I have purchased an off-market property from an investor who now wants to sell the rest of his portfolio.

No, refinancing isn’t an option because of how we purchased the property.

They are still owing December rent and have informed me that they will not be paying January rent until Mid January 2025.

Purchasing a “distressed” property and “repositioning” it requires significant capital for improvements, build outs, holding costs, maintenance.In looking for that “needle in a haystack” slam dunk great deal you’re competing with very knowledgable, greatly experienced investors with the cash to make no contingency offers and close in a few days.  

I would greatly appreciate any guidance or experiences you can share to help me make an informed decision.

Call the PM (I don’t think HABD will provide information on a property you don’t own - even if you can get them to answer the phone).

This left the remaining roommate in a difficult situation, and he is now trying to find a new roommate.I have informed both tenants that they are equally bound to the 12-month lease agreement and that rent must be paid in full, regardless of one tenant moving out.

It would also be important to network with other investors, stay informed about regional market shifts, and leverage any available incentives to maximize my investment potential.Good luck!

My first STR, purchased in 2005, was negative cash flow for 4 years.

Hey Patrick - we are targeting more sophisticated investors who will appreciate our approach to help them drive NOI margin and make informed buy/sell decisions.