All Forum Posts by: Joseph Cameron

What did they bring to the table? What was their pitch? Details would be great! 

@Kerry Baird

Awesome approach. I like the way you've set that up. Would there be a balloon payment at the end of the 5 years? 

... I've been trying to get the info out of the realtor but have been unable to thus far. How would you approach?
  

@Frank Hinck

Agreed on all fronts and thank you for the feedback. We are building a network out here and getting to know the lay of the land - vastly different from the mainland. I am aware of the funds needed to get started. This would be a short term rental in our case but I know many of the same principles would still apply. The idea that it would start paying off our liabilities is simply a start - I know 1 door isn't going to cut it. However, getting started is my goal!

@Julie McCoy, @Richard A.

Appreciate both your feedback - both relevant and super helpful. The no money down, rehab with a higher purchase price, house as collateral (higher than asking) and 3-4% interest was where I thought it could go. I have a local and well known developer interested in coming in wit his construction crew so that adds credibility. 

I know it's cheeky but in this case you'd have to get a construction loan as it's not possible to get a traditional mortgage. I'm still gathering information on the seller but I'm assuming that the owner needs to get out due to unforeseen circumstances. 

The reason I mention it's an STR is because the higher revenue has the ability to cover higher expenses if you rolled in the 6 months to rehab or had a higher interest rate.

@Mike Dymski

Appreciate the feedback. I'm no stranger to uphill battles but I see where you're coming from. Have you ever lent on anyone and taken a leap of faith in that regard? I've also actually come across a great owner financed deal here in the USVI recently, how would you approach?

Currently looking at an owner financed 2 bed, 3 bath with a cottage on property, room for a 3rd bedroom and a pool for 789k. Our aim is to turn it into an STR as we are in the US Virgin islands. Property needs about 250-300k as it was partially finished new construction.

How would you approach?

My GF and I own a growing online fitness business that is currently breaking even. Our goal over the next 90 days is to take on a cash flowing asset to start paying off our biggest liabilities. Growing my business is our biggest priority but RE is a hobby that I work on after hours and can't wait to get started on. I'd love some ideas on how others got started in a similar situation!

Traveling, Muay-Thai, MMA, Kettlebells and any and all adventures!

@Mark Miles Love the concept and have to say one of my favorite things about real estate is how creative people get! 

Appreciate the feedback.

@Luke Carl having a look and doing this now. Appreciate the input!