The castle at Bremerton

I'm a 50% disabled US Navy veteran who worked in the nuclear fields as a mechanical engineer, water chemist, radiation health specialist, IT administrator, and departmental administrator. I started a side business in May of 2006 doing photography and videography and that turned into me building computers to support the massive processing demands for video editing. I got out in 2011 and went to school for electronics to round out my education and worked as an engineer in data centers for a while before restructuring my business to offer more field services around computers and technology in Jan 2016 and have been working for myself ever since.

Having grown up homeless (hence joining the military right out of high school) I had no network to leverage and a lot of bad habits with money that I had to overcome. My first year working for myself in 2016 I only made $15,000. In 2022, despite having a house fire the completely derailed my life we made almost $500,000 and made just shy of $900,000 in 2023.

Over my career doing technology installs, including some for a Forbes Fortune 500 name on Bainbridge, I realized that the major staple of my income was doing installs in high end residential and found myself doing several installs for people who needed the infrastructure to run their Airbnb's smoothly. After my house fire in 2022, having to be without power at my home for half a year, and taking over 18 months for insurance to settle, I found myself living out of hotels and Airbnb's. This experience made me realize two things, First, I wanted to get into real estate both to work for myself doing these high tech installs and for the investment end of things, and second that there is a massive underserved market for short term rentals in my area. It was a NIGHTMARE trying to find short term rentals under $600/night. They were ALL booked up for months out. Even the higher end ones only had availabilities for a cuple days here and there.

I've been on the lookout for opportunities where a long term rental property could benefit from some minor tech upgrades like good high speed Wi-Fi coverage, remote access controls, remote monitoring, etc, and be used to leverage the short term rental market to double, triple, or even quadruple the income of the property.

I have found a perfect property for one! Just down the road from my first house built just a couple year apart.  See linked google doc for the business plan and details.

The short version is, at the projected occupancy rates from AirDNA (a trusted STR planning site) at about 60% and only matching the rates of the nearby single bed hotel rooms ($150/night), this nine unit property can triple the current rental income it's making ($11,000/month to $35,000/month) and serve the local transient medical and government employees that are desperate for decent, stable, private, short term rentals.

We already have it qualified for lending at the asking price but, having just come out of a house fire, I need additional funds for the down payment.

That's where you come in!

I'm open to equity shares or just a hard money loan to help with the down payment to close the gap on the loan to value ratio that lenders are looking for. I'm open to almost anything that's not business suicide.

$500k makes this dream come true and covers the down payment and the cost to furnish and convert the property.

After some minor upgrades the the mid way projection for rent per night goes up towards $250/night for the one bedroom suite and move us closer to $50,000/month and it can go even higher from there as we refine the culture of the space and make the units as nice as is reasonable. There's obviously a point of diminished returns but seeing as even $1000/night rentals here are booked fairly solid the upper limit is fairly high.