All Forum Posts by: Scott McCurley

We just went thru a renovation. Successfully used an island contractor. I would be happy to discuss sometime. Feel free to give me a call on the weekend. Without introduction, it is very difficult to get a contractor of any sort to call you back. Island culture is interesting. It is a wonderful place. I hope you enjoy it. Our place is also in edgartown/katama area. Scott

@Ryan McNamara

Martha’s Vineyard has a very high entry point and a 8-10 week rental season. Very difficult to make any cash flow for at least 5 years. Rental rate increase significantly each year and appreciation is high. Also, very specific areas are preferred over other areas. It is very important to have local knowledge.

For example, we purchased a 4 bedroom home for 1 mil in 2017 in a very desirable area of the island. At the time, our high rent weeks were $4000/wk. since then the house has appreciated 50% (with some improvements worth about $150k) and rents this year will max out at $7500/wk for high rent weeks.

It is a beautiful island and one of my favorite places on the world. In time, all will work out but the short rental season is a challenge. Expect to lose money for the first few years from a cash flow perspective.

Hope this helps.

Scott

@Andrew Postell. Thx. Good advice

i have 3 properties with residential mortgages at 4.9% (2 at 30 years, 1 at 20 years.) i am considering putting them all in a commercial loan for 3.65% interest for 15 years.  the commercial loan payment would be about breakeven (with today's rent and therefore removing the $700/mo current cashflow) so it would cut my cash flow to 0 for now, but put about $75k in my pocket for another cash flowing project.  I would also have 3 more "available" residential mortgages for future investments (i currently have 7 residential mortgages)?  and one more thing, this commercial loan would help establish a relationship with a local credit union which i hope to utilize in the future for funding my next local real estate 

these are A and B class single family homes.

thanks for your thoughts and comments.

Scott

do you provide funds in PA? for buy and hold rentals until another  primary loan can be established?

we have an excellent cleaner on MV.  used him for 3 years.  i would highly recommend him.  let me know if you are would like his contact information

scott

I am entertaining breaking a rule of landlording. I have a potential tenant who runs a legitimate local business-a hair salon. It is mostly a cash business. She has a very good credit score 750 but not enough reported income to meet my minimum requirements. Her husband is taking a new job and also doesn’t have current reported income. 

They are offering a year’s rent in cash plus security deposit because of these challenges. 

Would we be making a mistake by accepting?  Seems like it should work. Right? after a year I could verify his new job income and then re evaluate.  

Thanks for your thoughts. 

thanks for the tip.  their online reviews marginal but i will follow up with them.  

we are interested in the investing in the Pottsville area of PA.   Does anyone know of a good property manager in that area?

Thanks

Scott

we are buying a 3BR SFH that will need a minor rehab-new interior doors/moulding, new flooring and a few other minor things. it should rent for about $1100/mo.

Should i put in hollow primed MDF prehung interior doors ($65 each) or pay double at a local surplus store and get solid pine doors that will need prime and paint?

I suspect the solid ones will hold up a lot better.  There are a total of 7 doors.

Thanks for the comments and advice.

Scott