All Forum Posts by: Ian Martin

Quote from @Joshua Poitras:

Quote from @David Ibrahim:

@Joshua Poitras Where did you end up going for your HELOC?

Hi Dave,

I went to Triangle CU in Nashua NH. I did the 100% LTV on Personal Residence, however they do offer up to 80% LTV on Investment property. You'll want to speak to Christin Malloy in the commercial dept. Let me know if you need me to link you!

 Hey Josh, would you be able to link me up with Christin Malloy as well? I can shoot you a DM with my contact info.

Quote from @Charlie Cameron:

Hey @Lexi Blevins! You're going to want to start by checking with local zoning and planning to determine is the home can become residential assisted living. Sometimes it has to be zoned properly or it might need to be a specific distance from an already licensed home.

Then you need to determine the licensing requirements and see if you can meet those. Often times there are bedroom size requirements, residential sprinkler system requirements, among others.

You'll want to then check the state regulation agency and review their requirements and licensing process. 

If you plan to operate the entire business, that will be work. But if there are enough bedrooms or you get multiple homes, you will be able to support hiring a local manager to manage daily operations. 

You can also do what I do and lease the home TO an operator. Make the home licensable and tailored to residential assisted living, and then lease it at a higher than market rate to an operator who will run their own business out of your home. Finding the right operator is the key here but once you do it's passive for 3-5 years as a commercially leased home. They even handle most maintenance and all utilities. Pretty sweet arrangement! 

Hey Charlie, where are your assisted living facilities and how much over market rate rent are you able to get for them vs renting them as long term rentals? 

Seconding what Thai said Chandler. If you're still interested in doing this, just get a survey done, present it to the city for feedback and go from there. It's a relatively small cost for potentially big upside. Apologies I missed your DM regarding this a while back. Best of luck.

Quote from @John Menton:

Quote from @Kerry Baird:

Yes, that has been the case for a few months now.  Try Quorum FCU

Nice, Quorum website looks pretty good anyway. Says they offer up to 95%LTV for a heloc, also offer investment property helocs..

Appreciate you guys posting all this information on this thread to keep it alive. I'm going to reach out to Quoram in the next day or two in regards to an investment property HELOC and will report back.

Quote from @Jessie Dillon:

hey ian! if you wanna offload this, i’d be happy to chat about doing a corporate lease with you (& running it on airbnb/vrbo on the back end). otherwise, amelia mcgee and grace just came out with a mid term rental crash course that should be good. even though travel nursing is slowing down, there are def still tons of other people looking for MTRs. you could always throw it up on furnished finder (as a prospective furnished rental) to gauge interest. 

 Hey Jessie, I'll send you a DM.

Quote from @Lien Vuong:

There's corporate tenants who will do this for you and furnish everything. Why not try that? You'll get more $ and less start up capital.

Lien you're always coming in clutch. I've heard about that strategy before but honestly I don't have a huge issue with managing it and don't mind footing the start up costs for furnishings and everything, just more so curious to hear if the demand is there and what the potential returns are. If it's much less work than managing an STR and a bit more than a LTR I can handle that. That being said I'd certainly consider a corporate tenant and being hands off if the returns are there. I'll poke around and see what I can find out. Much appreciated.

Hi all, I have a three family property in Fort Hill in Roxbury with a 2 bed 1 bath unit that recently went vacant. Instead of filling it with another long term renter, I'm toying with the idea of furnishing it and catering to individuals looking for a mid term lease (i.e., traveling nurses, contractors in town for a short gig, etc.) in the vicinity of 3-6 months instead in hopes of capturing a bit more on my monthly rent. Fort Hill is well positioned between multiple hospitals, financial institutions, and colleges and offers public transportation within short walking distance.

I'm looking to connect with people who have had success (or failure) going this route prior to taking the leap and buying a bunch of furnishing that I'm sure I'll take a bath in the case I need to get rid of it should this strategy not pan out. Thank you!

I believe rent control would need to be approved at a state level even if just for the city of Boston. I don't think she can just flip a switch and implement rent control. I could be entirely wrong, and as a landlord in Boston I am very curious to hear more about this as well from people who are more familiar with this topic.

Sent you a DM Tyler.

Excellent post! Thanks for sharing.