All Forum Posts by: Jourdan Mercer

 No, the property doesn't have a dock.  It's not right on the water and it doesn't have a spot at any of the marinas that I'm aware of.
I recently sold my house due to a divorce.  That is where the $30,000 came from.  
I don't have any toys left to sell.  Already did that when I was married.  My truck is 13 yrs old.

FHA can do 3.5% down and I can get a VA loan for 0% down. Problem is I can only get approved for $300,000 with either of those. If I could find a co-signer I could very easily bump it up and be golden.

 I would love to talk!  All the lenders I've found so far will only use standard long term rents, which are much lower than the airbnb rents.
Does there need to be any records of rental history for the property or will they go by the airbnb rental value in the area?  

Yes please, send me the calculator.  I'll give it a shot.

As for my investment hurdles...  
I'm not too concerned about leaving any money in the deal.  Right now I'm trying to get my first property so I can actually have a cash flowing asset.  I ran some basic numbers and the cash on cash return would be a little low cuz of the arrears, but over time my return on investment would be much higher.  
The agent that works for the company I've been mentoring from got the info from the title company.  I think it was from probate because the original owner died and deeded it to the two owners.

I only have about $30,000 

It's appraised at around 565-575000 right now.

could easily be brought upto $800,000

No, the duplex would be tough.  It's not the right kinda layout, setup or lot for that.  It would work perfect for the airbnb and besides, the numbers will triple the monthly rent.
The adj rate is for the next two years.  I could keep the low interest rate for now, then refinance when it gets closer to going up.

I like the creativity though.

Potential First Property!!! Advice please...

I'm a new investor looking for my first property. I'm trying to find waterfront, brrrr properties in cape cod that I can airbnb. I found a perfect place.

However, there are a few hurdles I'm trying to figure out.

- Owner passed away a few years ago

- Left to 2 family members who have not been paying the mortgage.

- There are about $85,000 in arrears

- There's about $375,000 ish left on the mortgage

- The current mortgage is an adjustable rate which is 2.5% for two more years then jumps up to 10. I could refinance before that.

- All In total of the property, arrears, mortgage, fees, etc is $515,000

- I can only get approved for about $300,000.  Trying different lenders.

- I only have $30,000 to bring to the table

- The owners could be on board with doing a hybrid of seller financing and sub to.

- The income from doing airbnb will be 2-3 x the mortgage, conservatively and will pay for the place by itself.

- The property is in really good shape.  It could use a few basic things, updated landscaping, some interior trim, nothing out of the ordinary.  I'm a GC and can handle all the updating it needs.

I've heard good things about myinvestorloan.com and I'm going to try them and see what they have to say.

My biggest issues are that the bank is calling in on the arrears or they're going to start foreclosure and they want that paid and I can't get qualified for the loan by myself with all the lenders that I've tried so far.

I know there is the "Morby Method", but I don't understand that, yet.

I could use my VA loan option, but would need to find a co-signer or a private lender. I don't know who would be able to help me with either of those at the moment.

Does anyone have any suggestions on how I should go about handling this?

I know there's a few issues to deal with. But if I can figure them out and make this work this property will be totally worth it.

Thank you

I'm a new real estate investor looking to get my first property.  I've been studying real estate, I joined my local rei group.  I've learned so much and am ready to start building my portfolio.  I will truly learn the most by doing what I'm constantly studying.  

Are there any real estate investors in Massachusetts that use creative financing that would be willing to mentor me?  I would love to have a teacher that I can ask questions to and turn to for advice.  I could also shadow you on a deal so I can see what you do.  I still have my 9-5 mon - fri, but when I'm not actively working, I could work with you, unpaid, to see what you actually do and to learn in a relaxed atmosphere.

I'm an extremely hard worker.  I am very driven & motivated.  

I'm a new investor trying to get my first property using creative financing.  I would like to get my first property or multiple properties using seller financing, sub to, or a hybrid of both.  I'm trying to do my homework and make sure I do it the right way.  Is there certain paperwork I need and what is the best way to handle a sub to title transfer to lessen the likelihood of triggering the due on sale clause?

I'm also looking for a real estate investment attorney to bring my paperwork to when I get my deals and to look over my contracts.  Any investor attorneys in massachusetts from worcester to the cape looking for a new real estate investor to work with?

 That's very interesting.   I've never heard it put quite like that.  Very good to know, thank you.

So, would you recommend I get my real estate license?