All Forum Posts by: Jim Lally

I am currently considering the Airbnb rental arbitrage strategy but wanted to get some feedback from anyone who may be doing this now in Rhode Island.  I live in Middletown near Easton's Beach, just outside of Newport.  This is a popular tourist area with a large number of investment properties.  I would prefer to own a property, but prices are simply out of my reach here.  This is why I thought the rental arbitrage approach may work especially for out of state property owners.  I do have some property management experience with a small 8-unit condo association which should work to my advantage.  

Anyway, any input, good or bad, would be appreciated!  

@Al Perez Have you considered a line of credit for such small repair expenses?  Let me know if you may be interested in pursuing that. 

Seeking Buyer for 445 Mirada Road, Half Moon Bay, CA. Foreclosure Auction is scheduled for 10/31/2018. Will provide notice of foreclosure, Prelim Title Report, and Parcel Map (Note: Property is on a double lot). Pacific Ocean on one side, Arroyo Creek on the other, Rules for Auction, and 4 and a half year lease with right of first refusal to purchase (on the Addendum).

Property already has a tenant currently under a four year lease. Tenant wishes to remain in the property with intention to purchase same within 24 months.

Will keep Lease in Place--$5,500 per month, Prop Taxes $11,000 per year. Need option to purchase within 24 months, will pay Buyers cost, plus a 12% annual return.

Property is 4K SF with five bedrooms. Situated in ideal beachfront location in San Francisco area.

Property will be auctioned with starting price of 1.5mm, current market value estimated at 2.7mm. This means a substantial return within two years!

All pertinent documents will be forwarded to prospective buyer upon request. Conference call with tenant, a highly experienced real estate attorney, can also be arranged upon request. This is a very time sensitive investment opportunity. Looking for a cash sale.  

Contact me directly at [email protected] or call 860-348-3127 for more information.

Hi @Daniel Porter given the fact that you intend to "house hack" one option might be to pursue an FHA 203k loan. Here are the loan requirements:

• Your credit score must be at least 620 or 640, depending on the lender
• Your maximum debt-to-income ratio can only be 41% to 45%
• You need a down payment (or home equity if you are refinancing) of 3.5% or more
• The loan amount (including both the purchase and renovation costs) must be lower than the maximum loan limit for your area
• You must be an owner-occupant of the property you intend to renovate

Just a suggestion.

Hi @Joseph Dimaria We lend in Florida and can help you refinance.  I will PM you.

Hi @Warren Garceau  We are located in New Britain, CT and are more then happy to help with your lending needs.  We offer large variety of commercial lending products and an ever growing lender network.  Please feel free to reach out any time I can be reached at 860-348-3127 or [email protected] 

Look forward to speaking with you soon!

Jim

Hi @Jacob Beemer so it appears that you may have exhausted your available lending resources such as banks, HMLs, P2P lending and family members.  Given the small amount you need, traditional lending options generally won't work.  I may have another possible option though and would like to discuss further.  I sent you a PM.   

Hi @Carlos Pelegrina  I am interested in learning more about your flipping business and how I can help you meet your lending needs.  I have sent you a PM.  

Thank,

Jim

Hello @Jason Thomas  I have sent you a PM for more details regarding this short sale. 

Thanks,  

Jim

Hello @Quincy Miller  Please contact me @ [email protected] or 860-463-9948 to discuss your flip project in further detail.  Look forward to speaking with you soon.

Jim