All Forum Posts by: Mason Hickman

@Joseph Taylor

Yes, our hard money lender requires the funds to be taken in the name of an llc. Not sure what you are asking about the best type of llc?

@Courtney Kelly

Down here on Cape Cod, the second home doubling as an STR is very common and the local lenders offer products as low as 10% down. Sorry, I don't have any local folks up in the Lincoln/Woodstock area to recommend but the products definitely exist. The lenders have different guidelines/requirements than the IRS.

@Nicholas Valente

You will need to register with the Massachusetts department of revenue to pay taxes and also with the town of Falmouth for your registration. 
let me know if you still need cleaners and happy to recommend some local folks. 

Is it a good Airbnb location? Based on your goals, happy to provide some insight if you are concerned about it breaking even. 

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@G Hernandez If the estoppel certificate was signed by the tenant and just delivered today, why is there a dispute over the February rent being past due? Is the PM holding the payment because she is saying it is for past due February rent? If that is the case, the seller would be entitled to the past due rent for February. Bring it to your attorney who just closed the deal; it was only a couple of days ago and they should be able to assist. 

@Bill Ward

If he has properties in the area, it sounds like he did some research. If he saw the tenants moving out, he probably "coincidentally" was walking his dog while you were outside. Sounds like an odd interaction but if the numbers work, it could be a win-win. 

@Martin Florian Jr.

If they need the proceeds, they won’t be able to leave enough in the deal to finance you. Probably not going to work with those particular sellers.

Quote from @Sebastian Hernandez:

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 Is this content created from chat gpt? 

Quote from @Eric S.:

@Mason Hickman sorry for the very late reply. I would love to brrrr but how would I be approved for a refi part of the brrrr after already pulling out equity from my home?

Once you have equity in the deal after your renovations, there are options out there to get your financing based on the new value of the property and to pull your cash out of it. DSCR loans and local small banks that offer commercial loans will likely be the easiest.  

Connect with fellow investors, learn from real estate experts, and discover new investment opportunities in the Cape Cod and South Shore area at our Real Estate Investors Meetup on February 15, 2023.

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