All Forum Posts by: Matt Ternullo

The requirements I read said it cannot have any agreements that put another company in control of occupancy, does that mean it can't be put in a property managers hands even if you occupy it at some point in time? Or just not before the sale can said agreements not be entered in to?

Jordan,

I've been looking into this myself as I have 1 STR at the moment and want another but I can't claim an income on it yet since 2021 will be the first full tax year of income. This makes getting another conventional loan challenging. After talking with 20 lenders it appears most conventional lenders will not consider short term rental income if there is no history of income. I have found a few companies that will lend based on Air DNA data but they are portfolio lenders and come with a higher interest rate (4.75-6%).

Its all about mindset could you potentially move to a cheaper area to lower that payment? Could you sell your car and buy a used one (I know that's hard but so isn't real estate). If you answer no to those you could try to get a loan based on the potential rental income of the identified property. However, I know most of those lenders like to see some experience. Other than that you might be looking at private money or partners.

I am in the same situation going for my second STR. Most lenders don't look at STR however I found 3 that will consider it: Visio Lending, Host Financial and American Heritage. I am working with all three in hopes of getting my second STR, I'm sure there are more out there.

Don't be so concerned about price and trying to time the market, be more concerned about interest rates. With inflation, prices now look high but won't be in 30 years. However, interest rates in the 3's will save you a lot of money when interest rates get closer to 10% one day. There are many new market tops, look at any historical chart, however very few times in history could you get interest rates this low. Ensure you can 1)cashflow and 2) weather an unexpected storm of 6-12 months and you cant go wrong with todays market.

@Heath C Davis I have a property on Martha’s Vineyard which I find the same thing, all the money is made for the year in the summer. That type of investment works just requires prudent management to ensure you have reserves or manage cash flow to cover the winter months.

I am interested in the Sunapee area myself, love the idea of being next to a ski mountain and a lake. Following the discussion!

Jason,

Congrats on your island purchase! I’m a full time resident here with a rental property I recently purchased as well. I am also a licensed agent and property manager on the island. Would love to connect with another investor on the island!

Hey Jackson - I also own a rental property on Martha’s Vineyard and am a listener agent here. Would love to connect as there are not many Martha’s Vineyard investors on here.

Hi Everyone,

My name is Matt from Northern MA but living an investing in Martha's Vineyard at the moment. I have one condo I currently rent but looking to add more and after going through that process decided to become an agent on the island. I've listened to the podcast for over a year now, however, looking to join the BP community in a more interactive way. Looking forward to meeting the BP community from the Cape and Islands.