All Forum Posts by: Theresa W.

Hi @Michael M.,

It depends on your goals as an investor and the numbers on each of the deals.  What are the average rents in both areas?  What is the maintenance needed on each structure - has it been deferred for a long time?  What kind of tenants are you prepared to deal with, aka, who are your personal preferences for a target demographic?  Will you live in a unit and take advantage of the lower interest loan.  If not, how far will you have to drive every time the toilet is clogged?

This decision needs more details than you've provided, but once you get into the ROI and considering all expenses related to renting to each of these scenarios, one may rise to the top. Best of luck and let us know more details if we can help.

Hey @Joshua Boswell, I got sucked into a few of those as well, but now steer clear if I see any pitch-y marketing.  

Two thoughts for you - If there isn't already a BP group that meets in San Anton, you might start your own.  Super casual, at a brewery or someplace with an outdoor venue.  Just mention your city and folks with keyword searches will see your post.  All it takes is for a few people to meet once a month and the ball will start rolling.  I'd emphasize that you don't need to have ANYTHING in common with these people, real estate-wise.  There are many strategies that work for different investments and the goal is to get folks talking.

Second, if you don't feel up to starting one, maybe contact a few of the realtors in your area and ask them if they know of any groups.

I hope others from your area will jump in here and can let you know of the more informal meetups.  Good luck!

Welcome @Tom Jeffries.  Best of luck on your offer for the MF in Lakewood.  We'd be neighbors.  I'll make a plug for the monthly meetup downtown.  Next one is May 2nd and it'd be a great opportunity to meet a lot of local folks and we can swap buy and hold stories.  Cheers!

Hi @Todd Aaron.

It sounds like you're on the right track and will be in a good position to keep an eye on your renters.  Everyone is usually worried that they'll be kicked out at a sale, and it's tempting to keep them because they provide rent.  However, I'd be very cautious in keeping renters that you yourself haven't vetted.  I just ended more than a year with inherited tenants on both sides of an investment duplex and looking back, I wish I would have given notice for them to leave straight away.  The two main problems I encountered were problems with late rent/unpaid utilities and a difficulty to make repairs or upgrades while they were living there.  To bring the units up to market rent, it would have been easier to do all of the upgrades from the start and I could have been collecting higher rents for the past year.  Instead, I suffered with band aid repairs and spent way too much time holding tenants hands.

My best suggestion is to get them on a month-to-month lease.  You don't know them and will be in a better position to give notice of termination rather than having to evict if you need to.  good luck!

One point of clarification.  The industrial zoning would apply to future uses.  Make sure you have a letter from the city that the residential use is grandfathered as a legal, non-conforming use.  That letter can and should be used to secure a residential loan.

Most non-conforming uses cease to be legal if the property is discontinued being used as the original zoning.  Meaning, if there hasn't been a resident living in the property for x amount of time (usually a year), then the legal non-conforming right goes away and you're left with a property that must conform to the new zoning: industrial.  Just double check.. good luck!

Hi @Bassel Bee, The only way I've seen low down payments work with commercial is when the property is grandfathered for residential, even though it is currently zoned commercial.  If it was originally built as residential and the commercial was added later, you might be able to get a letter from the city, verifying that it is a legal, nonconforming use and provide that to a residential lender.  If it was originally built as commercial though, I don't see this possibility. 

Just one thought, but finding an investment-minded lender will probably give you more options. 

Welcome @Matthew Crawford. 

The monthly Denver meetup is great for learning - I meet someone that helps me at every single meeting.  Plus, beer.  What's not to like?

As far as finding a Jedi, I've observed that if you're engaged in the community and focus in on a specific area of REI, you'll soon find the folks that are already doing what you seek.

This is not enough, though.  Padawans must demonstrate continued interest.  Jedis are tired of meeting folks that express interest and don't follow through.  Keep attending the meetings and do your own research to ask specific questions that show you've been vetting deals.  You'll get to know the Jedis and they will see your dedication.

Your Jedis and my Jedis may not be the same (I am buy and hold), but if you attend a meeting, I will buy you a beer and introduce you to some.

Hey @Shefali R.,  I'm no expert on investment helocs, but my credit union offered favorable terms to me for my primary heloc because they knew and understood my area.  What I mean is that you should start with a bank/cu in the area that your property is located.  good luck!

Looking forward to hearing about everyone's tenants! :)

Hi @Yvette Carabeo,

A few questions of clarification - will your tiny home be categorized as a manufactured home, RV, or built as a traditional wood frame construction on footers?  Each will have different inspection or certification requirements and therefore, are looked at differently by lenders.  In my area, I can find traditional loans on buildings that are built to the adopted building code standard, but with a manufactured home or RV, I could probably only get a 10 year loan, akin to a personal loan.

From what I've seen, it's either modify the plans to meet adopted building code and then apply for a standard 30 -year loan or keep the manufacturer/rv designation and use a personal loan (or home equity loan) for construction.

Most of the difference in definition of a tiny home comes from the type of foundation it uses.  You might be able to work with your tiny home architect to make the foundation more permanent.

P.S. I visited your area over Christmas to see the manatees.  What a lovely part of Florida.  I'm looking forward to going back!