All Forum Posts by: Lisa Sessions

Hi BP, 

I have a beach (not ocean front, a street or two back) house in Topsail Beach, NC under contract (this past weekend).  Its a duplex, one short term rental, one long term rental. The current owners have a long term tenant in the entire place (both units) until Dec when the lease ends. During our due diligence phase, we are doing the inspections etc. The plan is to self manage and continue with the short term and long term rentals.  

We plan to use AirBnB/VRBO for bookings.  What things can I do now to ensure that we are hitting the ground running on this rental property?

What about housing for homeless vets?

Congrats!! I like the part that you said your partner and you want to fix/flip the next one... great idea. i'm thinking of bringing on a partner and i think thats the best way!  You both can walk away with money (hopefully!) instead of sharing a monthly cash flow for "x" number of years! 

Good luck! I'm out of town until the 20th!

 I've been waiting to plan a meet up but headed out this weekend on a 2wk business trip! Good luck if you do one in the next two weeks. Otherwise i hope to meet you all soon! :) @Bernie Huckestein @Ivan S. @Rhon Bell

Hi BP, 

 A little about my situation. In 2006, I invested in a 6 unit building in a depressed mill town in Maine.  Low rents, shady tenants, bed bugs and plain ol' I didn't know, what I didn't know. I read a book about a rich dad and took off. Fire, Ready, Aim. In 2013, after a few loan modifications, I finally completed a deed in lieu on that 6 unit building. The low rents, deferred maintenance issues and 67% vacancy rate killed me. (Note to self, be wary of mill towns or one employer type towns)

Now, 10 years (awful, stressful but lesson learning years) later, I'm trying to get back into the buy and hold/cash flow game. 

I don't have a deal yet as I was trying to get pre-approved.The mortgage broker just called me. She couldn't get underwriting to take a chance on me based on the deed in lieu. I didn't think they'd say flat out no. The conversation left me deflated.  I thought they'd make me put more money down or have a higher reserve. Now I'm cash heavy(ish) (I saved about a 20% down payment) but no way to get the 80 percent financed. 

What are my options?? Hard Money? Partners? Another Mortgage broker?  Thanks, Lisa

Hi Ryan, I work in Portland but live in the Gray/New Gloucester area.  Its between a 35-40 minute commute.  Portland is VERY expensive.  My recommendations: Gray/New Gloucester; Westbrook -- tons of duplexes on the market now; Windham--another gem but also a hot market.

Hello. I just saw in the paper a notice for bid on a town owned property. The min bid is is well below market. They want 10% when giving your bid. The property has a established pizza joint (I went there the other day. the pizza is okay) right on Main st and one apt upstairs. I've never thought of buying like this... I have until July to make a bid. How do you evaluate a deal like this when there isn't a lot of info from the "seller." what pitfalls should I look out for?

Thanks for the information. I checked out their website. They seem professional! Exactly what i'm looking for! :) 

Hello, I'm looking to build my team in the Jacksonville, NC area.  I'm looking for a successful and trustworthy property manager.  Any recommendations? I'm looking for one to manage the (future) SFHs that I buy... thanks in advance for the help!