All Forum Posts by: Thomas Hundtoft

Greetings,

I have been perusing Realtor.com and Zillow and have seen a lot of "auction" properties that may be a good deal.  Has anyone used Auction.com to bid/win properties?  If so, what is your feedback?  Is it a scam?

Thanks,

Thomas Hundtoft

I would call some property management companies in the area and ask about the rent rates on the prospective property and surrounding areas.  Brokers can be a bit of a "optimist" when it comes to rent rates.

One of the best things I have read was the book on managing rental properties.  The bigger pockets books do have a lot of good information.  Heather and Brandon Turner did a nice job of compiling all of the information and setting up a rental property management system.  I have it as an audio book and since I drive a lot, have listened several times.  That is how I got my start in land lording.  

I have been given advice to not lease out or show a place until it is fully ready.  I would find another tenant.  Is the C.O. in hand now?

When I purchased my property in Winter Park, CO I had no clue on how to run a STR. Now that I have been doing it a while, I have found a simple recipe for success. First, a well stocked and clean place will make a great first impression.

Second, giving the users the autonomy to do what they want and setting loose boundaries has worked out well for me.  My rules are simple.  Leave it like you found it.  No smoking inside...edibles are okay. 

Third, respond quickly to issues.  As a remote owner, I have someone that can respond in my absence.  It costs me $35/hr and is incentive to make sure I have stuff ready and squared away.  I have needed to use the hired help on occasion and it hurts the wallet.  All of the items the original poster and some of the contributors have mentioned I have learned the hard way.  Although I have pretty good rating and we earned every one of them.  

@James Johner How would it work with keeping the seller on as an equity partner?  Would I be buying into their business with a loan at that point?  I'm not sure how the structure would work.  

All, thanks for the good advice.  I will see how it works out.  Appreciate the help.

@Bjorn Ahlblad

Hi All,

I am working on my third property and I bit off a big chunk to chew on. The owner is willing to take on a significant portion of the debt with a second position. I am having trouble finding a source of financing that will allow the second position. I have attached the worksheet for your viewing pleasure. I have read " Low or No money down" twice and seem to have run out of creativity. The sale price is 1.4M and the owner is willing to take on a second for .4M. I would be financing the 1.0 for a no money down situation. Am I smoking something here thinking I could get into a 24 unit deal for little or no money down? I ran the numbers with a 1.3 purchase price.

https://www.biggerpockets.com/...

Thomas Hundtoft, Property Manager

@Julie McCoy I should add that I have always found that people with short term rentals are some of the most creative people.  Perhaps I didn't post it to the wrong forum:)