All Forum Posts by: Josh Birrell

Hi Lenny,  welcome to BP and good luck getting that first one under your belt.  Have you started marketing yet and is West Warwick the area you are focused on?

Hi Dylan,

If there are other attractions in your area you might consider vacation rentals during the summer months.  It is very common here in RI along the coast to do college rentals from Sept to May and summer or weekly beach rentals June-Aug.

Josh

I think ocassional bad guest is part of the business of vacation rentals unfortunately.   We have had good luck using Evolve Vacational Rentals for our property in NH. They charge 10% of each booking but they handle all the bookings, take credit cards and mandate travel insurance for each guest which gives us three thousand dollars worth of coverage.  I don't think there is anything you can do to stop bad guests, or even good guests who behave badly, but you can give yourself a little more protection when it happens.

I would walk away.  With that much damage to the sill and shoddy work in areas you can see (makes wonder what's going on in places you can't see w/ a home inspection) sounds like you will surely have some unexpected surprises in the next few years.   

If you are buying off the MLS on the cape I think you would be best to wait until fall or winter or even next spring when inventory is high again . The knowledge you've gained from market research now will pay off later. Summer is probably the worst time to buy on the cape because more people are looking and sellers think this means their properties are worth more.

You might also want to consider moving more towards Brewster ,Harwich, Dennis or even Yarmouthport if you can.   More mass appeal for rentals, seasonals and resale when you get to that point.

Thanks for all the advice! Unfortunately, the seller only has enough equity to cover the down payment but it looks like I've found a local bank that will do the loan with a seller second although their rate is 6% for a 30 yr fixed. Changes the numbers a bit so it may not be the right deal as was suggested. Thanks again! Josh

Thanks Chad, I read the post you mentioned and there was some good information in there. I've called a bunch of local banks and found one that would do it for owner occupied ( which I believe was your situation ) and even second homes but not for investment properties which is what this would be. Sounds simple enough to do but I think I'm going to be out of luck going this route.

It doesn't seem like a "subject to" deal either so without the 30k in cash or HELOC it would take for a down payment I'm not sure if there is a way to salvage the deal.

Any other thoughts would be appreciated!

Thanks
Josh

Hi everyone,

I have an opportunity to purchase an investment condo in NH and am able to get financing from the bank up to 80% at a decent rate. Problem is a shortage of cash on my part for the downpayment. The seller is willing to carry a second note for the remaining 20% with nothing down and also at a good rate and term. I am having difficulty, however, finding a lender who will accept a seller second as a form of down payment. Any thoughts?

Thanks
Josh

Thanks Arthur, that helps alot. You've given me a lot of good information to use. It's money to cover rehab costs only, about 15k, so i was thinking of negotiating a portion of the ARV as my return, creating a note and recording it against the property.

Hi, I am a new investor looking to loan cash to another investor who is rehabbing a flip and would like a little advice on how best to secure my interest. Is the typical scenario to have a real estate attorney draw up a promissory note and deed of trust? Is there a better option?

Thanks
Josh