All Forum Posts by: Chris R. Gallo

Quote from @Justin Allen:

Hey Craig!

I handle a lot of investors here on the MS Coast especially out of state investors looking to buy STRs. I have a STR manager who manages 120+ STRs in the our area. I also run the MS Coast REIA and own my own brokerage, eAgent Nexus. I've been investing creatively since 1996. Let's talk! 228-697-4636

What IS the status of the STR market down here now? I know in Ocean Springs there is a stipulation on rental limits being a month long minimum unless you attained the STR permit which only has 75 or so with 35 on the waiting list. Is it similar here? 

I was reading further procedures were haunted by the mayor recently but just wanted to get the 411 for Gulfport/Biloxi! 

Thanks in advance!

Quote from @Stephen Johnston:

self managing for now, but have a pretty good team locally that can be there if something comes up. How big are the projects you want done? We didn't have anything major, so we mostly used small contractors for everything except painting. There's a ton of demand for rentals in OS, so you should be able to rent it out pretty easy. There does seem to be a max rent cap around $2,300-2,500/month. 

@Stephen Johnston I read that there was a minimum stay (30 days) for STR in this area - is that true did you find?

@Kyle Curtin

Would love to get in on this one too! Could use a local advisor if at all possible! 

Thanks so much!

One more question @Nicholas Aiola!

I am about to sell my investment property from out of state. Since I am not occupying it as a primary residence - is there a way that this money can go back into another residential investment or does capital gains tax happen here with no avoidance? Maybe for renovations to my current 2 family I just have purchased?

Let me know! Thanks so much in advance!

@Nicholas Aiola  - Good morning. 

Got a tax question for you..

Currently locked in a mortgage for a 2 Family home around the outskirts of Boston. Seeing as that property will be my permanent residence, my mortgage lender stated that as long as my current condo is on the market (which I just accepted an offer on yesterday) - I will not have an issue. Closing on the 2 family at the end of this month with the condo sale happening in the weeks following. 

Aside from the background there - my parents are going to assist me (loaning me) the money for the down payment on the 2 family. It being more of a timing thing as my money isn't that liquid - I intend to repay with the proceeds from my current condo as apart of the payment back to my parents.

My loan officer has given me a "GIFT/DONOR" form for the 2 fam mortgage and knowing that I am only capable of receiving $15k without being taxed, how does one navigate this and utilize more of a loan style method that will not affect me at the end of the year.

Much appreciated!

Awesome update Ashley and much appreciated on the quick response!

When you are referencing the single unit needing to be vacant prior to closing - that is what complies with the conventional loan financing and would make me avoid the investment financing? 

I am just making sure I understand!

Good afternoon BP! 

I am currently in search of my third property and currently found a property that has tenants in place until the end of January 2023. 

Its a Multifamily (2 fam) that I intend to move into once of those tenants leaves. The other tenant I intend to adjust the rents towards a stronger market rate but what sort of strategies do I have towards a loan? Is this a convential path? Investment? 

Interested to hear from the specialists!

Thanks in Advance!

Coming from a construction background - I would agree with @Lien Vuong in that you should shop this around between 2-3 general contractors. Establishing a scope of work to be able to compare quotes would be a good starting point. Be aware that all GCs are not the same either, meaning some will handle multiple trades while others with perform limited trades and be a broker for outside trades at a cost. For instance you could hire a carpenter that can get your cabinets, roughy framing and drywall done but they have to hire out insulators and painters while typically adding 10% on top of their price. 

Some other things to be mindful of:

COSTS PER SF
Considering you won’t be able to really build a traditional colonial that size in and around Boston proper due to lot sizes, you would be looking at more of a renovation unless you’re willing to shell out a pretty penny closer to $300-400 per sf. Outside the city limits (approximately 20+ miles give or take) are trending around $200-$300. Both north and south of the city are already very busy. 

OUTSIDE FACTORS 
However there are multiple other factors involved here:

• - The labor/manpower availability of the GC
• - Fluctuating material costs ( GCs typically have contracts only valid for limited times due to this )
• - Their schedule and/or backlog of work
• - Level of finishes and depth of scope

Hey Tony!

Happy to share some recommendations for the flooring - I have a couple good installers we use with confidence.

Depending on the kitchen work scope - I can help you out additionally. Feel free to reach out to me direct to tell me more and I can more than likely help there!

@Pat Heidingsfelder shot ya an inbox! Let me know if you didn’t receive it!

Thanks!