All Forum Posts by: Phillip Tutino

Hey BP community. I am looking at buying a small hotel with 7 units each having a kitchenette in a vacation community. Does anyone have any experience buying or selling one? I know we use cap rates a lot with rentals and commercial properties, but not sure the best way to value this one. Since it's a 24x7 operation or practically one how should I value it? 

I know with businesses they are often valued at a multiple of gross income or net income, but again this is a first for me. Any feedback on how to base my offer price would be greatly appreciated!!

Thanks!!

Cash flowing solid SFR in nice quiet area. Currently rents for $1350/Month. Owner financing available with down payment.

Yes but I don't carry it since there is no note on it. I have a quote that is 200/Mo for both flood and property ins together.

@Scott Hollister

Sorry for delay I was on the road when you sent this:

1. What does it rent for? $1350 Month
2. Cost of insurance? I pay $95 Month without Flood. With Flood Ins & Liab I have quote $200.
3. Taxes still $4,413? Yes
4. What work have you done since buying it for 90k? Brand New Bosch Tankless Heat & HW, and some minor cosmetics.
5. Do you think that 150k appraisal will hold up with current comps? Yes.
6. Any association costs for beach rights per year? No
7. What CAPEX work will it need in the next few years? Nothing I know of. It's solid especially with the new heating system. The system you see in old zillow pics was replaced with a better system.

Thanks Phil! 

@Christian Bors Thanks! I had someone interested in borrowing from me privately on a HUD home there, but found out he had to owner occupy which I can not lend on. I did some internet research last night and just trying to determine if it's a good market there. I know the city had a lot of financial problems in the past which contributed to larger price drops there. I am not used to seeing prices that cheap having lived in CT and now Austin so was not sure what the deal was. Seems like you could really cash flow nicely there on rentals! How is it working out for you? Have you owned there long?

I should have mentioned I will consider owner financing this deal with the right qualifications. Please call me at 203.393.8173 or private email me with any questions. 

Hey Andrew,

I'm in Austin too. I am interested in learning about the Harrisburg market. Do you have any knowledge or can you put me in touch with someone up there?

better to call me Scott 

The property can be viewed on Zillow there are several photos from when I purchased it in 2014. It is not yet vacant so please do not disturb the tenants. I can also be reached at 203.393.8173. Thank you.