All Forum Posts by: Dakota Brown

Hi Mike - I'm here in Tampa and currently looking at a few refinances for secondary homes. There are a handful of credit unions here in FL with rates in the 6.25% - 7.25% range. Some are okay with STR but many are not. Feel free to reach out directly if you have any questions I could help with.

@Victor Zeytin Historically, you can see a corridor of increased investment demand headed from downtown Tampa moving north. With this being said, there is a ton of demand throughout the general Tampa region, especially North Tampa, and I have not see anything sell at above a 4 cap in awhile. Most acquisitions are with bridge loans due to aggressive purchase prices. Rents have skyrocketed. 

You are going to have your pros and cons in each situation. If you take out a LOC, it is going to be a variable rate. With rates rising and having monthly interest only payments, that can get expensive really quickly.

You can still get a favorable cash out refinance rate... after the rate hike today about 4.6 - 4.7% depending on leverage and the condition of the property.

Jay - I reside here in Tampa and have a good list of local property managers that are local. I'd be happy to share via email if it has your interest.

Although the market is tight right now, there are still deals to be done... it just takes a little more work to find them. 

I just helped a friend cash out refi a multifamily property here in Florida at a 4.5% rate. With inflation being over 8.5% here in Florida, it makes sense to put that money to work instead of letting it sit on the sidelines. 

As long as you can put the money to work elsewhere, I would personally utilize the SBA 7a loan. Since it is government backed, the lenders typically have the ability to take on additional risk, which in this case is 100% financing.

Thanks for the feedback Jack and Richard! I will keep you posted 

I plan on creating an extremely valuable weekly post about the commercial real estate debt and equity markets. From new and experienced investors, what topics would you like to see that would benefit you most?

In example... current rates, where the market is headed, residential vs commercial, types of financing, etc.

Is anyone with auction buying experience (preferably in Tampa or FL overall) willing to chat? Is it just as competitive as the normal housing market?

@Hilary Stalder I will keep you posted on my progress! Looking forward to hearing about your experience as well.