All Forum Posts by: Sheryl Griffin

Hi Bob!

I'm curious if you ever got your answer on this post.  I have a similar scenario in Arizona.  @Charlie Tijerina:  is this something you're familiar with??

Thanks!

Hi All! I'm looking for a referral for a seasoned, investor-friendly Title Company in Arizona. I'm having a hard time tracking down a Title Company that will work with investors. I have a seller who has no problem using a wrap-around, but when the Title Company said they would not do it because of the DOS clause, this ultimately scared our Seller. Has something changed that I'm not aware of since I last did a Wrap in AZ? Thank you in advance!

Originally posted by @Karen Margrave:

@Sheryl Griffin thought you might be interested. 

 Thanks Karen!  Looking forward to it....

I agree with @Michelle L. on all of the above.   In addition to this important pre-requisite, you'll also want all the furnishings, etc. necessary for the comfort of the guest so they bring nothing but their personal belongings. Peruse the rentals in your area (VRBO, HomeAway, etc.) by checking other owner calendars with the most dates rented and see what they're offering compared to others.   Make sure your rents are competitive, as well. You never want to over price yourself out of the market.  On the other hand, don't price your rents too low, or the guests will wonder what's wrong with your home.  Factor in the costs of utilities, and advertising on your vacation website.  As for collecting money and rental agreements - there are options and/or examples on various vacation rental websites to also help you.

I have a few vacation rentals, and love the opportunity to share my home with others!  

Hope this helps,

Sheryl 

Great thread here...just curious, Zane, how did you get a commercial loan if you're occupying the property?  I saw someone else ask that here, too.  Enlighten us please.

....and welcome to the Bigger Pockets family!

Happy Birthday Josh!  Thanks for creating this amazing website - here's to many more years of success!!!

Try getting some education on the subject or learning from some savvy note investors like Scott Carson "We close notes". Also, I've purchased notes from DBI and Watermark Exchange.... There are plenty out there!

Hi Jeff,

Assuming you mean a Hedge Fund listing notes on an exchange, there are a number of them out there.  If this is what you're looking for, let me know, since I have connections with a few.

Sheryl

Another good option I've done on a few of my mobile homes is lease option or seller finance to purchase - that way you get a tenant buyer in there who takes good care of it and it gives them an incentive since they're buying it, while you're still receiving monthly positive cash flow as long as it's structured right. I try to buy low and sell high with a low down payment and 8% interest.

@Gary Dezoysa:

1. Are banks typically willing to refinance $30,000 homes? What LTV can be reasonably expected?

2. Who's been successful attracting private money? Are the investors happy to loan the smaller amounts we're working with, or does it create objections?

I've had best luck with small credit unions, too, on small loans, refi's.  Depending where the $30K home is and condition, it should not be a problem, ie:  homes where $25K - $40K is a typical purchase price like some areas of the midwest.  

Attracting Private Money can be done in a number of ways by attending local REIA's and networking. If you've done a deal before or have a partner who can share the deal they've done as your "example" of past work, put it together and present to the potential investor showing them what they stand to get out of the deal. What's in it for them?