All Forum Posts by: Conor Shinnick

Caroline, first thank you for taking the time to respond to my post. 

I looked up HOEPA loans and it seems to me that Regulation Z only applies to principal residences. The subject property would not be a principle residence during the rehab and would be unoccupied until sold. Obviously I have a lot to learn, but I don't see how HOEPA applies to this scenario.

-Can you go there and finish the project with extra of your own money? - Yes, but I don't see why I would need to go there myself to finish the project. I would hire a contractor in any case.

-Are you willing to live in this property until finished and rented? - Why would I need to live in the property?

-If it burns down can you walk from the $60000 and not worry? - Yes, but isn't that what insurance is for?

The rehabber is looking for $60,000 at 12% and 2 points. The property is a fix and flip, not owner occupied. Of course it would be easier to get 5% interest on a 6 month CD, but then this website wouldn't need to exist. Everybody has to start somewhere.

I live in NC and want to lend to a flipper reahabbing a property in MD. Are there any licenses or other state requirements? I've been reading the NC state site and want to make sure that a mortgage lender license is not required.

@Chris Watson would you mind sharing your pool cabin strategy?

Bigger is definitely better if you can afford it. We started with a 2 bed pool cabin w/good views and then followed up with a 6 bed pool cabin w/stellar views. Both take the same effort to manage, but the 6 bed brings in double the revenue. My next target is 7 bedrooms w/even better than stellar views.

Everybody has to start somewhere, but buying the highest revenue generating property is the fastest way to get where you want to go.

@Parker Borofsky will take care of all your conventional loan needs.

I am considering a JV with a fellow MHU bootcamp grad. I would provide most of the capital for a deal that the partner found.

Does anyone have advice/examples of how you have structured your own JV deals?

We have Hollernet at both of our cabins on the Cove Mountain side of Wears Valley. It's a 5g line of sight dish that looks like a satellite receiver. It is very fast and reliable if you are in a spot where they can beam it to your property.

@Luke Carl Thanks for the fast response. We do take direct bookings and we have many bookings that were made before 1/1/2021. Avalara will still be useful until those early bookings have been completed since taxes will only be handled for new bookings.

For those of you with multiple cabins in Sevier County... Do you have one business license or one for each location? Avalara says I only need one. How many do you have?