All Forum Posts by: Kurt Von

Hi all,

I am under contract on a seasonal property that I have hopes of turning into an airbnb rental. I have a signed contract for 35K and planned to put down 15K and get a mortgage on the remaining 20K for 10 years.

Being that the property is seasonal and has no utilities as of now most banks do not want to make a loan on it. I was close to securing funds from one bank but because I am self employed my tax accountant has tried to minimize my income and set up everything through an LLC. This unfortunately has lowered my income significantly on paper making my debt to income ratio too high for their liking.

At the 4.875% rate they were going to give me on the 10 year it would have been around 211 for monthly payments which is well within my means and have a credit score of 792. One day of work for me more than pays for the monthly loan. I have no debt besides a 220/m car loan with 3-4 years left on it. 

I am trying to figure out what my next steps are. Hard money lender seems like the next option. If anyone on this forum could direct me to someone who could help it would be much appreciated. The property is located in a vacation area in the Adirondacks in Upstate NY.

- Kurt

Hello all, I finally might be close to making my first deal. I found property this spring but it was taken off the market because there were APA restrictions (upstate NY) that prevented a septic from going in because a stream is located on the property. Not much interest from people. I see the potential for having a small off grid rental on it though.

I had been calling the agency here and there and finally got a call back saying the owner (an older lady living in FL) didn't want to pay the taxes on the property anymore. 

It's not listed on the market right now. I plan to get around the septic issue by putting in an incinerator / composting toilet and am waiting back on info about grey water system from the agent.

If it all works out, I plan to make an offer. My big question is should I hire an agent to help me out with this? This is my first deal so having some guidance would be nice. Would you recommend I do this? The property could be acquired for a steal I think if I can get it before it goes on the market.

Any advice would be much appreciated. - Kurt

Hello all! This is my first post. I'm located in the NYC metro area in NJ. My plan is to do my investing in the Adirondack area near Lake Placid, my favorite place to escape to.

My current situation: I've been out of school for a few years. No debt and have a decent amount in savings so far. I'm looking to buy some land and have a small cabin built which would ultimately be rented out via Airbnb. My expertise is marketing, media, automation so I have a solid plan to market my future cabin.

So I guess my question for everyone would be: I have been looking for land over 6 months so far and when I'm upstate I always take a look at the places I like. I have only found one that I really see some potential in. It's set in a beautiful location with gorgeous tall pines. The location is fairly ideal but it does sit on a main road so do you hear some noise from traffic. I had found this property online awhile ago but it was pulled by the real estate agent. I spoke to him and it seems like it wasn't getting any traction. It was then listed for sale by owner. I called him and spoke with him briefly and he had just listed it that day with another agent. I immediately called the agent to get some more info on it and to see the deed. 

After looking at the deed, it seems like the property was acquired by the state due to tax foreclosure and then turned around and sold the the current owner for $2,500 and its listed at 35K right now. What a deal for the current owner!

I am considering making an offer on the property given I find more info on any restrictions/covenants it may have. I personally believe the property will sit for sometime given it's by a main road and the property doesn't have much space for a large property. However for what I'm looking to do... small cabin for short term rentals it seems like it would fit well.

So my question: if I decided to make an offer do I come in very low (cash) considering the guy picked it up for only $2,500 and the property is likely to sit given it's past history of not getting any traction / real estate turn over.