All Forum Posts by: Shane Lyons

Maybe a random topic, but I've seen some listings for single RV Lots around me here in the Southeast and am curious what the typical STR rules are for these. Seems like upkeep and entry costs are quite low. Anyone have experience picking up a lot in an existing RV park and just renting it out??

Looking to connect with wholesalers working around north Alabama (Huntsville, Decatur, Athens, etc.)!

I would agree with the previous comments about diversification. On top of this I would look at what your demographics are. If the median income for the area is say $60k, how many families would you think are looking to rent a $500k+ home? Just seems like from the sense of trying to find renters, your pool is much larger for more affordable priced places. 

Curious if anyone has any experience in Transactional lending, or Gator lending as coined by Pace Morby. Have some cash sitting around that I need to get working for me. Would love to connect with anyone who has experience with this, or anyone that needs cash quickly to close a deal (Earnest money, inspection, closing costs, etc.). Thanks!

What's the remaining balance on the mortgage? Also what are they trying to sell it for? Technically they'd only be seller financing the equity portion of the property. The solar panels and broker fees would have to be paid regardless, so you're at least 78k in cash to enter the deal from that standpoint. The rest would be taking over the existing mortgage (subject-to) and then creating a promissory note (mortgage) for the equity portion that would stay in second position on the property. Need to ensure that you have an exit strategy though for the subject-to in the event it gets called due (possible but improbable), which would involve getting your own conventional loan to swap out in first position or selling the property.

Quote from @Chris Mignone:

@Shane Lyons what is it that you’re looking to do exactly?

Hey! So my approach has somewhat shifted over the least couple of months. I feel like my end goal is STR in various southeast destinations. Unfortunately that requires a larger amount of up front capital to deploy quickly. Recently I’ve been doing a lot of studying on creative financing strategy, and working my way through Pace Morby’s book. Studied all his live calls and Q&A’s. I’d say right now I’m looking to kind of “try things out” with SFH in my area, 3b/2b residential, under 1750 sqft kind of thing. A friend of mine currently does this so I’m trying to leverage his experience and knowledge of the process.

Still on the hunt for my first deal! My goal is to get my first investment property this year, and am eager to get in the game. I'd love to partner with someone my first time around. If you're in the Huntsville area and looking for a partner please let me know. Thanks!

As a Huntsville resident, I see this on the daily. Apartments are popping up EVERYWHERE. The pricing jump is getting ridiculous though. When I first moved out here in 2017, I felt sick paying about $1k for a fancy one bedroom apartment, and bought my home in 2021 after paying $1250 for a single bedroom apartment. Now it seems like these same apartments are going for $1500+.

Just wanted to gauge everyone’s thoughts on whether or not there’s increased likelihood of lenders executing their Due on Sale clause with interest rates increasing so much over the last couple of years, and specifically the risk to those doing Sub-To deals. Seems like banks would be motivated to utilize this to exit their existing low interest loans. Anyone doing a lot of Sub-To deals worried about this? 

Quote from @Abe Rouz:

Quote from @Drew Sygit:

If you properly transfer the deed and know what paperwork you need, only #1 is a real threat. 

 Can you explain in depth this process and how to go about it? would love to PM to have a short discussion, thanks!

Would love this info as well! @Drew Sygit