All Forum Posts by: Michael Weisman

Thanks for the feedback! The property is not mine, but is owned by one of my business partners. It is his personal residence, and he divides his time between his home in Nashville and his home in Florida. He's owned this home for more than 10 years. The home is located in a subdvision called Sheffield On The Harpeth.

Does that make it more plausible, or would you guys still stay away. We were planning to fly down to Nashville in late November to check it out in person, but will nix the whole plan if it's just not practical. 

We are currently preparing a large, 3,300+ sq ft home as an AirBNB just outside of Nashville. We live out of the area, and will be managing the property remotely (we currently own and manage several SRT's in our local market). The home is in Davidson County in the Bellevue area, which is about 10 miles outside of downtown Nashville. Would love to hear about anyone's experience with similar properties in the area. We're particularly interested in any suggestions on how to find a reliable cleaning person to handle the turnovers.

The title company we used drew up the deed of trust, promissory note, and personal guarantees. They charged an extra $500 for the service, which included all the proper filings. It was much less than any lawyer quoted me.

Thanks @Randy Rodenhouse!  We sorted it all out just with a local closing agent/attorney. Closing is scheduled for Friday afternoon (Aug 10th).

Thanks Harrison!

Hello all!

We're ready to close on a property using a private loan from a close friend, and are just looking for the basic steps as to who does what when.  Cash is on hand in funder's account and he is ready to transfer as soon as we give the word.  The property we are buying is a single family in Southern Maine from a private seller.  Funder is based out of state and will not be present. What is the most efficient way to draft note, payoff seller, register new lien, etc.  

I'll add that we're not looking for specific legal advice, just the basic steps and who should be involved and when (ie lawyer, title company, etc).

Thanks!

Hi Jason. Thanks for reaching out! I think I even called your office last week to order a radon water inspection. I'll actually be up in Richmond tomorrow morning looking at another property. Maybe we can connect tomorrow morning for a few minutes if you are in the area. I just sent you a private message.

Good day all! We are Mike & Karen Weisman, currently living in Beverly, MA and in the process right now of buying a home in Richmond, Maine. 

The home we have under contract is a 3300 sq ft Victorian on 3 acres, and will be our primary residence. The house also has an attached in-law apartment and a 12'x12' stone cottage that we do plan to use for a bit of AirBNB and SRT house hacking.

We are also starting to actively look for small flips and BRRRR's in South and Central Maine. We're thinking to start with smaller deals with ARV's in the 125k-150k range, since that is a range we can comfortable work in without needing outside financing.

Although we have owned several homes over the years, are handy with a hammer & saw, and have a solid background in business and finance, we have not actively pursued investing in Real Estate. Over the last few months, we've been listening and reading to almost everything BiggerPockets releases, and are very excited about the possibilities!

We would love to connect with other investors and real estate professionals in Maine with whom we may be able to one day form mutually beneficial relationships.

Have a great day!

Mike & Karen