All Forum Posts by: Alexis York

 I started purchasing here in 2017. The city has seen a boom in population and job growth. It has pushed rents and house prices higher

Hey Alexis! Orlando and Tampa were actually voted the top 2 rental markets in a Bigger Pockets article. Multi-families aren't as prevalent in all of Orlando and Tampa but there are good deals out there! I also have access to great lenders that would be able to assist you to get approved.

@Alexis York. Your best bet would be to talk to a local lender where you plan to purchase and have them look over your income and how much you are actually claiming. I spent many years in the restaurant business and I always tried to teach my employees to claim more tips for reasons you are experiencing, but the temptation of quick cash was generally too much. 

It may take some time to get you on track to do conventional financing, but there are options out there like DSCR, bank statement and income only that may be options. They do come with higher rates typically, but fit the bill for what will get you off the sidelines and on to your second property. I have a few great lenders that would be happy to at least have a conversation with you to get things started.

As for the market, the best time to buy is always 5 years ago. So waiting for the market gods to align with better rates, more inventory, less competition and falling prices is never a good strategy. I'd be happy to go over whats happening in the Central Florida market (Orlando and surrounding areas) if that is something you are considering. 

Best of luck to you!

Hey Alexis,

I think a DSCR loan could help solve your problem. I have purchased a few properties here in Florida using this product as my military salary didn't help much when qualifying for conventional loans. With this loan product they qualify the loan mainly based on the performance of the property rather than your personal ability to pay the loan. You will have a higher interest rate, but this is a great option to get approved with Debt-to-income ratio challenges. I recently used this product to purchase a short term rental / AirBnB here on the Space Coast (closest beach to the East of Orlando) and my property is doing great so far.

Let me know if you have any questions,

Matt

@Alexis York

you may do well with a "low doc" loan. this will not require (generally) any tax returns etc. it makes it alot easier for people with income that is hard to verify or back up, etc. happy to share more

@Alexis York

Florida is still a very hot market in most areas.  As others have mentioned, far better bang for you buck elsewhere.  At least for now.

Also, use a DSCR loan and your income isn't a factor. Save yourself the headache.

Cheers!

Hi Alexis,

Congratulations on your first property and the thoughts of buying another!! 

When investing out of state, there are a few things that are needed and one being a strong team that you can TRUST. I have purchased out of state and had great experiences and also very bad experiences. I have an array of questions to ask realtors and lenders (I am in the mortgage business) before you decide to make the decision to trust them with a purchase thousands of miles away. 

Also, in regards to your tip income, if you are reporting them on your taxes, a lender will be able to average the tip income over 2 years to use towards your qualifying income. Let me know if you need any thing and good luck!

Congrats on the condo and having a good income! 

I can shed some light on out of state investing. I own 37 units in Cleveland metro right now and I'm from out of state (CA/NY) and have bought 45. Mostly C/C- areas and some D (wouldn't recommend). 

You gotta ask yourself how much work you want to do and how hands on you want to be. With 37 units, I'm not exactly "passive" but it's a business at the end of the day. 

Happy to answer more in depth. 

@Alexis York

Investing in multifamily that is out of state requires specific attention to various factors like understanding the local market, cap rates, rents and other critical information.

Do market analysis on current rents, potential rents, appreciation, etc.

You need a team of local professionals like property managers, contractors, agents etc. 

A local Investor-Agent can help shorten your learning curve and save you a lot of headaches as they tend to understand the market better.

All the best!