All Forum Posts by: Brian Moseley

Our PM company is a small, locally owned company. Justin Galambos also owns his own rentals on the island, which makes them dialed in to the market and clients. Their rates are very reasonable and they are awesome. We have been with them for 2 years now and could not be happier.

https://www.kajukaproperties.com/

It is my understanding that in Florida, Title companies can also conduct closings. This may be something to think about in the process

We own in Cortez and use Justin Galambos. He owns rentals on the island and does a phenomenal job managing ours.

https://www.kajukaproperties.com

We own a short term / seasonal rental in Cortez, which is 3 minutes from Anna Maria island on the mainland. I think using a local certified property management service helps keep a lid on a lot of the issues revolving around over occupied properties, loud parties and problems with the neighbors. Our P.M. is a local and he also own rentals both on and off the island. He is intimately familiar with the local and state regulations and ordinances. It is definitely worth his fee. We live in Georgia and are thrilled with the results. 

Thanks, 

We have a newly constructed 3/2 on a large lot that is a three minute drive to the islands. We have a lot of equity, good credit but are short on reserves due to the construction. we plan to rent it out monthly for a year or two until we complete the upgrades to make it a seasonal. 

We are trying to decide between a REFI or a HELOC. Do both require a large reserve amount?

Hi guys, can anyone in the Bradenton, Sarasota, Tampa area refer us to good lenders who offer HELOCS on investment properties? Thanks for your help!

@Luke Grogan

Thanks, I will send you a pm

@Stephen David Smith Jr 

Thanks 

@Nathan Click, @Jay Hinrichs, thanks for your replies!

Hi all, I am asking for you experienced investors out there to offer your suggestions (and advice), on some lenders who offer the best options for drawing out equity in our rental in Bradenton, Fl. We inherited the property and have begun construction. The old home is being replaced with a new, elevated home. Our current (and new) mortgage balance is $225k. We need an additional $60k to bring the home up to "Vacation Rental level", i.e. swimming pool, furnishing, landscaping, decorating. The appraised value (completed) of the property for the existing loan is $335k and an updated appraisal is expected to be $20k - $30k higher with the recent reports in local property values. 

The plan is to get a 6 month to a year monthly lease on the property, to cover the debt to income ratio, and then either attempt a cash out refinance or an equity line of credit. We would need a loan that includes the rental income in the equation. My concern is that I may not find a lender that will loan the required LTV amount, to provide what we need on a cash out refi.

My questions for those "in the know" are:

1. Any suggestions on the best lenders / banks / funding in the area on investment properties?

2. Do I need a lease in hand prior to applying for funding or do they use an estimated monthly rental amount. My P.M. is anticipating approximately $250 / month profit over our costs on the monthly rent. Once it goes to a Short term rental, the profit will be much higher.

3. Does anyone have any "out of the box" financing solutions for this type of scenario, that have been successful for you personally?

4. Anyone have any advice on pitfalls to avoid from personal experience in this scenario?