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👁🗨 Sesemi STR Hot Sheet | 📲 STR Mortgages
Coastal inventory grows but still competitive for vacation rental prospects.
Welcome to a short Sunday edition of Sesemi STReet your go-to for HOT vacation rental insight and listings for sale.
Mortgage Rates Rise. The average 30 year fixed mortgage rate is 7.5%
Median price of luxury homes hit an all time record of $1,225,000
Cash closings. 1/3 of all transactions are CASH
If you missed it, we moved our STR HOT sheet to an easy online and invite only website: SESEMI SHEET for convenient shopping and scrolling. Text us for the cheat code!
💡 Three mortgage moves investors are making
Higher borrowing costs have made dealmaking more challenging. Here are three strategies to improve Cash on Cash returns in the near term.
🔑 Interest rate buy downs. Typically must be seller paid as part of a concession and effectively reduces the qualifying rate by 1-2-3% for up to 3-2-1 year. Essentially the difference in pre paid interest is rolled into the loan reducing the monthly obligation accordingly.
🔓 Seller concessions. A seller contribution towards closing costs and prepaids can be incorporated into the loan and reduce the cash required to close. On average seller can contribute up to 2% on a investment property and up to 6% on a second home transaction.
📝 Niche loan programs. Investor friendly lenders or mortgages can reduce the down payment and/or interest rates. Local credit unions or industry specific loans can provide below average terms, favorable seller carried transactions are also something we work regularly on multi family properties.
📬 Here are TEN STR Picks this week on the OR Coast:
525 S Crestline Waldport OR - SFR Foreclosure. Asking $315,000
430 5th St Port Orford OR - Active STR. Asking $455,000
10070 7th St Bay City OR - Motivated Seller. Licensed STR. Asking $679,000
54579 Beach Loop Rd Bandon OR - County eligible. Asking $680,000
88777 Mallard Ct Seaside OR - Active STR. 4/3 Sold furnished. Asking $725,000
2063 NE 56th St Lincoln City OR - Road’s End STR. Reduced $749,000
560 N Pacific St Rockaway Beach OR - Active 5 bedroom STR. Asking $895,000
95181 Highway 101 Yachats OR - Active STR with ADU. Asking $990,000
95668 Highway 101 Yachats OR - Oceanfront w/ ADU. Asking $1.398M
30530 Old Coast Rd Gold Beach OR - Oceanfront 4/4. County Eligible. Asking $1.49M
BONUS: Here are five Multi Family listings in Oregon:
1235 N Park Ave Eugene OR - Duplex Asking $435k
533 Washington St Port Orford OR - Triplex Asking $475k
1557 Fir Crest Ct SE Salem OR - Duplex Asking $595k
499 S 41st St Springfield OR- Triplex Asking $619k
805 Garibaldi Ave, Garibaldi OR - 12 Plex Asking $1.25M
🏆 In house mortgages with C2 Financial Corp, the #1 broker
We’re very excited to announce Anthony Wong has joined the nations largest mortgage broker C2 Financial Corp as a licensed mortgage originator. This strategic partnership enables investors real time product and pricing access as well as real world savings. Currently licensed for conventional lending in Florida and coming soon to Oregon.
We are offering DSCR financing and commercial in most states. Visit our profile HEREThank you for reading this week’s edition of Sesemi STReet, your one step solution to intuitive investing in Oregon and California. Schedule your 1 on 1 consultation or annual Spring catch up before the full summer season!
Hosted by: Anthony AJ Wong Licensed RE Broker in the States of Oregon & California. FL NMLS ID: 2297941
