All Forum Posts by: Mike Shemp

Hello,

Is anyone aware of any short-term rental regulations in Carrol County or the White Mountains area of NH? or now of any that is coming or being discussed?

Thank you very much!

Mike

We are across the river in NJ, and also interested in the Bethlehem market!

I know a little bit about it, but unfortunately am not that familiar.   Can anyone provide information on South Bethlehem vs. West Bethlehem?  What are some areas to avoid?

Thanks in advance!
Mike

@Doug P. and @Dennis M. - Thanks so much for responding.  So there are actually two cases here.  In one cases I can definitely walk up and just ask.  In the other property I am interested in, they are not there a lot of the time, so it would need to be an email of some kind just for logistic purposes.

My thoughts were mentioning that I was interested in the property, would like to know if they would consider selling it for a fair price that everyone can agree works, and in the process minimize real estate commissions.  

Anything else you can think of adding?

Thanks for your help!

Mike

Hi Bradley, I am across the river from you in NJ. The books that have helped me the most so far are the Rich Dad Poor Dad books, and playing the free version of his game CashFlow online. Whichever area you are thinking of investing in try and find people from that area on the forums and connect with them to learn as much as you can. We bought our first rental property last year. It’s a short-term rental (vacation rental) out of state and this was very helpful for us. SG

@Marc Winter - Hi Marc - thanks for all the info above.  Yes, this is just one door only so sounds like this is way overkill.  We are right across the border from PA.  Do  you know or can you recommend any attorneys that are good at creating the intervivos revocable trust you mentioned/

Thank you!

SG

Hi All,

There is a house in our area that is not for sale at the moment, but we would like to buy it.  Does anyone have a good template/letter they would be willing to share?  

The purpose would be to purchase it for short-term rentals purposes.  We also thought about contacting a real estate broker to be the liaison for us or act in a buyer's agent, but wasn't sure about that either.

Any suggestions on how to approach this, or wording to include in our letter would be greatly appreciated!

SG

@Colleen Goldstein - I was thinking that this would offer protection from inside and outside liabilities for anything that exceeded the insurance liability limits.  From reading the posts from the members on this thread, it sounds like it is overkill and either the trust or perhaps just excess liability insurance is the simpler way to go.

SG

@Wayne Brooks Thanks for the info.  I didn't know that.  The way the attorney I was talking was speaking it sounded like it wasn't possible, but then again I never asked him the question if this was just adding a layer in-between to hide it, or was this something where its not possible to call the loan because it doesn't violate any part of the mortgage contract.  Thanks for the info!

SG

@Adam Schneider Thanks for the info.  I've read a lot of posts of people who have done that and said they have no issues at all with the bank calling the loan.  Appreciate your thoughts on it.

SG

@Mike Buckley - Thanks for the info on that podcast.  I just downloaded it and will give it a listen!

SG