All Forum Posts by: Brant Jones

A mere political stunt that equates to virtual signalling - agree with @Ron Brady that the headlines are just shock and awe. More legislation introduced by people that have never run a business or held a real job, and have spent their whole lives living off the government. They know it is unconstitutional, but they will push it through anyway via executive action, that will then be challenged and overturned in the courts after long litigation periods. Meanwhile, the landlords and tenants suffer, while the attorney's get rich, and the falsehoods drive more division. Sad.

Thanks @Jon Martin

The ordinance passed last October https://www.sharemorrobay.com/...

We have been visiting MB at least 3-4 times a year for the past two decades, and almost always opt to stay at a vacation rental. Summer time is always busy. I will say the neighbors tend to keep a watchful eye so I'd rather stay on the up and up with the City. I read somewhere there is a tiered fine system for STR violations that get more severe with each infraction.

Lots of options outside of STR. Just looking for the right mix that will offset carrying costs and allow us to enjoy the property once in a while.

Exactly @Jon Martin!

I am looking specifically at Morro Bay for a MTR since STRs are nearly impossible to operate thanks to the new Coastal Commission rules that went into effect. When not rented, we would use it for extended weekend getaways. It is a bit of a drive from the larger hospitals in the area (SLO, Atascadero, etc.) but I am hoping that being at the beach when not at work will be a draw for traveling professionals and digital nomads.

What trends are you seeing in the city related to MTRs?

Hi @Micah Smith,

Is your MTR in SLO or the surrounding area? I am selfishly asking as I am about to submit an offer this week on a property in a nearby beach city. :-)

-Brant

Has anyone worked with a lender that offers second/vacation home financing on small multi-family properties (2-4 units)?

We've been pre-approved for a second home with Navy Fed but they only lend on SFRs for vacation / second homes. We found a great opportunity to purchase a duplex, and get an "almost free" vacation property by renting out the other unit, but have been unable to find a lender that has the right financing product, i.e. not a conventional 20% down investment property loan.

Appreciate all the help in advance!

Please join us for our monthly networking event on Monday, April 4th at Escape Craft Brewery Downtown Oasis in Redlands.

The address is 440 Oriental Avenue, Redlands, CA 92374. We typically start at 6:30 pm and wrap around 8:00 - 8:30 pm.

This event is not sponsored by anyone, and there will be no pitches, fees or presentations. Simply come to meet and network with other real estate investors and professionals from the Inland Empire and surrounding areas. Everyone is welcome.

Grab a cold beverage and some food, and come join the discussion.

See you all there!

Please join us for our monthly networking event on Monday, February 21st, at Escape Craft Brewery Downtown Oasis in Redlands.

The address is 440 Oriental Avenue, Redlands, CA 92374. We typically start at 6:30 pm and wrap around 8:00 - 8:30 pm.

This event is not sponsored by anyone, and there will be no pitches, fees or presentations. Simply come to meet and network with other real estate investors and professionals from the Inland Empire and surrounding areas. Everyone is welcome.

Grab a cold beverage and some food, and come join the discussion.

See you all there!

Thanks @Tom S. that does help! Is the payment based on a 30-year am or the term of the loan?

Hi BP,

Looking for some feedback on what others are seeing as typical rates and terms on 5+ unit financing, under $1M, assuming no less than 70% LTV on the property.

This will be a refinance out of a fix-and-flip (hold) product to permanent financing after the rehab is complete. ARV is $930k.

Thanks in advance for the help!

-Brant

Please join us for our monthly networking event on Monday, January 17th at Escape Craft Brewery Downtown Oasis in Redlands.

The address is 440 Oriental Avenue, Redlands, CA 92374. We typically start at 6:30 pm and wrap around 8:00 - 8:30 pm.

This event is not sponsored by anyone, and there will be no pitches, fees or presentations. Simply come to meet and network with other real estate investors and professionals from the Inland Empire and surrounding areas. Everyone is welcome.

Grab a cold beverage and some food, and come join the discussion.

See you all there!