All Forum Posts by: Dan Weber

@Patrick Ryan there's a couple things to consider on this one. Firstly, you need to determine what your short and long term goals are. That can really help guide you as you make your decision. If you want to build a larger portfolio of long term rentals then I'd suggest cashing out via the refi or utilizing the 1031 to roll the profits into something else that aligns more with your goals. I'd run the calculation for your "Return on Equity" and try to figure out if you are happy with that return or if you think you could get a better return on that equity elsewhere. My only issue with the refi and pulling cash out is what will your cash flow look like after that? If it's not going to be that great then the 1031 would be the better way to roll your profits into a better deal. Or, just hold it and let it keep performing awesome. Maine is a great place to do STR and looks to continue being a strong market going forward. Good luck!

@Michael Walker I'd reach out to @Bethany Turon. She'd be a great resource for you in the property management department!

Hey everyone, just a friendly reminder about our networking event tomorrow at Bunker Brewing. Hope to see you all there!

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn

@Michel Bamani I have one. PM me

If it is a requirement of the loan to have the roof replaced, I would ask the loan officer if this would be possible:

-Write an addendum that $XX will be put aside in escrow at closing and be applied to the roof replacement. At closing, the money required to replace the roof will be taken from the sellers proceeds and be given to a third party company that will distribute funds directly to the contractor as they complete the work for the roof, most likely in two distributions (one at the beginning and one at the end). I would think that if it is written into the contract and money was set aside, that should satisfy the lenders requirement for the roof to be replaced on the piece of land that they are giving you a loan on.

Another options - do you have the funds to pay for the roof replacement in its entirety? You could pay for the roof replacement right now and write into the contract that the seller will pay for $X in the buyer paid closing costs. That amount would be whatever the cost of the labor for the roof is. So you would get your money back from them at closing for that.

@Jake Czaja you have a couple of options. You could write your offer subject to one of the units being empty upon closing. This is obviously ideal for the buyer. However, some landlords don't want to be responsible for evicting tenants if someone is willing to purchase the property with tenants in place. If you are in a competitive bid situation, you could purchase the home with tenants in place and take the responsibility on yourself to evict the tenants. In a competitive situation this is usually the better option. With most of these loan types, you do not need to move in day of closing. With an FHA loan, you have until 60 days after closing to move in, leaving you plenty of time to evict the tenant (plenty of time in some states***). Good luck!

@Daniel Carty you have a couple of options. You could reach out to Hard Money Lenders. Do you have any wealthy friends or family that would act as a Private Money Lender? Do you have a primary residence with equity that you could take out a HELOC with? Could you take out a loan against a retirement plan (penalty free) and pay it back with interest into that retirement account? Hope that is helpful! If you don't know any local lenders, I'd suggest going to your next local networking group and asking around. Good luck!

@Antony Munoz I'd search craigslist, facebook marketplace, do some driving for dollars, direct mail with targeted lists and even try cold calling if you're brave! Networking with local agents, wholesalers, etc can be helpful as well. Tell your friends and family what you're doing. The more people that know you're investing in real estate then the more likely you are to find a deal.

@Duc Ta what you are referring to is called "adverse possession". Each state has a different statute of limitations for how long the person needs to actually occupy their land before they can actually take you to court and try to take the land. I would suggest looking up that length of time for the state you are interested in buying land in. My question would be, do you plan to buy land and just sit on it and do nothing? If you have some plans for the land, I would like to think that someone would eventually see someone squatting on your land.

@Jillian Reber Do you have an area in mind that you'd like to live? Maine is a large state with plenty of areas that are good for investing and different strategies. If you'd like to live there, I would start by deciding on the location you want to live and then figure out the investing piece from there. We have a networking meetup on 6/16 at Bunker Brewing in Portland. It's a great place to meet likeminded investors and network!