All Forum Posts by: Angelica M Garzon

Hi everyone!

I am starting an Airbnb In St. Petersburg Florida and received an email from a friend realtor that really worried me. Pretty much, it was a city rules and regulations article that banned short term rentals in Pinellas County.

Does anyone run an Airbnb in St. Pete that can give me some pointers on the required paperwork so I don’t get fined? There are a LOT of listings near my house.

@Al Pat

Hi Al!

I recommend you try Cozy.com

When you list with them they’ll list on a lot of platforms. It’s free.

Good luck !

@Renee Chase

Hi Renee,

I know private lenders that offer long term rental loans do not ask for tax returns. You just have to show a certain amount of cash in the bank. However, from my experience these are for properties YOU WILL NOT reside in. So, for your own home I am not sure if they will work but if I were you I would definitely reach out to them and ask.

I recommend RCN capital. I have a rental with them.

Now, the other thing you could do to get a little creative is to purchase said home cash, and then either refinance (it'll be much easier for you to get approved if you already own the home) or take out a HELOC and use it to invest in other properties. Theoretically, you could have 75-80% of your money back in less than 6 months.

Hope this helps and good luck !

Hi everyone,

I am shopping around for lenders for a multifamily property I am under contract for in North Augusta, SC.

Anyone know a local hard money or private money lenders that are familiar with this area?

Deal info:

Purchase Price $195,000

NOI= $30,905

Purchase Cap Rate : 15.8%

Value add plan to raise NOI to $45,954

Market Cap Rate 9.5%

Value Add ARV = $483,726

Thank you!

Hi Michael! 

I would say you're a level up from intermediate lol 

I grew up in central Florida and invest there too, it's definitely a great market and there are still good deals to be found. 

I suggest you sign up with Capital Real Estate Pros if you haven't yet. They are wholesalers and I've bought one property from them so far. Their ARV's are sometimes exaggerated(like every wholesaler out there) but they do have good properties here and there.

Right now i am looking into a flip in Sorrento, so we will see were that goes! 

Good Luck with your new acquisition ! 

Hi Cheri, 

Are your questions about 1031 exchange or opportunity zones? Did you sell in an opportunity zone or do you want to invest in an opportunity zone? 

Since, I am not sure about your question I suggest you read this AMAZING article that breaks down OZ

https://www.forbes.com/sites/anthonynitti/2019/04/22/irs-releases-latest-round-of-opportunity-zone-regulations-where-do-we-stand-now/#e79fd7927727

Hope this helps and good luck !

Hi Colan! 

Florida is a really good market where you'll see $100,000 house = $1,200 min rent - $200,000 = $1,800 min rent etc... 

This depends on location though !!! NOT THE RULE! 

I would look into Deltona, Orange City, Eustis, Sanford, Lake Mary. 

South Carolina is really good as well specially if you go to small towns outside of big cities. 

I have a duplex in Hampton county, I would also recommend North Augusta and Columbia. 

Hope this helps and good luck!

Hi Shane, 

Oh man, that interest rate is a killer! Nonetheless, it's cheap money and hopefully you're cashflow positive! 

I would first check my loan terms and verify if you have any type of pre payment penalty (which you most likely will).

I would then do a side by side comparison chart with your expenses if you were to 1. refi out of the ARM and pay penalties+closing costs on new loan for a period of 5 years with your new interest rate VS. 2. keep loan as is and pay your current rate for the next 5 years and the refi at that point with that year's current penalty.

Hope this helps and good luck!  

Hi Cameron, 

If your goal is appreciation over time then i would stick to Seattle and get creative with financing. 

If your goal is appreciation (which you already have some investments in this area) and long term cash cows, i would diversify my portfolio and look into other markets that have high cash flow and slower appreciation. It all depends on you! 

Hope this helps and good luck!

Hey Mark, 

CAP RATE= NOI/PURCHASE PRICE OR NOI/CAP RATE= PURCHASE PRICE

NOI= GROSS INCOME - EXPENSES

So, you should look for the NOI of the deal you're currently analyzing and divide by the purchase price to get your cap rate OR if the listing agent provided "their analyzed cap rate" (which is incorrect half of the time" i would do NOI/CAP RATE SHOULD EQUAL PURCHASE PRICE.

How do you know you're buying at a "correct" cap rate?

1. Look at sold comps in the exact same condition within the last 6 months

2. Contact commercial brokers and ask them what the zip code cap rate is 

3. Contact commercial property appraisers and ask them what the area cap rate is 

These will most likely all vary and you will have to come up with an average. 

From experience big cities are going around 4-6%. 

Now, cap rate is really just a way to determine the value of the building, at the end of the day what's really important is that you're cash flow positive after expenses and debt service. 

Hope this helps and good luck!