All Forum Posts by: Trevor Praetsch

Great info, thanks everyone for helping with other perspectives. 

Neighbor to my parents is parting with his vacation home. Plan on buying it and using it mostly as airbnb. Will make offer slightly below asking before it hits MLS. He could most likely get more $ from a bidding war, but to sweeten the deal we plan on giving him and his family 2 weeks a year for free (1 week summer, 1 week fall non-holidays) for maybe 5 years or so. I have talked with seller about this and he has expressed interest. He has been a neighbor to my parents for the past 20 years or so and seems like a real decent guy. He is an older man and is using an agent but wished he wasn't when he found out we were interested.
How common is this situation? Any legal issues I should be aware of? How should this be written up in the offer? Does 5 years sound too long or too little? Any advice is greatly appreciated!

I'm looking at a deal currently with someone I've known for years (the seller). They signed with an agent and are fully exclusive currently. The seller and I have been talking about mutual interest in a deal, but the house hasn't had any showings yet. The agent heard that we had been talking about a potential deal, and seeing the house before it starts showing at the end of the month and she told the seller to stop talking about prices and that we couldn't see the house until it was showing at the end of the month. Is this sketchy? If so, any advice on how to handle a situation like this? We were hoping to get a deal done before it hits the market to avoid a bidding war.

Hey guys, my wife and I are looking to partner with my sister and brother- in- law on an STR investment. Looking for general recommendations and miscellaneous advice on family partnerships.

Totally up to you, comfort vs. profit

@Aditya Praveen, Its about more than just the cash flow with house hacking... you are really cashflowing the 200, but saving your cost of living. whatever amount you aren't paying for the mortgage you are keeping, and able to put toward your next investment. Id say it's worth it.

Maybe consider a STR for one of the rooms?

Of note, Dartmouth is adding on another 50 bed structure with Dr. offices. I think it will be complete by 2023. Likely will draw more to Leb.

Hey Michael, I'm up in New London, about 30 mins south of Leb and work at DHMC. I've been scoping Leb for a while. What are you looking for? I would recommend doing STR and appealing to the travel nurse crowd. They are willing to pay, and its hard for us to find Landlords allowing 3 month leases. I'm currently adding on an ADU to my primary SFH to market to that crowd. Let me know your thoughts

@Bryan Hartlen, even if i initially finance it as residential and add the 5th unit after? or just if i go to refinance after the fact would the terms change as it would become commercial?

@Erik W. It is currently a 4plex, wouldn't add unit until after it was financed.. just waiting to hear if zoning will allow. Thank you for your input!