All Forum Posts by: Tyler Rowley

I own a STR lakefront home. My neighbor from across the street (not lakefront) approached me with this idea: he will buy a pontoon boat to dock at my house. Renters can pay extra to rent the boat. Simple enough.

How would you structure this type of deal assuming that he alone purchases the boat. I will manage the boat rentals. 

Thanks for the reply. The lender needs to see $120,000 in funds and $100,000 of that is from the gifted money. Only $87,000 is required for the down payment.

That’s a good point about two months of seasoning the money. The seller may wait because we did offer asking price and I have no realtor which creates more upside for them. 

But I’m still looking for alternatives in case this doesn’t work. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Narragansett.

Purchase price: $520,000
Cash invested: $212,000

A newly renovated two-family home that is located less than a mile from a private beach and a five minute drive to other beaches and the center of town. Fire pit, grill, outdoor shower, yard games, air conditioning on both floors, outdoor patio, smart TVs, washer/dryer, and a special house drink! Firewood and propane provided for free. This is a perfect getaway destination all year long!

Hey everyone. Here's the situation:

- I found a good investment property (lake front, small cottage) for short term rentals 
- $350,000 offer was accepted 
- My partner has the 25% down payment, most of which is gift money from a property his mother recently sold 
- Neither of us can get a conventional financing loan right now (need to file 2022 taxes first) 
- We found a non-bank lender that doesn't ask for tax returns, but they do look at bank statements and will see that the money is a gift, and because they only loan for investment properties, gifts are now allowed 
- So, we're looking for a new lender... any ideas? 

- As an aside, I am getting 10% equity (finder's fee) and a 10% property management fee. Does that sound fair? 

Thank you very much Alex. I just bought the house in June. It’s a short term Airbnb rental. I don’t have a business entity set up yet for the house. Do you think a bank will take into account the Airbnb cash flow that it generates? I know they usually want to see a 12 month lease but that’s not how we rent it. It’s lakefront and generates about $100k per year through short term rentals. 

Hey Everyone,

I recently purchased a lakefront home in NH through seller-financing with a 5 year balloon. The owner wants the full loan amount at the 5 year mark. Can someone explain to me what that process will look like? I am assuming I go to a bank and acquire a conventional loan on the full amount that I owe the seller. What does that process exactly entail?

- Do I need to qualify for the loan or is there no qualification process because I already own the house?

- I’m assuming they will loan up to about 75% of the value of the house?

Any insights are appreciated. 

Should I assume that the realtors I approach about owner-financing are not telling the owners about my offers? 

Does owner-financing work much better for owners who haven’t already listed their property with a realtor? 

I like to put 0% - 10% down on these deals. 

Hey guys: I want to maximize my LTV for a cash-out refi for my two-unit rental property in Rhode Island. I know 70-75% is pretty standard, but I'm wondering if people know how to get 80-90%. Excellent credit, if that matters.

Thanks. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Narragansett.

Purchase price: $520,000
Cash invested: $212,000

Great two family home in Bonnet Shores neighborhood in Narragansett RI. Fixed it up and doing really well on airbnb for college end summer rentals.

What made you interested in investing in this type of deal?

Rental income.

How did you find this deal and how did you negotiate it?

Zillow

How did you finance this deal?

Bank

How did you add value to the deal?

Revamped the exterior for summer vacationers

What was the outcome?

Sold out for summer rentals and the college year with URI students

Lessons learned? Challenges?

Do it again