All Forum Posts by: Jason Hsun

@Connor Cushman I just closed on a vacant lot in Seagrove Beach with plans to build an STR and a place to retire. I've been researching this place since 2018 and have witnessed the prices for vacant lots skyrocket since the end of 2020. It's been pretty crazy following the property values, but you will be going into this market for reasons other than just numbers alone. For me, as an architect, I'm trying to build something to fulfill a personal career goal and have a place for my family to enjoy but the investor side of me will want to make sure the property is going to sustain itself (plus some) in the meantime...

@Xander Tertychny I just noticed that you're also an architect. Fellow architect here, licensed in Florida. Although I'm not currently living on 30A, my wife and I just picked up a vacant lot there in Seagrove Beach and plan on developing it into an STR. What brought you to 30A and are you practicing architecture/development there?

@Levi Koskan  Thanks for the feedback and interesting to hear your story!

@Joshua W.  It was great to hear the follow-up to your story.  Since it was a strategy to find a home to live in personally, did you have a preference of which properties you really hoped to get a response from?  If so, I'd be curious to hear what your strategy was to deal with getting multiple responses (assuming if you did)...

@James Carlson  interesting to hear your story as well...In your case you did get responses from multiple owners and I'm curious how you dealt with that situation...perhaps it seems like a simple question and the likelihood of having successful negotiations with more than one willing owner at the same time may be relatively low, but would be interesting to hear about the best strategies if that happens.

I'm about to reach out to vacation rental owners who don't live in their properties and don't really need to sell for financial reasons, but if they do, it's only because they are in retirement, owned for a really long time, on auto-pilot, and wouldn't mind cashing out.  I'm casting a wider net to capture more potential owners than just one or two, but there are definitely properties that are better than others on my list.

@Chris Uhler  Sorry for responding to such an old thread, but the topic was relevant.  I totally agree on your logic that the main idea of letter writing is to have them remember you.  

So in your list of properties you're targeting, there will likely be ones you like more than others.  Would you space out the timing of the letters to reach out to the properties you want first, followed by subsequent letters to other properties if no response?  Or do you think the best thing is to send out all at once and cast a wider net?

And while this probably doesn't happen very often...say you wrote several letters to many different property owners all at once to increase your chances of getting a response...what do you say in the event that multiple owners come back to you but only have the capacity/desire to purchase one property (the property would be a vacation rental to hold for the long term, not a property strictly for fix and flip purposes)

Just curious what your process is since it seems you have quite some experience with this strategy.  

@Levi Koskan  It was cool to hear your story about approaching an owner regarding a property.  I know this thread is from a few years ago, but would be interested to hear if you ended up approaching other property owners and what your criteria is/was for selecting properties?  I'm in the middle of writing letters myself and wanted to hear about other investors' experiences regarding low volume letter writing.

Thank you all for the feedback...Sounds like a refi is the only option for a conventional loan.

Hi there BP...

I did a search on this topic but could not find any past posts on this. 

Has anyone called up their lender/bank and asked for an interest rate adjustment on a conventional residential loan (agency debt)?  I've heard of fellow investors doing this with their commercial loans with prepaid interest penalties, but I'm not sure if these could be done on conventional loans without refinancing.

If anyone has done this, would be interested in hearing about how you did it and what penalties/fees were involved.

Thanks!