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All Forum Posts by: Bill Regan

Bill Regan has started 14 posts and replied 158 times.

Post: Seller’s Interest Rate

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

@Laurie Mohler thanks for the reply. I’ve heard a bit about “subject to”…you set up a loan servicing company that pays the seller’s mortgage for them?

Seems to make a ton of sense in this higher rate environment.

Post: Seller’s Interest Rate

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Hi, in looking at getting into an investment property nowadays, it seems we could be creative about using the rate that the seller got a few years ago.

For instance, if they bought at 250k with a 3% rate, can we get that loan assigned and pay cash for the difference in what a property is selling for today?

Just trying to think creatively to make some number work better. All thoughts appreciated.

Post: Looking to narrow down a market for long distance rental properties.

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

@Craig Cecin Tampa area prices are inflated and insurance is getting tougher and more expensive. A lot of insurers are requiring to put a new roof on before they will bind insurance! It’s only going to get worse here, my money is moving North.

Post: Financing Aquisition and Construction

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Thanks Greg.  Am working on that package, good to hear you think it would be something a traditional bank would take on.

Post: Financing Aquisition and Construction

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76
Thanks Tom for the reply.  Property is in East Dorset, near Manchester Center.  Been in touch with Heritage Family Credit Union in Rutland a bit.

Open to any suggestions you have for lenders in Vermont.

I've just never done a commercial property before so looking at options for a bridge type loan.

Post: Financing Aquisition and Construction

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Hi,

Looking at a small motel/inn in Vermont as a lifestyle business for my family. The existing property has 10 cabins on it and a foundation where there used to be an owner's residence and some motel rooms and common area.  It burned down in 2018.

There is loads of potential here in many aspects.

I am looking for advice on a lender who would finance the acquisition, cosmetic rehab of the existing cabins, and the construction of a new structure on the old foundation.  Total project cost under 500k.

Thanks in advance for any advice!

Post: Buy and Hold Investment #2

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Congrats Steve.
Where is it?  What kind of rents and returns are you getting?

Post: House Hack Success in Clearwater, FL

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Thanks Eddie.  I'm not sure I'm well qualified to give advice with only a handful of deals in my history.  But, the main thing is to keep positive and keep looking.  Identify some areas you would like to invest in and get to know them well so when you see a property come available you'll know if it is a good deal or not.  Don't just look at all of Tampa, but focus in on a few neighborhoods and get to know them.  

Thats how we found our place.  When we saw it come on the market knew it had tons of potential but had to wait out the seller making some price drops and then we came in with a rather low offer and finally settled at a price we could work with.

I think house hacking is a great way to start investing, I've done it twice now.  My current place and right out of college in Albany, NY I bought a duplex.  Its valuable experience in renovations, landlording, and provides some great benefits (like offsetting your mortgage).

There is nothing like empirical knowledge, so get out there and try.  The worst that happens is you fail, lose some money, but will learn a great deal.  Good luck!

Post: House Hack Success in Clearwater, FL

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

@Gabriel Welch It's a great way to get started in REI, keep at it you'll find something!

@Kevin Mathew Galang There have been some issues out on the beach where people rent houses out to party people and neighbors get annoyed.  Some neighborhood associations have problems with it.  I think ultimately there needs to be some commonplace legislation at the state level to make sure its not just people buying up houses to rent out like hotels willy-nilly, but also that its not infringing on an individual homeowner to rent out a room or apartment in their home.

With some 40,000 AirBnBs in Florida generating 10s of millions of tax revenue I don't see how Florida can turn them down.

Post: How does the seller benefit in an all cash deal?

Bill ReganPosted
  • Investor
  • Clearwater, FL
  • Posts 160
  • Votes 76

Could also be that if the buyer was going for an FHA loan the FHA inspector may bring up issues that prevent financing. Or the buyer's home inspector may turn things up that the seller could then need to tell future buyers.

So for simplicity and speed a cash deal could be most advantageous to a seller that wants to offload a not perfect property quickly.