All Forum Posts by: Mike Fitzgibbons

Check out 8 Santos in Harwich. Property is on the market now but scheduled to go to auction. Jump on it. 2 houses on one lot. (I own my own  RE company on Cape and I’m a broker but it’s not my company’s listing). 

Hey Kellen,

We met at a few CCREI events. If you want to use that much time for yourself, you’ll want a multi family or something with an InLaw. 

Anyone ever used AirB&B:  I can put you in touch with a client who does lakefront weekly rentals. He’s doing quite well with his “formula”.

Regards,

Mike

Positive cash flow of $1000/month on a $200,000 purchase in Barnstable County would be great but seems like your missing a lot. Downpayment? Financing? Renovation? Where and how are you prospecting? Not trying to be negative. I’m happy to offer advice but I’m genuinely curious to hear more of the strategy. Have you looked at yearly rental $ numbers on Cape?

I have a guy for you. I’ll message you his email.

I believe the HELOC only would apply to equity and only a percentage of that equity... maybe 80%? I can put you in touch with a local lender on Cape, if you are interested.

Stanley Nowak or Wynn & Wynn

Check out:  https://www.facebook.com/capecodreia

They have meetings every month. Great way to network and learn.

I think Rick Pozos has the answer. Is there equity? Liens? Executions? Confirm the bank is okay with assignment. Work with an attorney. You work with the seller and the attorney works with the bank. Write the offer and add "OR Assignee" next to the named buyer in your contract to purchase... sell the contract and have the attorney add a rider disclosing the amount. 

@Mark Gallagher  "alternative disposition strategies" - Interesting... can you explain/list some of these? 

Really depends on the area. Definitely a need for yearround housing so you likely won't have much vacancy.