All Forum Posts by: Timothy Doenges

Saxon,

I know one of the recommendations I got was to open the phone book and call every bank there, asking if they do "in-house loans" or "portfolio loans" to people with low-mid credit. Some will, depending on the project and the presentation.

If you haven't listened to the Bigger Pockets podcast, I'd take a look at that. There are a lot of great episodes on funding, of which Episode 55 with Jimmy Moncrief is one of my favorites: 

https://www.biggerpockets.com/renewsblog/2014/01/3...

Good luck, and thanks for posting!

Tim Doenges

Hello all! My name is Tim Doenges, and I'm a Health Care IT analyst consultant for a large health system in the KC area, though my primary residence is in central West Virginia. My short-term goal is to get into the vacation rental game, with my wife being primary property manager of the vacation rentals. Medium term plans are to get real estate license and either use license personally for MLS access or pursue property appraising. Long term plans are to use my income as leverage to purchase buy-holds, and to pay off loans with proceeds from the vacation rentals.

Thanks to BiggerPockets (and Kiyosaki, of course) for piquing my interest in real estate investing--it's been a life-changing experience finding the BP Podcast. I've started at the beginning in January and am up to show 70 now (listen while traveling), so I still have a lot to learn, but the foundation I've built so far has been great. 

Thanks again,

Tim

Hello all, first post here. My wife and I have been talking about investing in real estate for some time now, and have had an unique opportunity arise over the last week. We live in very rural area, but we are also around 5 miles from a man-made lake that is a popular vacation destination for water sports, fishing, rock climbing, and hiking. As a result, land values are on the lower end, but there are some successful vacation rentals in our area. We have been presented with the opportunity to purchase a successful rental business comprised of 4 rental cabins, and the property has held an average of 37% occupancy for the year, with occupancy closer to 65% during our peak season of May-November. This business has a website and client list, which would be sold with the property, but there has been virtually no internet marketing via AirBnB or HomeAway (or even TripAdvisor), so there seems to be a lot of room to improve those occupancy rates. Also, the rents are well below market rates for cabin rentals in our area, and these cabins appear to be higher quality than other cabins, as well as more secluded. There seems to be lots of room to generate income here on top of the cash flow it is already generating.

I have attached the PDF of the deal analysis is it would stand if we purchased the property. It is listed at 300,000, and we would likely offer list price since the property already cash flows. Also, we would intend to finance a down payment to "get in the game" and keep our cash reserves since vacation rentals are a high-turnover, and therefore higher-risk, rental game than long-term leases.

Any thoughts on the deal?

Thanks so much,

Tim Doenges