All Forum Posts by: John Guy

Hello! 

I currently manage a 63 vacation rentals along the southern Maine coast as well as 13 long-term rentals & am very involved in that market. 

I am currently in the infancy stages of acquiring my first investment property. I have come across a duplex in a local class C neighborhood, which proved to have very healthy cashflow when I ran the numbers using the BP rental property calculator (conventional loan terms). The property need approx. $30k in rehab (generous number), however I have plenty of resources within this region to complete them in a timely manner. 

There are a few factors why I believe it makes more sense for me to utilize a PML at this time, but finances are the biggest setback - I have three kiddos and am the head of household and I'm not willing to jeopardize their stability. However, I don't want to see this pass by. 

I would love to discuss terms with a PML to see if that route will make it happen. If anyone is, or knows of one, please let me know! 

John 

Come check out Maine! Specifically the southern region. It's absolutely beautiful and the market is growing quickly.  

Strong STR market along the coastal region ranging from Kittery to Old Orchard Beach and the LT rental market is increasing drastically. You're an hour from both the White Mountains and Boston, MA. It's a really great spot for a family - I love raising my kiddos here.

Best of luck, 

John 

Greetings!

First off, extremely grateful for the BP community. A full year of reading BP material and listening to podcasts has put me in an incredible state of paralysis analysis and I need some guidance on my next action-step. I am currently 25 years old and manage a rental agency with 63 vacation rentals in Southern Maine. I have managed the agency for about two years and I am the only employee - I oversee all operations and the owners are completely hands off. I am on a $42k/yr base salary, with a 10% business maintenance bonus and a 40% growth bonus. I'm projected to earn roughly $75k gross in 2022. 

My girlfriend and I have two children and we rent a beautiful farmhouse on 92 acres in Maine. Our rent is high, but achievable through some creative use of the property (landlord approved - they're super cool). I want to purchase investment rental property, but my girlfriend is not willing to down-grade to a multi-family and house-hack. My morals won't let me falsify residency just to have a 3.5% down payment on an FHA loan, but that's the only feasible deposit amount that I'd be able to swing at this point in my life. Borrowing from family members isn't exactly an option and I don't have a strong line of credit (I made some big mistakes when I was younger and I have been slowly rebuilding, currently a 610)

My question is this: 
It feels like I'm grid-blocked from entering the world of investing. What is the most logical way to raise enough capital to purchase without having to utilize my personal credit and without winning the lottery? Seller finance? Private Money?

I appreciate ANY and ALL input that you guys have to offer. 

John