Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Trevor Mauro

Trevor Mauro has started 1 posts and replied 3 times.

Post: Revenue on urban empty lots

Trevor MauroPosted
  • Specialist
  • Seattle, WA
  • Posts 3
  • Votes 2

Hey all BiggerPockets community,

I’m located in Seattle, WA which might matter to this post. I’m looking at land-banking for urban lots that are difficult to develop but will inevitably make sense given our aggressive housing market. My creative side is asking, how do I generate revenue on these empty lots while I’m waiting for the long term hold to become worthwhile? I know it’s hard to say what to do without specific examples, so lets assume there are two lots: one which is level and zoned multifamily in an environmentally critical area; and another single family lot with a fantastic view on a cliff. These are extremely affordable in comparison to other vacant lots in the area, and I could make monthly payments on either with a traditional loan and still expect a return in 5-10 years time or go out for syndication on new development.

But we’re here to churn up innovative strategies. So here’s what I’m considering; private park rentals.

Sniffspot and other apps now offer hourly use of private dog parks and they’ve become even more popular during the current crisis. I suspect that people with unsocialized dogs and those in fear of contacting covid-19 will continue to rent these sort of premises. I’m sure those in the Midwest cannot imagine what I’m proposing unless you live in chicago. But believe me. This is like AirBnB for dogs.

Another revenue stream is the heated wedding market in the northwest and I would imagine that I could rent the property for events during the summer. This is totally legal in Seattle. At the current Seattle parks fees rate for similar event rentals I would be not only be able to compete, but would net cash greater than the mortgage payments for the year in just three summer months.

Are there alternate strategies you have found to generate revenue on vacant lots? What do you think of my off the wall ideas to create cash flow on the land bank? Going out on a limb here. Please venture out with me in your responses!

Thank you in advance

Post: Duplex Under Contract, Help me get unit rent ready!

Trevor MauroPosted
  • Specialist
  • Seattle, WA
  • Posts 3
  • Votes 2

@Kenneth Biason I don’t know that I could make a cabinet suggestion as I’m usually working with overseas suppliers on cabinets in larger multifamily buildings and the bulk purchase is done by a contractor on my projects (typically over 100 units at a time). IKEA sounds like a good start for a one-off unit, check to see if there’s a warranty and opt for installation by pros in order to also get a warranty. Cabinets can be particularly difficult in rehab/Reno projects as shimming comes into play and that can be done poorly... eventually cracking countertops in the worst case. Do some research into whatever product and installer you go with.

Post: Duplex Under Contract, Help me get unit rent ready!

Trevor MauroPosted
  • Specialist
  • Seattle, WA
  • Posts 3
  • Votes 2

Great blank canvas. Without knowing much about your local area, the exterior condition and MEP systems in the house I'll make the following suggestions so take with a grain of salt ;) 

First, I'd wash those walls and repaint most of the rooms a clean white or something neutral. I agree with @Account Closed on spending a big chunk of any reno budget you have in the bathroom. Sometimes people dig a retro look but you're sure to get better rent with an update. Another thing I noticed is that your bathroom has a drop ceiling and those tile inserts aren't meant for residential use. I'd replace them with a hard lid (gypboard ceiling) and install a bathroom exhaust fan during that process. There are bathroom fans that you can buy which also act as a whole-house fan (run on a low and quiet setting even when not turned on) and it's really good for any unit to recirculate the air. 

My other suggestion would be to paint the cabinets if you can't live with them. Unless there are functional issues with the cabinets I wouldn't replace them in a unit you'll eventually rent out when they're already a normal wood grain. Changing pulls/knobs is a more cost effective fix. I don't know what's outside that kitchen door, but in a galley kitchen that's separated from the rest of the unit like that I would take the opportunity to replace the kitchen exterior door with one that has more or bigger lites (more glass). Treat that door like a window, and your tenants will love the added light and visual space. It's far cheaper than a plan change or new envelope opening (adding or enlarging windows). 

If you have the budget, I'd look to replace the countertop with quartz (being the trend of the day) with an under-mounted sink. If you can't do quartz, I would still look at replacing the countertop with new sub-surfacing that can accommodate an under-mounted sink because it has a very high end feel that tenants will recognize when comparing photos of rentals online (add sink garbage disposal at that time if one does not exist already, it's a walkthrough gadget that helps sell and keeps your own maintenance down). 

Last, I'd consider replacing door hardware since the brass handles really date a unit (hello 90's!). It can open up a can of worms when rehanging, replacing hinges, and asking yourself if doors or trim should be replaced at the same time... It may be more personal choice when it comes to doors and door hardware. The other thing that you could consider is replacing all the blinds with new ones of the same (matching) type, and if so I'd suggest something like a cellular shade or a roller blind like mecho-shade (that's a personal preference). 

Congrats on your first investment and have fun!