All Forum Posts by: Caleb Sonneman

Thanks David. DSCR does not allow owner occupation. So with hard money, the big con is a higher interest rate, correct? My hang up with private money is am I looking for one person with tons of capital willing to trust me, or do I pool a bunch of people together and give them all a percentage each month?

I like it! Thanks 

I just moved to Tampa, FL, started a new job as a real estate agent, and am loathing paying rent, because it's nearly $2k a month I will never see a return on. I don't qualify for a traditional loan, because of the lack of 2 years commission income. So, here's my question: How would you acquire money to buy a home as a temporary residence, potentially flip, or rent out and add to your portfolio?

Hello James! House Hacking my 3/2.5 townhome was one of my first experiences in investing, and I did it in Fort Myers, FL for 3 years. I used FurnishedFinder.com and rented out my two bedrooms and stayed in the master. I would suggest first going through your HOA docs/rules to make sure you don't get fined. My HOA was fine with mid-term renters as long as I was staying in the property. If you use FurnishedFinder, traveling professionals like knowing the owner is staying in the property. If you try and rent the entire house out, rent it out as the entire house, not per bedroom (I learned that the hard way).

When you bring someone in, go through the normal process as you would any tenant screening. Interview them, make sure they are a good fit, and have them sign a standard legal monthly rental agreement. For me, parking was a hurdle. Your experience will be different than mine, but have a plan and take action. 

Good luck! I'm here if you have any questions.

 Awesome! Glad to hear that. Good luck, Lisa!

How often, if at all, do you recommend walking your long-term investment properties? What I mean by ‘walking’ is either you personally, or your PM, physically walking through the unit to ensure the renters are taking care of your property. 

Mortgage brokers are salesmen. A good salesman will treat the high-end buyer the same as the low-end. You never know what treating someone right will produce (referrals, repeat customers). If he is making you feel second rate, move on to someone else who will treat you exceptionally.

Hey Rolando! Congrats on the new endeavor. Two suggestions I have for you is 1) Have you thought about House Hacking? Your idea for a new construction is a good strategy right now, because builders are offering a lot of incentives to buy their inventory. House hacking a bedroom or two in your new home will give you both landlord experience, and subsidized mortgage payment. 2) The mid-term rental space is much less saturated than the short-term space, and gives you more monthly income than a long-term rental. The downside is the turnover (3-6 months on average) and you would need to furnish your current residence. 

For more information on the mid-term rentals, I would suggest following Jesse Vasquez on Instagram or Facebook. He has great content.