All Forum Posts by: Steven Joseph Fogarty

 Hi Michael, is it that your whole market shuts down the rest of the year? Or is it that occupancy is very low?

 I just DMd you Leslie.

Steve Fogarty

Hi Andrew. Thank you for the info. Yes, I have called around to many on that awesome list, and none of them did HELOCs in Tennessee.

I would love to learn more about HELOAN, and get a referral.

Thank you very much.

All my best,

Steve Fogarty

Howdy. I'm looking for a Home Equity Agreement partner, who works with investment properties in Tennessee? 

A Home Equity Agreement is not a HELOC. It is my understanding that HELOC lenders do not work with 2nd homes and investment properties. At least, I have not been able to find one. If you know of a HELOC lender who does work with investment properties in TN I'd love any referrals.

HOME EQUITY AGREEMENT

In case you are unfamiliar with the product, a HEA partner writes a check in exchange for a percentage of equity in the property, secured by a lien, that is satisfied at some point in the future (say 10 years) through either sale of the property or a ReFi. The HEA partner is not receiving monthly payments. They write a check, and are re-paid per the agreement upon sale or refi of the property.

I am familiar with unlock.com

Can anyone recommend other Home Equity Agreement companies or individuals who do business with investment properties in Tennessee?

Thank you.

Steve Fogarty

Las Vegas

All those cameras... a bit of a red flag, no?

I just helped friends clean out their beautiful home that had been rented for under 2 years. The renters were meth or crack heads, a family with middle school aged children. Crack pipes all over the house. They were hoarders, trash and garbage everywhere. 

They nailed / screwed shut the beautiful French doors out to the backyard. Most of the beautiful landscaping, mature palm trees, mature deciduous trees, natural grass, are dead.

I believe they had cameras up all over too.

I think meth makes you paranoid.

I hope it works out well for you.

It's pretty tacky though of any Airbnb guest to scorch an owner for something like a bad mattress when Airbnb makes it so easy to confidentially pass that information on to the owner. I have done this several times as an Airbnb guest, where I've left a glowing 5-star public review while leaving a private note that it was time to replace the mattress, or the bathroom was filthy. Seems like anyone leaving a public burn like that has personal issues.

 Cool! Sounds like it's a thing, then. Thank you for the reply Miller, and I'm excited for you to get in to real estate at such a young age. You're a rock star man! Any dad would be proud.

Hi. just asking hypothetically (in case the seeking of partners is not allowed on BP), but if a co-signer on a mortgage got cold feet, is it possible to attract another by offering a share of the cashflow from a vacation STR cabin that grosses $70,000 per year? Would that be interesting to a sophisticated investor? Thank you.

Hi Joseph thanks for replying. A 16% ROI beats the return most folks are getting, right? And I don't know how it would be structured, it probably would put a 2nd or 3rd position lien on the property, which is not that attractive, but as a passive cashflow vehicle it seems it would be very attractive to many people with cash earning nothing in the bank, or cash at risk on Wall Street. I'm interested in your thoughts on this as a thing. Thanks.