All Forum Posts by: Wayne Yahnke

Good morning Paul, 

Im an out-of-state investor who has been operating in Columbus, OH for 2 years. I love the area and the market. In addition, I have had a successful career in medicine as a Registered Nurse and now in healthcare leadership. I have started to research senior and disabled board and care homes. I stumbled onto your post today and thought I'd reach out. Let's connect. 

Yair, lets connect. I have an STR deal in the pipeline and STR experience.

The best time to build an ADU in CA is yesterday. There are so many opportunities out there that support this work right now. Redwood Credit Union has an ADU construction loan. One of the first in the business. California had a ton of grant money for ADU builds. Up to $40k per applicant. If I were you Id get this thing rolling ASAP. Happy to discuss more.

I would drill down on this a little further. You have a good cash-flowing asset with a decent interest rate. If you start saving your cap-ex now you have some money set up for the roof in the next few years. On the flip side if you can drill down on exactly how much you can pull out of this property after a sale then you can have a better idea for reinvesting. Let's say you end up with $150k I have deals right now that would bring in cash flow and 8-12% cash on cash return in year one out of state. Either way good luck. Happy to discuss this further. 

This is the tenant responsibility all the way. The tenant renters insurance has verified that for you by covering the repairs of the unit below. Your home owners policy should kick in here

Partner with a seasoned investor or invest in a fund/syndication. As far as asset class, they all have different pros/cons. If you want to learn more please feel free to reach out

apartments.com does a pretty good job. You pay nothing. They provide you with an application credit score, eviction history, and criminal background check. 

Great thread here. Looks like most are not in favor of this approach. Our city recently issued an urgent ordinance restricting STRs and I missed the boat (for a number of reasons)to gain proper licensing and it was capped within 30-60 days. 

After consultation with my lawyer, the approach of membership/association was recommended. Based on the law of memberships and associations setting up your residence in this way would change the way the business is structured. Hence, LLC rents to the membership/association. All members pay a nominal membership fee and agree to a membership agreement.

While I can appreciate the resistance to standing up to municipalities I also appreciate the opportunity to stand up to them to reaffirm your rights as a business owner. 

Also, let's not forget that the rationale for these ordinances is poor STR operators and LTR accessibility. There may be some lobbying from hotels corps and real estate groups as well. The bottom line there are many operators out there that run a tight ship and have zero complaints and great ratings that are now being pushed around by these municipalities. Yes, we could easily transition to an MTR or LTR but Im not sure I want to bow down and lose out on a great business venture because the city wants to impose new regulations. At the end of the day, I agree that this is a risk/liability/profitability decision.

Appreciate the conversation. 

Looks like I missed this. Is there another one happening soon?

Good Morning,

Looking to connect with Commercial lenders in the Columbus OH, area. Please reach out directly if you have a referral, connections or if you are a lender in this area.

Regards,