All Forum Posts by: Andrew DeWeerd

Is NREIG like the esurance of property insurance?  Looks like they only insure business/entity owners, not private owned investments?

@Loyd Tomlinson

Three Sixty Home Inspectors is very thorough, many KW realtors, and myself, use him (Christian Panagiotakis) exclusively in Bradenton/Sarasota.

None that I am aware of.  There's a lot of investors selling off duplexes in Bradenton now for stupid high prices with rents look like haven't been increased in 10years though, I'll be raising rents as soon as I can beat out the cash offers $20k above asking...

@Scott R. I use Mike Goreski (PM me for number I guess) for all my personal and rental properties, has always beat the competition I’ve quoted and very personal guy.

@Matt Davis that's a big NO, definitely not in a B/C rental, won't return the $2-4k you'll be putting into it. Unless there is water damage, they look fine, like others says repaint, hardware, and countertop delaminated/surfaced. Sink is done, renters expect shallow double sinks, everything else is over processing waste.

@James Bradin lol I think you mean Bradenton is between St Pete and Sarasota. Market is difficult, I see much cheaper deals from wholesalers in the Tampa area than down here lately

UPDATE: I called maybe 8-10 local CU and national banks here, and TD is the ONLY one left that I found that would do either a HELOC or a cash-out Re-fi on an investment property! Here's what they offered on my (guessing ~$160k valued SFR).

HELOC: Assuming open checking acct, if Primary/Secondary home only $99 origination, no closing costs and 3.74% rate, 10/20 draw and repay. ON INVESTMENT property it would be 5.24% and about $2k in closing costs paid by borrower.

REFI: 75% of ARV after 6 months, 3.625% as of today ( I need to wait 2 weeks for my 6 months), + 3.375pts, + additional $3,800 in closing costs. So just under $8k in closing costs but this is on 30yr fixed rate mortgage.

I'm going to do the cash-out refi! Thank you for the help finding these guys!!! Might take them up on a personal residence HELOC as well if I need to tap into more...

Hey everyone! Very informative thread to stumble upon when searching if it was possible to get a single RESIDENTIAL loan on multiple SFR properties! I ask this because when I bought my last property, the deed also included the next door vacant lot, which was technically a separate address, and it was able to be loaned on conventionally. So now I'm looking at 3 separate houses on the same street, different addresses, and 2/3 bordering each other. Outside of a commercial loan, is there any way to package this up on a RESIDENTIAL loan?!

@Donald Muschany

Hey Donald! There are a handful of meetups in the area, although not sure than any are meeting in person at the moment. REI Live is one meetup group in Sarasota put on by some major players in the area, another local one started up and has a FB group called Suncoast Real Estate Investors that was meeting monthly, there's another larger one that meets at the Bradenton yacht club for lunch buffet monthly, and one more that meets monthly at a Holiday Inn near Der Dutchman off Bahia Vista. You can them all on Meetup.com, except for the FB group I referenced. Or start your own :D

I'm 32, I currently hold 5 rental units (1 true duplex, 1 SFR zoned with multiple dwelling units that I currently house hack with wife and I living in smaller unit mortgage free, and 1 SFR) and flipped 1 SFR sold mid-COVID for a small profit. All in Bradenton and Sarasota, FL.

My acquisition strategy has been all over the board. First duplex was an MLS find in a HOT HOT market two years ago, was listed overvalued, and I significantly low-balled and found seller at the right time to move it. Second non-traditional duplex also same story, but I bought it as primary residence to house hack. This is a SFR with a separate dwelling unit on almost an acre - personally this is an amazing and untapped value to me! I'm house hacking and living in smaller 800sf unit, renting out the main 1,150sf unit with pool, on almost an acre and living for FREE FREE FREEEEEEE and even making maybe $100/mo. In a hot market especially, I think this should be the #1 way new investors look, not just for the house hack advantages (although that is easily enough reason), but also because they aren't zoned like traditional multifamily where investors are searching for on the MLS, and they're not as attractive to regular home buyers who don't want that added value/cost/space on their yard with the additional unit.  I think a solid ADU property is an investing sweet spot!

My last flip (SFR) and SFR rental were both purchased via a wholesaler with a combination of private lender, personal funds, and 401k loan. Like everyone else I stopped finding properties on the MLS worth the $$$ - so I began networking on FB REI & buy/sell groups and contacting folks selling homes.. all cash.. who were clearly wholesalers. This networking got me into buyers lists where I could see all these, comparatively, amazing deals! Now it's my main mission to begin sourcing my own deals and I'm taking steps to begin marketing campaigns to pull my own off market, deeply discounted properties.

Each different property type and acquisition strategy presented different and unique challenges and fears, but the momentum is real, as is the confidence and success in JUST TAKING ACTION.  Good luck my friend!