All Forum Posts by: Neil Patel

Hello looking for a DSCR loan on a property I purchased at the sheriff sale in NJ. Purchase price is $500K and I left 20% down at the sale. I'm looking for funding for the remaining $400K and plan to add a level and possibly flip the property or move in. I have the funds for repairs and just need the money for the purchase. The ARV with an add a level would be $1.5M and current value would be around $900K. Looking for the best options for funding this project with a long term loan.

1 Vote

Quote from @Kerry Baird:

I am certain you can do it with DSCR options. Am in the middle of attempting a HELOC on an investment property, using STR income, with Figure. They just asked for more paystubs to verify income...so we will know shortly. :D

I'm also currently in the process with Figure. They approved me on there online portal. Im up to the page with have an online notary. It seems to easy to be true but there allowing me to pull 220k out of a 3 family investment property in NJ. they gave me a rate of 10.4% and 1.5 points. Wondering if there going to ask for more documentation later.

1 Vote

@Kyler J Sloan also if you buy use your will prob have to transport it which is not that easy with hot tubs.

1 Vote

Hi @Ben Trageser I have a STR in Lavallette NJ that does pretty well year round. Of course the rates in the winter time are substantially lower then the peak summer months of June, July, August. Message me if you have any questions.

0 Votes

pretty sure the rules in Jersey city are quiet restrictive on STR.

0 Votes

Jersey City, New Jersey

Costco good value. We buy most of our bedding items from costco

0 Votes

Congrats looks great. I would suggest for your peak summer months to do more then a 1 day min.

1 Vote

Quote from @Patrick Burkhardt:

Quote from @Neil Patel:

Quote from @Patrick Burkhardt:

Quote from @Andy Rousch:

Any outside of the box items to keep in mind when purchasing an air bnb near a ski resort? Other than maybe talking to the resort about coupons, etc. Might get my first air bnb purchase and thinking of fun options other than just traditionally furnishing them.

Hey Andy,

Fun options would be to curate a list of cool spots for dining, bars, other things to do when in the area. I’m sure you are referring to Mountain Creek and if so I can help since I’m local.

On another note, the more you can make their experience feel like they are getting hotel quality service with a neighborhood feel that will help you stand out in a VR destination.

Technology and guest experience is something I love so let me know if you’d like to chat further.

good luck my friend,

Patrick

Hi Patrick - Completely agree with you in terms of getting hotel quality service with a neighborhood feel. I own a beach house down the shore and thats something that helps me rent it out with pretty good success in the off season. It's the small things that guest really appreciate.

I’ve always wondered how people do in the off season. What shore town are you in? Is it managed during the season or fully by you year round?

My house is in Lavallette. It's been a little over a year since I purchased it and during the offseason we were at about 60% occupancy of course at a lower daily rate than during the peak months. I manage it fully and even used to do most of the cleanings when I first purchased it. Now I have a pretty good cleaning person that I was able to train up.

1 Vote

Jersey City, New Jersey

Quote from @Patrick Burkhardt:

Quote from @Andy Rousch:

1 Vote

Jersey City, New Jersey

All Forum Posts by: Neil Patel

Neil Patel has started 5 posts and replied 27 times.

Post: DSCR Loan or Hard money

Post: DSCR Loan or Hard money

Post: HELOC on Investment Property

Post: Hot Tub: new vs. used

Post: Considering ST Rental Purchase near Long Beach Island NJ

Post: Anyone doing STR in jersey City? Please reach out

Post: Where to Buy Best Bed Pillows

Post: First STR in Myrtle Beach is now live!

Post: Air BNB near Ski Resorts

Post: Air BNB near Ski Resorts