All Forum Posts by: Eric Dufault

Hey @Mark Perry, have you looked into any investments down in TCI?  I'm curious if there are any investment friendly realtors you'd recommend.

@Kevin Schneider There is an REI Meeting at Bailey's Surf and Turf in Wareham, MA tomorrow at 6PM. Here is some info:

http://www.southshorereia.com/index.html

I'm planning on visiting Turks and Caicos next week and wouldn't mind discussing vacation rentals with an investment friendly Real Estate agent down there.  I would like to set an appointment and actually sit down with someone and discuss the different hidden costs that I wouldn't be aware of from afar. 

If anyone has any recommendations as to Agents on Providenciales I would appreciate it.  I'd also be interested in any property management companies in the area. 

Thanks in advance for any info anyone can provide.

-Eric

@Kevin M. normally the town website has the owner's address of record, you can google people's name with the town where the property is and get some clues that way, facebook stalk them and ask them if they do own a property, linkedin sometimes can get you there.  You might also want to look through current advertisements for rentals and ask the landlord if they are interested in selling.

Lael, sounds like a good plan but what is the question, you should be able to utilize the remainder of your entitlement on another loan since the cap is $417K.  Have you talked to your bank you currently have the loan with?  What did they say? 

Depends on how much of your entitlement is left over, DTI, credit score, etc. You normally need to "season" the house for about a year. Also keep in mind that when you're buying duplexes/tris/quads your maximum entitlement from the VA also goes up, $417K is only the max on a single family home. You will also be able to refinance the loan through another bank once you have a little equity in the home. Good Luck and keep the forum informed on how things are going, lessons you've learned, etc.

1.  Go to town websites to get lists of every address that is zoned for a multi family.

2. Put this information into a spreadsheet.

3.  Narrow down the properties to those you can afford off their assessed value(loosely)

4.  Find the owner's permanent address, phone number, and any other relevant info.

5.  Call them, write them, FB message them, etc. and explain your situation.

6.  Save money driving around when you can use the internet.

Hey John,

Not sure if it will help in your situation but as the number of units increase so does the max entitlement.  $417K is just for a single unit.  For a 3 Unit the max is $645.5K.  Hope this helps.

http://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

Take a look at the tax rates on Cape Cod vs the rest of the state, or I'll just save you the time, they're much lower.  IMO this makes the Cape a great place for buy and hold properties.  I'm especially a fan of Dennis as the rate is $6.53/$1000.  The rental market is decent down here and if you're willing to do winter rentals(Sept-May) and then do weekly summer rentals, you can clean up, if you're willing to deal with the turnover.  With the right property manager in place it would be ideal. 

Plug in addresses on rentometer.com for year round rates, it's not a perfect website, but it should give you a good general idea of what you can expect.