All Forum Posts by: Anthony B.

I just reached out to see if this applies to non owner occupied investment properties. Hoping to hear back today.

Agree with @Rob Bianco - would love to hear more. I'm planning a short trip out in early June, it would be great to narrow down areas to visit beforehand.

I think you are right - I was talking about the initial investment to get the unit rent-ready. Though I’m sure there are people on BP with a lot more experience than me!

@Mike Lambert That is great info! I have been struggling to find a positive cashflow property partly because of the high cost of the mortgages. When you mean developer financing, is this financing for pre-construction properties (i.e. you put down a payment to hold the property during construction, then upon delivery you sign a mortgage and begin paying on the debt)?

Would you be willing to discuss which developer you purchased from?

Great questions @Lewis Christman! When you say 5 or 10% for capex / maint are you calculating that percentage based on purchase price, ARV or gross income? I recently bought a well set up townhouse out of state in the St Pete area and paid about 2% of the purchase price for capex. Granted it was in good shape when I bought it.

@Francisco Cimon - the numbers we have been looking at recently seem to agree. We are seeing only that high of a return if the property is purchased with cash and some high occupancy rates are assumed (80%+). I would love to be wrong though as we would prefer to use leverage!

On the positive side, it does look like this level of occupancy has been achieved for the last several years: http://area-international.com/riviera-maya-occupancy-information/2017.html/2016

Hello BP! Has anyone recently gotten a mortgage for a property in Mexico? I would love to hear about the details!

I am currently looking at properties in the Yucatan (Playa del Carmen, Tulum) and have come across Cross Border Investments (run by Josh Rappaport) who acts like a mortgage broker for Mexican banks. Has anyone dealt with him or his company or have any other suggestions on how to obtain financing (during purchase or after as a cash-out refi)?

Hi all, I am looking to pull some cash out of 3 properties I own in MA to do some flip projects. Has anyone been successful finding a bank that will do a high LTV home equity loan or HELOC? I've found plenty of 80% LTV banks but looking for the best LTV I can get.

Thanks in advance!

Anthony

Thanks David and Greg for the replies! I am worried that in an eviction it might make the joint and several lease be interpreted as separate leases... is that just me being over-cautious?

Thank you so much for the warm welcome John! 

We discussed with an accountant who is active on these forums and he recommended that we do the bookkeeping in house until we have a bit more going on. I agree with him, I think the bulk of my bookkeeping concern has largely been eliminated now that we are caught up and are not tackling any large construction projects. The day to day load is pretty minimal.

As far as the business goes, I would like to grow the business sustainably, with the goal to reach income parity with my current career in the next few years. Right now I need to continue the great strides we've made creating systems and processes to handle rental operations. Once that is in a bit more comfortable place, I'd like to begin picking up a few more properties.