I am looking to break into investing in Real Estate more specifically vacation rentals in the New England area, I have been researching markets and it has been so interesting to learn.
1. Are there regulations on STR in NE that it may be harder to start here than say the South/FL?
2. Curious about the various financing options for AIRBNB, if you find a great deal but don't necessarily qualify for a loan.. what are some alternatives?
3. Is it even worth going cheaper to start off? I would like to start small but I am finding that NE is expensive, all the more "cheaper" deals don't really seem to have the location? (maybe I am looking in the wrong places)
4. Scaling, I really like the thought of BRRRR but I wonder what other popular methods of scaling are being used?
5. If a property purchased needed work, am I able to borrow cash and work on the property using a conventional loan?
I'd also very much enjoy to connect! Excited to learn! Thanks!
1. Regulations are going to vary drastically by town. New England is too large an area to give a reasonable response about regulations.
2. DSCR loans are an option for no-doc loans. Also, if you plan to use the property for your own personal use, vacation loans can be a good option for lower down payment options.
3. Yes, New England is fairly expensive. The location will be key in getting something that will make a good rental.
4. BRRRR is great if you can get them. No other "silver bullets" on scaling
5. If you are looking to finance the construction portion, you will likely need a renovation loan or you can go with a hard money loan.