Cash invested: $30,863

Purchased a 2000 sqft 3 bedroom 3 bath home that was flooded in July (owner financed 3 year balloon with $0 down 8% interest). Put $30,863 of my personal funds into the rehab which included all new wood look tile floor throughout, cabinets, granite counter tops, stainless appliances, light fixtures, vanities, and added a door and closet to a bonus room above the garage to make it a 4 bedroom. All in $105,863. Appraised at $194,400. Cashed out refi of $146,250 with monthly escrowed mortgage of $1010. Rented at $1570 a month.

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

Price and potential.

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

Friend of a friend. Spoke with sellers and made offer.

How did you finance this deal?

Owner financing. Paid for rehab with line of credit. Cash out refi when rehab complete.

How did you add value to the deal?

Tiled whole down stairs, added granite, converted bonus room to a bedroom.

What was the outcome?

Cash out refi left escrowed mortgage of $1010 a month. Have it rented for $1570 a month.

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

J&P Unlimited inc. I guess I will list my company here since I found, funded, and rehabbed the place myself. Lol

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $32,500
Cash invested: $32,500

Contributors:
Chris Rosenberg

Purchased a 1000 sqft home 2/1 on 2.5 acres. Adding a bathroom to it in the Complete gut remodel. Survey complete with property lines to divide the lot.
Option 1- will be to offer all 2.5 acres to purchaser of home for additional cost.
Option 2- If buyer does not want all 2.5 acres, subdivide property and sell .9 acre with this home and use rest of the land to put 2 more houses on it and sell those.

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

Good price and potential.

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

Wife found it. (Was a person she knew).

How did you finance this deal?

Paid cash for the property. Partnered up with investor who funded the rehab.

How did you add value to the deal?

Complete gut remodel. Added bathroom.

What was the outcome?

Sold the house with .8 acre for $137,000. Still have 2 parcels of land left to develop and sell.

Lessons learned? Challenges?

Was the project that everyone comes across at some point that takes way longer and goes over budget.
However to make out with a few grand in the pocket with 1.5 acres left over it could be a lot worse.

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

Yes.
Agent - Nancy Deagan.
Partner - Chris Rosenberg.

Let me know what you have in mind. If it’s not something I can help you out with, I may know someone who can. 

I got one from First Citizens a few years ago. The were good to work with and had decent rates. PM me if you want the contact info Of the guy I used.