All Forum Posts by: Derek Morrison
Derek Morrison has started 44 posts and replied 89 times.
Post: 2024 BP Data Report
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Is there any info on where BP sources the data for their 2024 market report? I won't post many numbers since it's behind the pro pay wall, but the Median Rent for Vineyard Haven, MA is listed as $1,462. Martha's Vineyard is quite literally one of the most expensive areas in the country. And Boston-Cambridge-Newton Median rent is $1,659. I don't see how this is possible. Also even on mainland MA you will struggle to find a rental for under $1500 unless you're living in a crime infested area. I'm not saying the data is inaccurate, i just would like to know where it's sourced.
Post: Who presents contracts for seller financing?
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
I'm considering trying to acquire properties via a cash down payment and seller financing. I understand that the terms will be negotiated individually for every deal, but which side of the transaction does the actual task of preparing the documents (ie note, mortgage, and any other associated forms)?
Post: Rental income applied to mortgage?
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
I'm looking to buy my first multifamily property. I'm curious if any lenders or experienced investors could speak to how the rental income from the target property affects the mortgage I could receive. For example, if I could qualify for a $250,000 mortgage based on just my W2 income, would the amount I can qualify for be increased based on rental income from the property I'm looking to purchase?
Post: Laconia Town Permitting
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Hey guys! Has anyone ever done any rehabs or projects requiring permitting Laconia? Just wondering how the town is to work with regarding permitting and inspections
Post: Laconia NH Short Term Rentals
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Quote from @Kyle Lacasse:
@Derek Morrison Hi Derek, there seem to be more restrictions trickling in for the smaller towns in the Lakes Region, but some such as Moultonborough and Meredith have had such a long history with rentals that it would be hard to restrict. Feel free to connect as we manage STRs in the Lakes Region and keep our eyes on the trends
Thank you Kyle! I appreciate you reaching out. I might connect with you down the line, as I'm not sure whether I'd plan on managing them myself or outsourcing it
Post: Laconia NH Short Term Rentals
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Quote from @Melissa Silk:
Hey Derek,
Connect with @Dakota Coburn, he knows the area well and is an investor in the area.
I'll see if I can connect with him, thank you!
Post: Laconia NH Short Term Rentals
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Quote from @Michael Baum:
Hey @Derek Morrison, yes it happens. Most of us either buy somewhere where the regs are already solid and a vacation area or somewhere where there isn't any regs and a vacation area. I am number 2 on that.
You always have to check and double check with city county and state to make sure what the regs are. Maybe call up a city/county council person to see the way the wind blows regarding STRs.
I wouldn't say it is a trend. Large cities with housing shortages are more likely to restrict or ban STRs altogether.
The Laconia, NH regs are middle of the road restrictive. The whole area around Winnipesaukee is a good vacation area. Also are the White Mountains, but they still have regs. I don't think they are insurmountable.
Find a city council person, scan the city council meeting minutes, give them a call and find out the way the wind is blowing.
I did read that you have a bit more leeway if you are owner occupied. Maybe do house with ADU?
I do like the idea of doing an ADU. I'll have to check in to that
Post: Laconia NH Short Term Rentals
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Quote from @Michael Baum:
Oh that's interesting. Thank you for that resource! From what I've heard this seems to be becoming more of a trend; local restrictions on STR. Has this been an experience for anyone else?
Post: Laconia NH Short Term Rentals
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
Does anyone know people in the Laconia region that does either short or long term rentals? My girlfriend and I are looking to move to the area and are interested in this. On the same topic, does anyone know someone looking to rent out their property for Columbus day weekend? Her and I will be in town but can't find any place with availability
Post: First Direct Mail Campaign
- Rental Property Investor
- Marshfield, MA
- Posts 90
- Votes 28
@Braden C. @Jeiby V. thanks gentlemen for all the advice. Braden that's a good tip, about A) just getting over it and B) it'll be tough no matter when you start.