All Forum Posts by: Richard Elvin

@James M. I second what Sarah said. Andrew's phone # is in his bio.

@Cody Lewis I researched Myrtle beach as one of my possible markets and looked at whom I would use as a realtor as part of the research. I would take the time to chat with one or both of @Michael Weigum or @Myrtle Mike Thompson. Both of those two seem to really have a handle on the Myrtle beach area. Lots of other great advice here also, but less specific to your area. 

@Steve Bell To your question, "...are there legal and financial ramifications if the underwriter is unwilling to give us a clear to close and can’t buy the property?". Probably not, there's likely a clause that closing is predicated on loan approval. The fact that you have done as requested, moving debt to heloc, etc, should show that you have acted in good faith. That said, I am not a lawyer and I didn't stay at a Holiday Inn Express last night. :)

I would ask your real estate agent, the agent would have provided the purchase contract that should have a clause about being able to obtain financing.

It would appear, not a lawyer and not legal advise, that you need to provide a written statement of what the security deposit was applied to.
"The written statement itemizing the reasons for the retention of any portion of the security deposit must be accompanied by a full payment of the difference between the security deposit and the amount retained. Reasons for which a landlord may retain the security deposit or a portion of the security deposit include, but are not limited to, covering the costs of storing and disposing of unclaimed property, nonpayment of rent and nonpayment of utility charges that the tenant was required to pay directly to the landlord. The landlord is deemed to have complied with this section by mailing the statement and any payment required to the last known address of the tenant." ME Title 14 Ch 710 §6033 (2) (I really don't know how to quote legal text)

https://legislature.maine.gov/statutes/14/title14sec6033.htm...

I would familiarize myself with all of Title 14, Chapters 710 and 710-A.

Again, not a lawyer, just free advise so take it for what you paid for it: Personally, I would take them at their word on a family emergency and mail them the security deposit. 
The other option that I see is itemizing what they owe for breaking the lease, any damages, cleaning, marketing, etc, and take that to small claims to obtain a judgment.

I've been to small claims court, it's inexpensive but will take a day of your time, if you are concise on why you are there and what legal remedy you seek, you will likely prevail.

Again, if it were me and they left the house clean and in good shape, I would send them the deposit and move on with my life. (Treat others the way I would want to be treated.)

@Ade Brown Another option would be to find a business partner that can see the value in this and that has the resources to at least flip the property after the updates. You could write them into the lease as a partner where if you were unable to buy the property, then they would supply the funds to purchase, you would then sell and pay them back, plus a cut of the profit. That would give you an out where you could realize the reward for your work, if you were unable to purchase it outright.

Just another thought that came to me. If you go down this route, get an attorney to write up the contract and vet your business partner! They need to be trustworthy and actually have the resources to fulfill the deal. 

@Steve K. I think, could be wrong, the person has to be in the thread to tag them? (Maybe you can tag colleague's regardless, IDK)
Edit: I also couldn't tag him in this thread, but could in the thread you linked.

@Zac Lindquist What @Steve K. said. Arbitrage is a business, not investing. Be wary of youtubers that make it look easy, especially if their info was pre rate hikes. 

You are already a licensed agent, so the move into managing STR's would capitalize on the knowledge and licensing you already have. Most places are in need of good property management. If this truly interests you, vs just a way to make a buck, then I would encourage you to create a good PM company. That way you're actually building a business that's based on you, not dependent on some landlord's whim. 

Having LL experience I can tell you that having some random arbitrager is a non-starter for me. If a licensed agent from PM company approached me with a value add proposition I would consider it. Something like, "I see that you have x rental listed for $2k/month. I've run this through our analysis and we believe that we can earn ~$3,500 as a STR. We are licensed, insured, and will furnish the property. I work for ___ broker and am a licensed agent. Our take is 20%, so you could expect to earn ~$1k more a month!".

Just my thoughts on the matter. Hope it was helpful!

@William Salas Your 4bd in Miami has the room with the two queens, lots of space for kids, (my daughters hate it, but when we travel they sometimes have to share a bed) that might be a reason this new one isn't matching the level of that one? 

Quote from @William Salas:

For everyone asking!  Here is the listing:

airbnb.com/h/oaklandparkbnb

Comments and suggestions would be appreciated! 

 4 bedrooms and max of 8 guests?
My opinion, and I don't have an STR, so take it for what you paid for it, is either to not call bd 2 a bedroom or add a proper bed to it. I don't know the layout of the room. Could you add built in beds on either side of the room? Maybe a twin under the window and bunk beds on the other side? There isn't an obvious place for a group of kiddo's to sleep and with a 4bd you're likely catering to large, or multiple, families.

It does look like a really nice place! 

@Jack Raine That's pretty interesting that the neighbors bought the lot, definitely clears things up for them!

"It seems like all the "good books/resources" are pay to play courses? - I'm also, obviously, new.". I think the best option is probably a lot of research, here, at the local tax office, researching legal rights/responsibilities. I was hoping @Bruce Lynn might have a recommendation for a good book, however, most of this is so location specific that I've found it's about research, research, research. Savannah is on my list as a possible STR/LTR location, hence my deeper than average knowledge of Savannah.