How to structure my move

[James Robert]

I am a house flipper. Was a Realtor then switched to primarily house flipping because I am better at it and pays more for me personally. 26 year old (almost 27) single guy. I own a house in Hyde park Cincinnati which is prime area 3 bed 2 bath that I live in with my roommate. I want to move to St pete florida.. as the years go by I want to do this before I get too comfortable to move. I would be renting out my primary either LTR, MTR or STR. Don't know yet. I would be continuing to buy flips in Cincinnati and manage them remotely the eventually dabble in the florida market once I have been there a bit and know whats what.

With these house flips I take a lot of write offs so my income on paper is not enough to buy a house in St pete. After my current flip sells In around end of feb, mid march should have around 125k liquid cash after that sale. Should I just rent for a year (or 6 months) in St pete and see what areas I like and see how I like it in general or eat my tax bill for 2023, be able to show more income and try to buy something in st pete? Problem with this is I probably could not buy downtown where I want to live and meet new people. It would have to be not so close to downtown. 

Thanks!

[Amber Stout]

Hi James, I've lived in Saint Pete since 2019 and it's the best city I've ever been to. I love it! You'll do well flipping in St Pete as there are many pockets that could use your gifts. Are you looking for a single family or multi family? 

You could do a bank statement loan or DSCR as others have mentioned. I understand you want to put down as little as possible. There are bank statement loans for 10% down. I'd want to understand your specific financial situation and your goals first and as a mortgage broker, I can check into options for you. Let me know if that is something you'd be interested in.

In addition, happy to share any info about St. Pete or make connections for you in the Saint Pete/Tampa area!