All Forum Posts by: Duncan Banks

@Mark Miles

I don’t disagree. Trying to make all that money in a fraction of the year poses some challenges. Most folks that are successful with season rentals in this area rely heavily on the ridiculous rates they can justify as a per/night fee over the 15 week peak season and then settle for a less glamorous month to month rate during the off season. I’ve actually stayed in the off season rentals because you can get a lot of bang for your buck and still have unbelievable weather on either end of your stay. With this being said there are thousands of tourists spots in new England alone that do just that. The associated traffic alone is enough to deter many locals but people come from all over despite South Africa sending us all their sharks.

Are all of these success stories from before the modern housing market? Possibly

@Michael Baum

Thanks for the heads up. I’ll be sure to read up on what’s on the horizon

While looking into options to minimize a down payment and generate funds for future investments I began looking into STR opportunities in my area that could be bought as a vacation property. Killington mtn. VT and cape cod are both in my back yard.

While the cape is flooded in the warmer months it is quite desolate in the off season. Killington should draw rentals year round despite peaking during ski season.

Does anyone have experience with STR that are based around ski towns? How close to the resort should I be looking? Has anyone had success or failures in similar markets? I'd have the same questions for cape cod.

I appreciate the input.  With 2 young kids I have some self inflicted limitations in the interest of my families stability but i'll keep digging and see what I can find.  Where there's a will there's a way, and I always find a way.

Happy Friday pocket people.

I live south of Boston, earn a good salary and am looking to buy an investment property but am struggling on how to come up with a down payment. I've owned my home for a little over a year and have added substantial value, did 90% of the work myself to keep down cost, but still depleted my savings substantially. I looked into taking value from my home but was told between the VA only cashing out up to 90% and the VA charging 3.3 it would be fairly expensive for a small return. Quick summary if I added 55k in value to my home I'd put 14k in my pocket just to be charged 10k (added to my loan). If I were to try and save for a 300k down payment Id have to put $1154 aside every week just to be ready to buy in a year. All numbers rounded with 0 savings for simplicity.

Is the first investment home the hardest?  What are people doing to get past this substantial obstacle?  Besides a 10% down payment on a vacation property what else is there?  I could be wrong but hard money seems like a no go on anything but a flip.  I dont have wealthy friends or family.  Somebody throw me a life line.

I believe you can buy a vacation property for 10% down.  The recent podcast with Avery Carl #364 discussed this for acquiring short term rentals.  Unless I misheard, she and her husband bought their first two investment properties individually to take advantage of this reduced rate.

I have been looking at a lot of single family homes and Multi-families and I can't get over the prices in New Bedford. Now I know, New Bedford is the armpit of Mass but I also know that you can get burned by poor tenants anywhere.

Does anyone invest in New Bedford?

Success stories? Nightmares?

What is the future of this city? Is it an up and comer or heading for even harder times?

Are they're desirable areas and areas to steer clear of?

Basically just reaching out to anyone that has invested here, researched the area, lived there in the past or currently to get they're 2 cents. Thanks

@DuRon Netsell Sorry did you say something? I couldn't get past the bass in that photo......

@Johnny Aloha Thanks Johnny, I recently began looking at a trio of 2BR condominiums in my area. I talk about it here

http://www.biggerpockets.com/forums/88/topics/116629-lumping-3-into-one-possible

Any contribution is apprechiated

So there are three 2BR units in pre-foreclosure in an apartment complex all being handled by the condominium associations attorney. The three are estimated to be sold in the range from 54k-65k (with assessed values of 90k-99k) and two of the three claim to be newly renovated and painted. A friend rent’s her 2BR unit in the same complex for somewhere right around $1400 which includes heat and hot water. I am unaware of the condo fee’s but barring they are extremely high it seems these very well could be good cash flow properties if bought at the right price. My question is, if they all share a lender (two say that they do and the third is unlisted) would a bank consider making a deal if all three were rolled into one sale. It seems like a bargaining chip but I don’t know enough about this sort of thing. The charm of not worrying about exterior maintenance (lawn, roof, plowing, ect.) has its weight as well. What are your thoughts