All Forum Posts by: Will Cruz

Jeff,

       Sorry I have not. I am looking into it online now, but I can't seem to make it work.

Newport Maine to be exact.

Thank you all.

So I am currently under contract with a Lake front cabin in Maine at 465k which I feel its overpriced. Hoping the appraisal comes in lower. The comps in that area are around 300-380k in that area being lake front. It is currently being Airbnb about $220-300 dollars a night. May 2022 it is 70 percent booked, Jun-Aug 90-95% booked and September - end of year is being blocked off incase of a sale. There are 44 reviews which are great despite its current condition.

The cabin needs some updating and I think we can make it be worth 300 a night from May-October. In the near future we would like to extend it to a 3Bed / 2bath rather than a 2bed/1bath. SQ footage will go from 910 to about 1300sq ft. The nightly rent should increase to about 375-475 a night. 

My questions are:

        Do you all think based on the numbers, is this a good investment. Interest rates are running high now a days? 

Is there anyone here that is willing to have a conversation regarding a potential Airbnb cabin in Maine. I would like to run the numbers by someone that has experience.

Looking to invest on a 2nd home in Tampa. What locations do you recommend with good schools and neighborhood? I have 170k to put down for a down payment of 20%. 

If You use the Heloc it will put you at a hault for your next investment. Put what you need to put down and use conventional and leave the rest of the heloc for the next opportunity. 5.25% for an investment is not bad.

Bruce, thank you for replying. I would start the process now for the HELOC refi with NFCU with approx 60 day closing. Try to get 350k Then buy in Tampa by this summer. I would not use the full amount of course as a down payment. I am in need of 200k down payment for the 2nd home. The left over amount is to have incase of the next investment opportunity. What are your thoughts regarding the interest rates?

I am in the same situation, however, my HELOC of 170K is to put down as a 20% downpayment. Does paying Cash get you a better deal? I recommend you pay it with the HELOC, close asap and get it rented THEN refi using the rental income to help out. If you need it of course.