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All Forum Posts by: Alexi Schreier

Alexi Schreier has started 16 posts and replied 111 times.

Post: Worth Negotiating over $10K??

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Correct you're limited to 2% seller credit for investment properties on conventional loans. Which adds up to $2,900 if the property appraises at $145k. That's more attractive to you as the buyer if you're financing because that money is going directly back into your pocket. The difference in your monthly mortgage payment for a purchase price of $140k vs $145k is very small, maybe a few dollars per month on a 30 year fixed.

For the seller though it doesn't make a difference at this price point whether they lower the price or give you a credit for closing costs. So you would need to have some kind of reasoning for your seller credit like repairs that need to be made for example.

Post: Beginner investor in St. Petersburg, FL - Anyone want to meet up?

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Hey Leonard, welcome to St Pete and nice job on securing those 2 single families! I have rentals in Cincinnati and I'm a local realtor in St Pete. Happy to connect with you and help out any way I can.

Post: How to Airbnb In St. Pete

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

The thing that makes me nervous about STRs in the St Pete area is that regulation can change very quickly. As others previously mentioned in this thread, STRs are not allowed here but it's also not enforced so investors do it any way (that's why you see so many on Airbnb). That is the state of affairs today. That could quickly change in the future though. Especially with the housing shortage that the St Pete area is experiencing causing housing/rent costs to shoot up. It wouldn't surprise me to see the governing bodies come in and start cracking down on STRs at some point.

That being said, if you have a backup plan in case STRs do start getting shut down then you're in a much better place. Happy to discuss further with you!

Post: Worth Negotiating over $10K??

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Is your max number on this deal 135k or do you have some wiggle room in your numbers?

Can you think of any other ways of working with the seller to give them price they want but asking for better terms for you? Price isn't everything. Is there anything you can negotiate with payment terms, repairs, seller credits, etc that would be advantageous to you?

Post: Single-family residence buy & hold investment.

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $141,000

3/2 Single Family rental.
Purchased under market value in rent-ready condition. Used a HELOC to pull out $49k in equity immediately after purchase.

Post: Single-family residence buy & hold investment in Middletown

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Investment Info:

Single-family residence buy & hold investment in Middletown.

Purchase price: $68,000
Cash invested: $21,000

2bd/1bth
purchased off MLS
5K rehab needed, negotiated for the seller to pay for it at closing.

Post: My Las Vegas Brrr property

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Great deal!, what did the refinance look like?

Post: My first investment property purchased as an investment property

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Great post! Thanks for the detail. Honestly even if you paid a little over hear and there, the most important is that you did it. I bet your already thinking about what your next one will look like :D

What are you getting for rent?

Also, congrats on owning your very own basketball court.

Post: Added SFH to Portfolio

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

Nice job, looks like you were able to meet the 1% rule just about! Would be great to see pics. What did the house appraise at for the refi?

Post: Atlanta Single-Family BRRR

Alexi SchreierPosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 116
  • Votes 38

@Brett Blalock Are you using a property management company to manage the per room rental? If so was there anything in particular that you had to do for them to accept to manage a per room property?