All Forum Posts by: Matthew Fermino

@Kyle Vogeler thanks for laying it out that way it makes it nice and clear. I think option 2 is what we are leaning towards.

@Dan Weber

Thanks both of you that makes sense and was definitely the way I was leaning.

I’m trying to decide what is the better move with my two family short term rental property? Should I continue to rent it or should I turn it into two condos and sell one of them?

I bought a two family duplex (2bed1bath each) on the beach in Wells, Maine for 750K. I was profiting after all expenses about $1000/month previously and I just tore it down and rebuilt the entire thing to double the occupancy so now 4 beds 2 baths in each unit. The new post renovation value is $2.5 million. I spent 700k on the renovation and currently owe $1.2M at a 7% 30 yr fixed.

I rent it out now and profit about $1,200/month. My question is if I turn it into two condos I think i can sell 1 unit for $1.2-1.4M, pay off the entire home and keep the other. Then I’d be profiting 5-6k/month. Or I can pay some of it off and get another investment property. This is currently my only investment property.

Hi, I'm looking for some advice on the best way to finance a project I have on one of my STR's and whether I should do a refinance, a home equity line or something totally different.

I have a short term rental that is a two family property in a beach town in Wells Maine. Each side of the duplex, is a two bed one bath that I typically rent out as the whole building. After taxes, all expenses, etc. I usually profit about $500/600per month.

I have an opportunity to knock it down and build up and more than double my profitability.

The property today I owe 480k with a 5.375 interest rate and 25 years left. The property is valued now between 950k and 1million.

I also have my primary residence that I owe 675k on with 25 years left on a 2.9% interest rate. That Home is now worth about 1.4 million but I already have 175K HELOC on that.

I’m looking to figure out my best financing option as I need about 350k to fund the project.

I am building an Inlaw apartment for my mother and trying to determine what the best way to finance this would be. i'm fairly certain I will just try to find the best rate for a HELOC but I always get great advice I wouldn't have thought of from the BiggerPockets community here's my situation

I have two properties today.

My primary residence where the in-law will be built that I just refinanced down to 2.75%. I owe 680K and it is worth about 950K.

I also have a vacation rental that I Airbnb. It is worth about 680k and I owe 500k.

The Inlaw addition will be about 150K. I’ve already checked and have approvals with the town I just need to figure out the financing.

I'm thinking a heloc that will let me take 85-90% LTV.

Thanks in advance for any additional Or creative thoughts

@Mark Page @Ryan Riches

I think that must be it, I put the listing up myself on VRBO and have been getting direct booking higher then they said I should list it for. My main reason for using them honestly is because they said they could rent it in the winter and I didn’t want the hassle of setting up the cleaning and maintenance but they aren’t even doing that.

I have a co-op in New York City and I’m looking to see if anyone has refinanced a co-op and what the best places to look are as many banks don’t deal with co-ops? I have a 2.75 interest rate quote on a 30 yr fixed now from Wells Fargo, was thinking local credit unions perhaps.

@Ryan Riches I will certainly reach out. @Mark Page I agree with you on the rates, I was shocked at how underpriced they were thinking for the property. I put it up on my own on VRBO and within the first 3 days had bookings for higher then what they said i could ever list it for. And when the person booking it contacted me they said thanks for having priced it so reasonably. 

I just purchased a two family rental property on the beach in Wells and looking for a good property management company. So far the ones I have talk to seem to take a much higher percentage than I’m comfortable with? What’s the going rate in southern Maine beach towns

thanks this is helpful, @lukecarl that enemy method link is really interesting. @Carrie Benoit the property that I am looking at is in the business district which I believe still allows the STR's but I was interested in your point. I see alot of AirBnB's that are outside that zone. Is it a matter of the town restricts it but hasnt taken action yet? @Carlos H DeOliveira on the university front that is what I was thinking on the long term rental options but with schools not going back thought that may take a hit.