All Forum Posts by: Robert Newcombe

I'm a little late here but I highly recommend Igor Geshelin of The Bentley Group. Younger guy, works with investors, is one himself, and is very responsive.

Thanks everyone for the feedback! I met with the seller this past weekend and told him the numbers don't work, especially at this time in our life where my wife and I are just at the beginning of our careers and about to start a family. 

I've done some reflection and I've been trying to mix our retirement home with a piece of our retirement plan (real estate investing). It's much easier if they're separate - I can get a far better deal by looking elsewhere and not fixating on STR.

I had an honest conversation with the seller about what price we needed to make the STR work. He understood my needs to cover mortgage payments and all expenses, I understand his needs to maximize his return, and we both left the conversation on good terms. If he can't get what he wants based on what realtors have been telling him, we'll re-engage in talks.

Off to analyze more deals!

Here's an overview of my situation:

-Neighbour of my mother-in-law is looking to sell privately, his children/family aren't interested in his house.

-The house in question is on a beautiful oceanfront property with private beach (just outside Halifax, Nova Scotia) but is an old house (80+ years).

-He's had some interest from others to sell to them. They would buy the property, tear the house down, and build a million dollar home. We would keep the house as is for purposes of STR since the structure is solid, it has a nice cottage feel, and also has 4 bedrooms.

-Fortunately, he wants to sell to my wife and I first with the close connection but is asking a lot (since realtors have told him he can get a lot - $550-$575k for a house that many would tear down). Unfortunately(?), there's no great comps for that type of house on that type of property.

My wife and I would love to eventually retire there and it's such a good opportunity for a short-term/vacation rental for years/decades. Any advice for negotiating on a private sale? Would getting the lawyers involved to negotiate for us be a good play? Is there a target average daily rental rate that we should be aiming for to make a selling price like $550k work? 

Thanks in advance,

Robert