All Forum Posts by: Shane Moore

Quote from @Josh Bowser:

Carlos - congrats on the success so far!

From what I am seeing/hearing, there is room rental demand just about everywhere in the country. Great way to test demand would be to poke around Facebook housing groups in your area to see what rooms are going for and how many people are on there looking for rooms to rent. You can even post a 'tester' listing on FB marketplace/Craigslist/Zillow/furnishedFinder ect to see what demand looks like.

I work with a ton of Coliving investors in Atlanta that operate on the padsplit platform - lot of demand here due to the discount you can rent a room for vs. going out and renting an apartment.

If rents are relatively expensive in Cape Coral - good chance there is a lot of demand for individual room rentals.

This is all great information... do you know if these room renters are signing a short/mid/long term lease? I invest about 60 miles south of Atlanta and have often wondered about renting by the room. 
Thank you in advance,
Shane 

Thank you all for the feedback. I appreciate your insight.

Peace and Blessings

Shane 

Quote from @Benjamin Aaker:

Sounds like you have a nice find, there. Seems like you would want to start looking for commercial tenants right away. Ones that would synergize with the senior community. It's not huge, so a bodega-type thing comes to mind. 

 My daughter and I have been kicking around the idea of a coffee shop, but the space and parking is so limited. I'm definitely going to have to rehab for whatever it is... should I consider finding a business and build to suite their needs? I have never really dealt in the commercial side of things.

I certainly appreciate your feedback. I am open to ideas on this one for sure!

Peace and Blessings,

Shane

I tend to get tunnel vision when working on a project so I want to see what ideas other people would have.

Quote from @Matthew Becker:

Shane, it seems like you understand this fine, and you just want confirmation you are doing the right thing.  It is hard to tell without understanding the data behind it.  What you paid, rent, cash flow, loans all kinds of market data.  If it is easy to rent and you can make money, then great.  What is your question? I would try to get it zoned to rent the commercial separately unless you talk to city staff and they tell you they would be opposed to it.  Other than that.  Rent it cash flow buy another. 

I guess my question is this "Would you push to have it rezoned and turn the commercial space into a SFH for rental, or would you hang onto the commercial space/zoning and just try to rent the commercial building as commercial space. It will need to be fully rehabbed either way I go with it. I am just trying to hear other perspectives on it. 
Thank you for the feedback... I really do appreciate it.
Shane 

Hey guys, I have recently (January) purchased two properties in a

package deal from a retiring investor. The first of which I have

completely rehabbed and it will be on the market as a long term rental

next week. The other one of them is a really unique property that has a

1925 sqft Mill home (built in 1920) which has a butlers quarters so,

the house is already virtually divided with two kitchens and two

separate living quarters. The space is ideal for a duplex with 2 BR / 1BA on one

side and a 1BR / 1BA on the other (has a huge elaborate kitchen space). In addition, to the house the

property also has a 820 sqft commercial space (old general store). The

city has given me the go ahead to convert the property from a SFH to a

duplex so, that is the direction I am taking with the rehab but, the

nuance is that the commercial space has to be used as a commercial space

along side the duplex unless I wanted to have it rezoned. This property

is zoned as (mixed use) so I can have the duplex and the commercial

store on the same land lot. I feel like the commercial space could

definitely be beneficial to the value in the future. The bonus is

that the city just received a 13 million dollar grant put in a senior

living housing community, and community garden right behind the property

so, I hope that drives up the value. The property is located in central Georgia about

60 miles south of Atlanta and 50 miles north of Macon to give you a better idea of location.

I am hoping to get a fresh

set of eyes and Ideas to be sure I am not overlooking crucial elements

of this unique property rehab. I look forward to hearing ideas and

gaining insight from you all. This is only my 2nd property so I want to

be sure I'm not overlooking things that might negatively impact me

later. I hoped that one of you might have had a similar experience.

I look forward to hearing your shared experiences. 

Peace and Blessings,

Shane

Hey guys, I have recently (January) purchased two properties in a package deal from a retiring investor. The first of which I have completely rehabbed and it will be on the market as a long term rental next week. The other one of them is a really unique property that has a 1925 sqft Mill home (built in 1920) which has a butlers quarters so, the house is already virtually divided with two kitchens and two separate living quarters. The space is ideal for a 2 BR / 1BA on one side and a 1BR / 1BA on the other. In addition, to the house the property also has a 820 sqft commercial space (old general store). The city has given me the go ahead to convert the property from a SFH to a duplex so, that is the direction I am taking with the rehab but, the nuance is that the commercial space has to be used as a commercial space along side the duplex unless I wanted to have it rezoned. This property is zoned as (mixed use) so I can have the duplex and the commercial store on the same land lot. I feel like the commercial space could definitely be beneficial in to the value in the future. The bonus is that the city just received a 13 million dollar grant put in a senior living housing community, and community garden right behind the property so I hope that drives up the value. 

I am hoping to get a fresh set of eyes and Ideas to be sure I am not overlooking crucial elements of this unique property rehab. I look forward to hearing ideas and gaining insight from you all. This is only my 2nd property so I want to be sure I'm not overlooking things that might negatively impact me later. I hoped that one of you might have had a similar experience. 

Peace and Blessings,

Shane 

Thank you all for the encouragement and priceless feedback. Thank you for taking the time out of your day to respond to my post and offer guidance and direction. It is definitely encouraging to have you guys sharing your wealth of knowledge and experience.

Peace and Blessings,
Shane

Thank you all for the warm welcome and outstanding advice. I hope to network and learn as I go. I look forward to getting to know each of you.

Peace and Blessings
Shane

I am looking to purchase single families, 50k-150k in need of rehab. I have private money family friend who wants to fund multiple investments and since I come from the construction industry they are confident in my ability to rehab properties. I do have around 30k of my own capital as well. I have already generated pre-forclosure lists, failed listings, free and clear, distressed property, and motivated seller lists. I am currently cold calling and door knocking in those areas. 

Thank you for the sound advice... I'm definitely not willing to compromise buy box just to make a deal. I am just goal driven and want to give myself something to strive for. I think it was John Wesley who once wrote, "If you shoot for the stars you should at least get off the porch".

Thank you for the valuable feedback. Peace and Blessings,
Shane