All Forum Posts by: Zachary Deal

As others have stated this is unrealistic due to arrival time, cost order issues, and volume to make it worth it. Really only makes sense as @Chris Seveney mentioned if you have a solid, long term relationship with the seller and you are doing a very high volume rehabs

From a lender stand point this looks good. Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.

Hey David - couple of suggestions below:

As a first timer you will likely be required to bring a bit more cash to the table. Typically lenders reward experience and increase leverage as you complete more projects so would confirm with the lenders you are talking to the $30K is enough based on the price point, rehab budget, closing costs, and any reserve requirements they might have.

If you are located in Brooklyn but investing in Florida just double check this works for the lender. Remote management without experience can sometimes be difficult to get approved.

Definitely try joining some local real estate Facebook pages in the areas you are looking and partner with a real estate agent that works with investors

Hope this helps!

Check out Furnished Finder, Airbnb and VRBO (30+ day stays) to get a good idea of what else is out there in the area of El Paso you are looking in. I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

Hi Daniel, recommend trying to connect with some local investors. A couple of ideas outside of positing on this forum are listed below:

1) Classified section of BiggerPockets 

2) Facebook groups for San Antonio or nearby investors

3) Local investor meet ups. Find on BiggerPockets, Eventbrite, or Meetup.com

Got it! Yep check BP and Meetup.com or Eventbrite for local meetups @Baron Wheeler

Have you gone to local real estate events? That is often the best way to find investors in your area that are doing MTR/STRs. There are often local Facebook groups for specific strategies 

Think you make a lot of great points! As an investor you want to really do your research on comps for the last 12 months. Study what has sold at a solid price and quickly. If you do something that is too high end or bold compared to what is available in the neighborhood, the exit could be very difficult 

As others have mentioned the ability to gain experience without risk is very valuable even if you are not making the profit you would like. Once you have a project or two under your belt you can either renegotiate terms or go out on your own. Lenders really value experience for fix and flip and BRRRR investing (especially experience in the same general area). You will be able to get higher leverage, better rates, etc once you have more experience!