All Forum Posts by: Josh Birrell

Hi Kate,

I own a 2/2 vacation condo in North Conway and am curious where yours is.  Based on the location I could probably give you a good idea of whether your vacancy and rental rates are reasonable.   Also, I've found there are a lot more costs involved in vacation rentals than you might think such as supplies, maintenance( people do not treat your home like you do) utilities, advertising, credit card charges, etc.  You might be surprised how quickly they add up.   I own a duplex in RI as well and the vacation condo is far more work for less profit.  You may find it just as profitable to rent your condo long term with less hassle.

Hi Nicole, There is a lot of information about you and the deal that are not in your post but I would suggest that an 8 unit coupled with college rentals may be a bit much for a brand new real estate investor. Yes, you have to jump in and get your first deal under your belt but my feeling for new investors is to start small and safely add practical experience to your educational process. If you can successfully navigate the initial small scale deal, attain results consistent with your overall investing goals, and still want to invest in real estate ( you mentioned in your bio other recent business ventures weren't right for you) then you can always move up to multi -family or commercial properties. Best of luck, Josh

Hi Sean,

I own a vacation rental in North Conway near town and we've had very good luck with it.  We are booked solid thru summer, every weekend in fall ( for the leaf peepers) and every weekend in winter plus school vac weeks for skiers.   We just block out the dates we want or using open periods during mud season and November.  After all expenses we pretty much break even so if you are looking for positive cash flow vacation rentals can be tricky.  But, if you're looking to cover your costs and vacation for free it's a good way to go.   We've also realized some a origination of course and are now seeing a little appreciation in the area. Here is the link to our place.  If you want some numbers for cost and expense just let me know.

http://www.vrbo.com/3581841ha

Josh

I think the answer is, " it depends".   Meaning, it depends on what your current and long term goals are.   If you are happy with minimal cash flow and amoritization in exchange for some land lording and property management experience then renting your current home makes sense.   But if you are looking to fast track your residual/passive income then you might want to consider selling,  using the homeowner capital gains exemption, and using the money to purchase a small multi family or single family with better cash flow.   Again, I think a lot of it depends on your goals, risk tolerance and investment strategy.    I would recommend taking the time to determine what type of real estate investors you want to be and what strategy will take you to your goals.

Great Sean, thanks.  75% seems to be the norm So 

I think I 'm going to wait on it a bit and build a little more equity before pulling out some cash.  Will hit you up when we get there.

Thanks again 

Josh

Make friends with someone who owns a pickup truck.  A case of beer goes a long way.  Cheapest way to go

Hi everyone,

I want to do a cash refi on an investment condo in North Conway, New Hampshire and am looking for referrals. Hoping to get 80%LTV and market fixed rate.

Thanks

Josh 

Unless you are able to force equity through rehab or are getting the property at a significant discount and want to flip it I would pass. As a buy & hold the numbers just don't work. If you have an iPhone search the app store for "property evaluator". There is a great free app that works just like the BP one .

Hi Susan,

I can't really speak for Mass but the laws in New Hampshire are a bit more landlord friendly than they are in Rhode Island.  Here is a link you can take a look at and compare to what you're familiar with in MA.

http://www.gencourt.state.nh.us/rsa/html/lv/540/54...

Hey Lenny,

I agree with Anthony, good deals a very hard to come by on the MLS, especially if you're looking to fix & flip. I would hit the RI investors group meeting (http://rireig.com) for sure. There is one this Thursday in Warwick at 6pm. It's open to all investors and is a great place to learn and meet people who are both where you are and where you want to be. It's $10 at the door and well worth the time.