All Forum Posts by: Ryan A.

Here in New England, beach rentals are a hot item. City folk love to come to our touristy beaches and immerse themselves in the environment. Beach rentals can be nearly 3 times normal market rents just to be within the mile radius of the sand.

Little 2 bed cottages on the strip will rent for $2400 a month. In town a similar place might be $900.

Does anybody have niche property like this? Any insight into the pros and cons? It can probably be rented to locals in the off-season (Sep - May) at normal rates but I speculate its a tough business model.

Need private bridge loans to close REO deals. Already have institutional pre-approvals for making offers.

Current deal:
3 Unit Multi
offer: $150
repairs: $20k
Est value fixed: $275k

Buy and hold strategy
Gross rents should be $26400
Expenses/taxes/ins $7668
NetOp $18732

Looking for 3 to 6 month bridges. Preferably interest only with monthly payments or due on repayment. Will refinance to pay bridge. Put up $120k for us and make $10k in 6 months.

I am a professional landlord with current investment property. Business is a family partnership.

This particular deal might not shine very bright however there will always be more as we move along. I am doing my due diligence and making offers weekly to find my next deal.

Thanks.

That's the underlying issue. It is an INTERNAL CONFLICT. Should I...
>do what's right for my country and deny illegals employment?
>save money and hire cheaper labor?

You are absolutely right in saying it is up to the people. We say we don't want them here because of long term effects but our actions insist we DO want them here for the short term benefits for our-selfish-selves.

I screened my first tenants using a realtor. Before you scowl at the idea of paying somebody comission to fill your units hear me out. I spent 3 years doing research, reading books, trolling BP forums, attending seminars, investors meetings, blah blah - still nothing can prepare you for screening people better than, well, screening people. Also I had just about run out of money doing rehab and wasn't eager to spend a months rent on my agent.

By using my trusted agent (with prior relationship) I was able to appeal to a broader audience (showings at any time, MLS listing, craigslist, current clients, calls, emails) without spending my own time all while being kept in the loop and watching the process.
My agent was far better at qualifying people and pitching the rental than I and it was important from a legal standpoint to say the right things. He provided all the application forms, landlord disclosures, etc. For that money I learned how to screen, what to do/say, what forms to use, and now I have SUPER tenants who I appreciate every 1st of the month. There are many techniques for screening and I'm sure you'll learn them all but for your first time around....

I myself am writing offers on HUDs and thinking to myself there is no OO who will be buying this rundown place needing a rehab. If anything it will be a first time investor.

HUD should allow bidding without discrimination.

Or, we can just leave the HUDs for the newbies....

edit:
in response to your question, start here-
http://portal.hud.gov/portal/page/portal/HUD/localoffices

Ok. Next.

Thanks guys

Unless your state has passed laws controlling lending practices, your Realtor is mistaken.

It started when HUD created the SAFE act to encourage States & banks to enact responsible lending policies.

Then consumers who were affected by the subprime meltdown got pretty pissed and all the complaining is making our state Reps go to Congress demanding change in the Finance Sector.

So now bills are being created to stop predatory lending (or any creativity) and change (control) how the mortgage industry operates.

Unfortunately the bills being written (thousands of pages) do not make a distinction between the BANKS (institutions making millions from debt) and YOU (the owner offering a loan to a buyer).

Contact your state representative and ask to have seller financing de-coupled from the following bills: HR4173 and the 'Restoring American Financial Stability Act of 2010'

If the bills are passed, it appears a licensed loan originator will need to be used (paid) to underwrite ANY residential real estate loan. It also appears that to act as a lender, individuals will need to become certified and/or licensed as well.

The effects will be far reaching. The time to act is now before the Fed passes these laws.

Find your state reps here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm

Sorry - the 180k private is interest only for about a year max. 33k seller finance is amortized for 5 years max.

I was estimating that after a refi for the 180k + 33k (213k) plus taxes and insurance and maintenance, the monthly flow would be around 450 - 500. Thats using current rents.

Hopefully within the year using the private funds, the rents could be increased and flow would be even better. But I wasn't going for speculation.

Making deals here in southern New England. I've located some local lenders & have a good team.

Currently run 1 multi with 23k in gross rents. No shortage of property in area. Fresh meat every week. Have not made many buyer or wholesaler leads.

300k triplex in Westerly RI tied up under contract for 242k with 33k seller financed. Currently fully occupied with yearly rents of 24k. Clean it up and rent it out for 30k a year easy.

250k duplex in Pawcatuck needs rehab - listed @ 149k - should rent for 21k after fixup

I'm making offers weekly. What I can't use I wont waste.

PM me if you're nearby. We'll grab lunch and look at some property.

I have a 290~300k triplex in Westerly RI tied up under contract for 242k. Seller willing to finance 33k. Currently fully occupied (but filthy) with yearly rents of 24k. Could be cleaned up and rented 30k a year I estimate. All utilities paid by tenants. Taxes 3k, Insurance about 1200. Seller did roof, windows and siding recently.

Working with private money for 180k and the rest will be cash.

It seems a bit tight (prob negative) on the monthly and considering not doing the deal. However a refi will make it cash flow about $500 I estimate.

Thoughts?