All Forum Posts by: Zachary Bellinghausen

@Gabriel Zurita

I Just offered $25,000 above asking price and waived bank appraisal and did not get the property. Market is crazy at the moment. Possibly buy a home in Orlando zoned r-2 and live in the casita and rent out main home. ???? Good luck

@Hark Tukay

Contact local news station. I’ve seen local stations hold bad businesses accountable on there stations and it makes great tv and they would probably change their time quickly. Lawyer wouldn’t be worth it for the amount and I would plaster any review with a 1 star and explain why, call better business bureau.

I have a downtown Salt Lake City condo that is in a small HOA. There are two buildings with 6 units in each, for a total of 12 units. So it is a small community. There is an HOA meeting coming up and I am going to try and convince the other owners that it would be in their best interest to allow STR's. Two years ago someone had listed their unit on Airbnb and they shut it down. We have some new owners and so hopefully I can sway the public opinion. Has anyone ever crossed this bridge? This walking distance to Temple Square and downtown, so the demand would be fantastic and would double my returns. How could I sweeten the pot for the owner occupiers to go along? Any ideas?

I have a downtown Salt Lake City condo that is in a small HOA. There are two buildings with 6 units in each, for a total of 12 units. So it is a small community. There is an HOA meeting coming up and I am going to try and convince the other owners that it would be in their best interest to allow STR's. Two years ago someone had listed their unit on Airbnb and they shut it down. We have some new owners and so hopefully I can sway the public opinion. Has anyone ever crossed this bridge? This walking distance to Temple Square and downtown, so the demand would be fantastic and would double my returns. How could I sweeten the pot for the owner occupiers to go along? Any ideas?

Investment Info:

Condo buy & hold investment.

First property I ever purchased. I was really just shooting from the hip when the markets were down and got lucky. This is a downtown and ever appreciating area. I learned a lot from managing this one and if the HOA will ever allow STR's, this will phenomenal returns.

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

Made low cash offer and was accepted to the surprise of my realtor.

How did you finance this deal?

cash

How did you add value to the deal?

I didn't. I learned managing skills and land lording from this.

What was the outcome?

I have owned it almost 10 years now, never a late rent payment, 2x appreciation, and tremendous rent growth.

Lessons learned? Challenges?

I should have done this out of high school instead of age 25. I should have bought more when I could have and rode the appreciation wave to now to refi.

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

Tammy Jones from Salt Lake City. She and her husband treat me like family and are pro's

If I am in Florida that week, I will definitely be in attendance. Have you had these meet ups before? I have never attended an event like this in the Orlando area and looking forward to it. 

@Joel Betances

New tenants needed. This is America and employment is easy, especially in recent times. Someone not working for 6 months does not want a job bad enough. The good book says, “he who does not work, does not eat”. Place new tenants and be worry free.

@Bernadeau C.

Definitely interested in any meetup.

The search for a small central Florida mobile home park is still going. I have partnered some of my capital with some like minded individuals on a mobile home park last year and we removed all mobile homes and renovated the grounds into a cash flowing campground. It really has fed the flames of my desire to buy another by myself, or with partners depending on the size of the deal.  Is anyone here on the Bigger Pockets community familiar with the ins and outs of underwriting this type of asset? Any success stories and tips for connecting with these Ma and Pa owners are appreciated. Thanks!

I have a couple investments in Utah myself and am in search here Central Florida now. It is extremely difficult to find properties that make sense for buy and hold right now. You really have to get a fantastic deal, or a fixer upper to make it work in what I have been estimating. I have looked from Deland to St. Cloud and everywhere in between. I have a few contacts here in the Orlando area that rehabs homes and am trying to find distressed properties that need work. It has not been fruitful but eventually something should stick. Good luck in your hunt!