All Forum Posts by: Chris Haas

@Robert O'Keefe

Interesting I was told when I purchased in 2017 they couldn’t be done Fannie or Freddie so had to go with a portfolio loan which of course comes with a higher rate and percentage down. Perhaps I got bad information back the.

@Daniel Denning  curious where you bought in Myrtle.  I own 2 and am passively shopping again.
Also was wondering if you could define co-host.  Not familiar with that term.

I currently do not invest in Reading.  I am open to investing in the suburbs but just haven't found the right cash flowing deal.  I also may move to SC in the not to distant future so that has also caused some hesitation to pull the trigger.  That is an interesting statistic on flying hills because I don't think they have had any recent new sections but I could be wrong.  Either way I like it, it's a very possible downsize opportunity in the future if I don't migrate south.

Any advice on how to evaluate the financial health ? Are you looking for specific %'s of reserves, or delinquency rates (I assume you mean in paying the HOA dues). I too would like to be able to do this and not solely rely on a realtor who has a financial inventive to make a sale.

I live very close to flying hills.  I think it's a great place and there are many renters there.  I golf that course more than any other and I alway see people walking around the trails.  I live in a suburb in the gov mifflin school district and I would have no problem moving to flying hills.  Mohnton is spotty but I don't think that have any violent crime to speak of.  I wouldn't hesitate to move there either but Northridge is the more affluent area of Mohnton.  I see you are from NJ.  Pa taxes are certainly lower than Nj, however they aren't cheap and vary quite a bit since an assessment hasn't been done in years.  Older homes will have more favorable property taxes usually.  Curious how my hometown area got to your radar ?  

I have some previous posts on this but generally most ocean front properties (at least in MB) will have onsite management and charge closer to 45%.  Because they have onsite management they will likely fall into the category of condo-tells and not be eligible for conventional financing which will probably mean 25% down and slightly higher rates.  
I own 2, to be honest they aren't good investments unless you weigh the time you and your family gets to use them as well. In my situation they make them acceptable investments and a good diversification. I find the most challenging part is to understand the health of the HOA. I think it pays to have a good realtor that really knows the area to assist with this.

Best of luck.  My family loves Myrtle but waiting until my soon to be senior is out of High School before making any moving type decisions.  Hope it all works out, best of luck.

So your recent trip was in July I imagine ?   It's pretty empty off season.  At night you can get $10 for the night off season.

https://www.foamortgage.com/jamie-ware

They have a rental product they hold so it’s not as subject to the 6 month seasoning rules

I would ask about amenities not available to your guests.  Most beach front properties have on site management companies and they of course want to rent them out.  In my situation I am across the street from the beach, and if I use the onsite management I can use amenities from the sister resort located on the beach.  If I didn't use them, I nor my guest could use their pools etc.  Worth asking your realtor.  I used 2 realtors, 1 I wasn't happy with so I switched, and the 2nd one I would recommend Gene Carter  Re/Max Southern Shores.  He was great, I will use him again.  Best of luck.