All Forum Posts by: John Cimino

I've seen people marketing tiny houses on AirBNB.  I'd love to see the financials on one. 

Are you looking to Buy and Hold or Flip? SFH or Multi?

90% seems like a pretty high LTV, but I guess anything is possible at the right rate. Have you looked into commercial lenders? I've heard that that it's much easier to qualify than in the past.

Good luck and if you do find a bank doing 90% LTV let me know.

One of the best tips I've heard for scoping out a new market is to print out a map and drive the area. Then highlight the streets you like in green, yellow if their iffy and red if your praying not to break down. That way when your cruising the MLS and something looks like an amazing deal you can refer back to your map.

I'm not going to pretend to know anything about vacation rentals, but there was a really good podcast on it a while back.

http://www.biggerpockets.com/renewsblog/2015/03/19/bp-podcast-114-how-to-invest-in-vacation-rentals-with-scott-sutherland/

So where are you planning to buying a vacation rental?  Do you plan to live near by and manage it or have somebody else?

I wouldn't say the seller broke a law because you can't prove that the septic wasn't pumped and inspected.  I'd try to get them to pay for the inspection base on the fact they couldn't find documentation to back up the disclosure. I don't think that the seller would want to jeopardize the deal over 350 dollars and if they do well maybe they are afraid of the outcome.   

Welcome to the forums. It is nice to see another investor from Newark, DE. I'm fairly new myself, but if you need any local advice let me know. 

@James Masotti

 Do you mind mentioning who your property manager in Wilmington is?  Right now I only own one duplex and self manage, but Wilmington requires you to have one if you do not live in Delaware.  I'm working on finding a good one, in case i move or just get tired of managing.

@Rumen Mladenov

 Thanks for the offer and advice for multiple tennants, but I now have a copy of one from using @Brian Tome lawyer recommendation.   If you have a good 7 day letter for rule violation, I'd love to a copy for my records in case I need it in the future.  

@Amber Sprague

 Welcome to Bigger Pockets!