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All Forum Posts by: Colin Williams

Colin Williams has started 16 posts and replied 51 times.

Post: AirBNB Property Management

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18
Quote from @Chanel Gargula:

Hello everyone! I will be listing my primary home in Bristol, RI on Airbnb (for the first time) this winter/spring as I travel and work remotely. Do you have any recommended property management companies to manage client turnover, cleaning, and stocking of common items? Thank you!


 I am wondering the same thing. Thank you for posting this question. Hopefully someone will help us out.

Post: Farm and Ranching Loan or Grant Programs

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18
Originally posted by @Mason Moreland:

Sounds like y’all don’t have a clear vision of what you are going to do and how it will generate income. Not usually a good way to start off a new business venture or to pitch a loan officer, so take that into account and think about narrowing down and coming up with a real plan so you know what you’re looking for and how you will execute it (broadly).

If you ever have questions on Ag RE/investing, financing, etc feel free to DM me!

So the FCS system banks will lend on both agribusiness and and agricultural land purchases. Typically terms are 65% LTV, 4-6% INT, 10-15yr amortization.


USDA has a program called “B&I” (business and industrial) that lends money through certain banks to businesses in rural communities that bring a certain number of jobs or whatnot. Similar to an SBA 504 loan. SBA would also be an option for you to look into as well. For both USDA and SBA loans, add about 45-60 days on top of whatever you’d expect for normal financing (30-45 days) because there’s some paperwork and general hair of them.

 So the properties we've been looking at are near great summer and winter vacation spots and all have Homes with either cottages or apartments that could be AirBnB to generate income right away. Cleared land where we would be able to set up a you-pick section planted with various berries that could that could yield within a couple years. There are berries that can be harvested early spring through mid summer, others that are ready mid summer and more for the later season. There are more elements to the business that we have planned out as well based on other successful layouts and plans that we've visited and gotten information from. It's all in our plan. It is focused. I just didn't want to write out an entire story in my initial question. I'm just not familiar with what types of lending there are and government grants. 

Post: Farm and Ranching Loan or Grant Programs

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

My wife is obsessed with farming and ranching. She grew up on a farm and really wants to get back into it. We're looking at places with land and barns and horse stables. I'm just curious if anyone can help me out with information for any specific loans, or grant programs for this? We would like to grow and produce crops commercially, and really turn it into a business. Is there a combination of business loans, USDA loans and commercial loans that could be used? 

Thank you all

Post: No record of recorded mortgage with county

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

@Wayne Brooks thank you very much

Post: No record of recorded mortgage with county

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

I just read an Email from the Attorney stating that it looks as if the property was paid off in 2011. There are two deeds of trust recorded, but both are showing that they were cancelled and no longer apply to the property. We refinanced again in May of last year, which would explain why the 2011 recording would show as cancelled, but without that recording from 2020, could I prove that I own the property free and clear and receive the funds from the sale and not be liable to pay the lender? 

Post: No record of recorded mortgage with county

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

I am in the process of selling one of my homes. Come to find out that there is no recording of the deed with the county when I refinanced it in 2011. What exactly does that mean? What steps should I take next? The closing happened today but the attorney is holding the funds until I figure this out. Is there any way I can benefit from this?

Post: Looking for a contract for my contractor

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

@Brenden Mitchum thank you sir. It's a glorified handyman. This puts my mind at ease. He had good references. I just wasn't sure how to go about it.

Post: Looking for a contract for my contractor

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

Hello Bigger Pockets family. I am trying to get my rental fixed up to be sold and I'm wondering who I should speak with about getting a contract written up that protects me from losing my money. Is there a place I can find an review contracts and pick one that fits my situation, or should I go to an attorney? What type of attorney would be best? Do they typically have generic contracts that can be tweaked? 

The contractor sent me a contract built on Rocket Lawyer, and he's asking for 50% deposit for the work. How should I go about negotiating those terms? What is a good pay structure to be used. The work should only take about a week. Consists of repairing holes in walls and replacing flooring and the front door frame and door. 

Thank you you all very much.

Post: Bring in an out of state crew to reduce construction cost?

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

@Jackson Sandland I'm not sure that would work. The crew would have to be licensed to work in MA. Travel expenses and the cost for them to stay somewhere will get quite expensive. I live on Nantucket and there are plenty of crews that come over everyday, but they aren't traveling from out of state. They come down from just off Cape. Also the cost of materials are still high.

Post: House Hacking Single Family... Tax benefits/LLC???

Colin Williams
Pro Member
Posted
  • Rental Property Investor
  • Nantucket, MA
  • Posts 52
  • Votes 18

@Jack O'Brien I'm working with Greg O'Brien CPA based in Boston. I found him here on BP. He also has attorneys on his team. They're helping me with asset protection and tax planning. Try contacting them. Gregobriencpa.com