All Forum Posts by: Torre Samonek

Thanks for sharing this write-up.  I'm interested in group homes as well, we are starting our first one currently.  Looking forward to learning more about your journey. 

Hi Lance,

I'm a Union Carpenter as well, Local 713.

You guys are going to do great.  

We bought our first house hack in June 2020

We now have 3 properties total.  Two of them are STRs.

Good luck!

@Regine C.  We turned the downstairs into a separate unit.  And yes we have a vacation rental in the smokies, a very hot market that cashflows pretty well.  We are working on house hack #2 currently. 

Lets connect, theres tons of folks in the bay to connect with.  Definitnely check out IG for more bay area people.  A few that come to mind are @Brittany Bento-Tibbs , @Sean Resavy , @austin largusa & @dj dawson 

 @Ryan Millsap  Hey how did it go? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $525,000
Cash invested: $20,000

1900 sq ft house that has a finished basement that will become an STR for travel nurses.

What made you interested in investing in this type of deal?

It has a finished basement & it's a 5-minute drive from two major hospitals.

How did you find this deal and how did you negotiate it?

Found it on the good ole MLS.

How did you finance this deal?

FHA loan with a GSFA (California specific) down payment program.

How did you add value to the deal?

The house needs a complete cosmetic refresh, the lowest comp in the area was around $590k, we purchased at 525K.

We will turn the finished basement into travel nurse housing.

What was the outcome?

Still in progress.

Lessons learned? Challenges?

Carrying two mortgages is tough, even though house hack #1 has a paying tenant, always keep reserves.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We used The David Greene Team, specifically Kyle Renke & Osazee Edebiri.

Coming back to wrap this up.   

We finished the remodel, got great tenants, increased our equity by $110k in one year(unexpected), refinanced out of the PMI & then pulled a HELOC for 68k and used that money to buy a vacation rental in the Smokies with Avery Carls team, The Short Term Shop.

All well that ends well.

P.s. we just closed on house hack #2, very close to hospitals in Vallejo.  We are hoping to turn the bottom into a travel nurse rental. 

Investment Info:

Single-family residence buy & hold investment in Sevierville.

Purchase price: $439,000
Cash invested: $55,000

Contributors:
Brittany Bento-Tibbs

Cabin near the Smoky Mountain National Park in Sevierville, TN.

This property is a STR on Airbnb & VRBO, we are projecting a 50% COC.

We used The Short Term Shop for the purchase, & Movement Mortgage for finacining.

What made you interested in investing in this type of deal?

The cashflow that STRs provide!

How did you find this deal and how did you negotiate it?

Off-market deal on the STS private FB group.

How did you finance this deal?

second home loan, 10% down.

How did you add value to the deal?

INterior refresh with new painting and cabin signage. Also got professional pics taken and updated the Airbnb listing.

What was the outcome?

so far so good, looking at 2k/month cash flow.

Lessons learned? Challenges?

Don't be scared of OOS investing, do your due diligence and take the plunge.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Avery Carls Short Term Shop is great.

Bravo!  I plan to follow in your footsteps soon.

Does anyone do STR in Vallejo?

I'm just curious about the profitability. Do you have airdna data you can share?

I'm currently hacking a large sfh in Vallejo.  Let's connect!