All Forum Posts by: Mike Ojo

Doesn't wanna deal with the banks.

Asking for a friend.

He is looking to mortgage is 20 acre home short term to borrow some working capital.

Assuming the terms:

$200k loan (ranch is worth $1.6 million and is paid off)

6-9 months.

Are there private lenders that can help? if so please recommend. Thanks.

@Jason Goretzki not yet. Have my eye set on picking up another multifamily at the moment.

@Account Closed thanks. I'll be in touch.

Gary, can you please share your thoughts on the STR laws there? Also what are your averages on LTR, quality of tenants, neighborhood and job economy there? thanks

@Jason Goretzski thanks. This will be my second short-term rental. And yea the plan is to have local management run the property for me.

Thanks. I'm actually reading up now on the short-term rental laws in the area. That may be the more concerning issue.

I've been to Daytona beach and surrounding areas a few times, and each time I would stay at an airbnb within 10 mins walk to the beach. I've always wondered how profitable a vacation rental is there. And now seriously considering buying there.

Do you own any short rentals in this area? If so can you please share your experience and numbers? 

thanks.

@Will Fraser commercial multifamily rental

Is there a hard money lender that will loan $500k - $1M on a commercial property with 20% down?

If you are one please give me some details about your loan offers and requirements. Thanks.

I'm currently in the market to buy a multifamily property and I've been looking closely in Myrtle Beach, SC. Since I'm going to be a remote owner, can anyone who is an active owner/landlord please shed some light on your experience so far? what has been your experience with finding good people to rent? are your rentals long term or short term? What's your general consensus on Myrtle Beach?

Thanks!