All Forum Posts by: Will Pieper

@Merritt Harris ahh, my market is around 150k so probably can’t help you there. If I branch out I will keep you in mind though!

Depends what you are looking for. Most of the big CRE brokers in my area already have plenty of clients to buy the good deals so they never hit the market. They also don't usually care to cold call people because they have plenty of business just waiting for people to reach out to them. Smaller brokerages tend to try harder but may not have the network or knowledge so they might not have access to the deals.

I do commercial in central Missouri. My mentor has been in commercial here for 30 years and has brokered some notable developments here. I cold call and find stuff off market and get the perk of using his name to validate ourselves as a serious commercial brokerage so we get the benefits of both. If you have interest feel free to reach out, we are working on some warehouse opportunities right now around 100k sqft.

Investment Info:

Single-family residence fix & flip investment in Columbia.

Purchase price: $114,000
Sale price: $239,900

Remodeled residential home.

@Ruchit Patel I work in Columbia and would be happy to help them in the central Missouri area. 

How is this going so far? I am familiar with Fayette but I believe most of their students are required to live on campus for the first couple of years so I have always wondered how much of a student rental population there actually is. 

@David Lund I would suggest calling a property management company or Realtors like Milton and I that invest in the market you are considering. Just be careful who you deal with. We hear plenty of stories where the Realtor said something would rent for 1% and then they close and find out that was blatantly wrong. Happy to share my insights with you if you'd like.

@nathan 

@Nathan Murith If you invest in Columbia, MO at all, Real Property Group is a great option. I am affiliated with them and they have been growing quickly. Feel free to reach out to me directly if you have any questions or just want to chat about the Central Missouri market.

I followed up with a friend of mine that invests out of state and he says he has 3 LLC's and always creates them in the state he invests in. He is a Realtor in DC so I would assume he did some research before he decided that but I can't tell you if that is the right or wrong way. Still would suggest speaking to a lawyer.

I own a condo at the Lake of the Ozarks. 2 bedrooms, 2 bathrooms. We book it for 10 weeks in the summer to people who go down for seasonal work and STR the rest of the year. That 10 weeks is blocked off so it doesn't count towards vacancy (we do a rental lease for that time so it is not through airbnb), the rest of the year has 79% occupancy. We will lower our rates to as low as $50/night during the winter and they go as high as around $500/night on a holiday weekend. Average is around $80 a night which is skewed a little since nights during those 10 weeks would be that or higher. Weekends during the summer before we started long term renting it were around $200/night with week days around $100. That was in 2020, things are a little more expensive there now so might have gone up. Reach out if you have any other questions, I am happy to help!

I spoke to someone about STR management a while back and they suggested a company called Evolve who was nationwide. https://evolve.com/  I have no affiliation nor have I worked with them but the person who recommended them said they charged 10% for theirs. You might check them out. 

For repairs and improvements, if you have the money and the people to do it, why would you not? Sounds like you would just be investing more for more return. Make sure you are confident in your contractors and in the market and rentability but otherwise I would think it makes more sense to get it done and be hands free down the road. I own a construction company here in Columbia and we are seeing no signs of slowing down and materials go up and down pretty inconsistently so you might be waiting a while if that is what's holding you back.

The LLC seems like a lawyer/accountant question. You will likely need a registered agent in MA anyway which is often a lawyer so I would ask your lawyer and let them tell you.