All Forum Posts by: Zach Milburn

Chad - thank you for the comment and encouragement. We hope to begin framing just before the first of next year. It will essentially be 6 floors and 4,000+ square feet with a bunch of crazy extras like a round door, turret, spiral staircase, wine cellar, etc. Feel free to come visit when we're finished! 

Thanks for asking Ed! Yes, as well as some interior, I will try updating the post an include those.

Investment Info:

Large multi-family (5+ units) other investment in Raleigh.

Purchase price: $29,000
Cash invested: $15,000

Townhome subdivision, raw land

What made you interested in investing in this type of deal?

Got a great deal, made an offer 5 minutes after it came on the MLS, went under contract, had 3 offers that same weekend afterwards

How did you finance this deal?

Cash, personal

How did you add value to the deal?

Trying to subdivide it (it’s zoned for 5 townhomes)

What was the outcome?

Still in progress, might sell it off to builder or investor

Investment Info:

Single-family residence private money loan investment in Raleigh.

Purchase price: $185,000
Cash invested: $315,000

Building a fantasy themed “castle” retreat Airbnb! Designed it myself, going into a hillside, on 4 acres with a creek, amazing project and I’m very excited.

What made you interested in investing in this type of deal?

Dream project, I’m a nerd

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

Tried trading my house for a cool piece of property, eventually came to a deal and was able to raise money behind the concept

How did you finance this deal?

Local Bank!

How did you add value to the deal?

Imagination

What was the outcome?

In progress... finger crossed!

Lessons learned? Challenges?

Things are easier when you have help

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

Aspire Homes, NC

Investment Info:

Single-family residence other investment in Raleigh.

Purchase price: $23,000
Cash invested: $65,000
Sale price: $155,000

I designed, managed and built a small loft single family house. I self-funded 100% of the project in personal cash with no debt whatsoever.

What made you interested in investing in this type of deal?

Tiny house movement

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

Property was basically in a trailer park, was a mess and nobody wanted to buy it

How did you finance this deal?

Cash, personally, hard work

How did you add value to the deal?

Conception to completion

What was the outcome?

Decently profitable venture

Lessons learned? Challenges?

There’s a reason banks exist, leverage is a wondering thing if handled responsibly

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

Looking to meet some

Good stuff. Thanks for the info. The main benefit in my mind was the ease of setup - 7% commission for insurance and basically a lease agreement all done through a third-party vendor. Would only make sense if the lease was 2-3 months max in my mind. 

I've never actually leased a property yet, so I really don't know how cumbersome the regular process is. Glad to hear it's pretty straightforward. I built this house as a sort of tiny cabin and figured that if I were to upgrade someday (which seems will be the case now) I could rent it as a themed cabin getaway on there. 

This is my first post on here so I apologize in advance if this is slightly off the mark. 

I am interested in renting one of my properties for a short period of time before either selling it, listing on Airbnb as a day-to-day thing, or rolling it into a full-time regular rental unit. That said, I don't necessarily want to go through the process of setting up regular renter's insurance, contracts, credit checks etc. with a 2-3 month rental. 

I've looked into Airbnb's rental policy, and it seems to be pretty comprehensive. Considering that their commission rates are relatively low, it almost seems like the logical thing to do to just rent it out month-to-month using the Airbnb platform. The tenant would then be covered under Airbnb's typical insurance policy - and although I understand it is highly recommended to have backup insurance - they don't require it. 

Has anyone had any experience here? Again, I would rather be over-insured than under insured, but there might be some less cumbersome ways to set up a legitimate system for a situation like this with the help of the Airbnb platform.