All Forum Posts by: Dillon Cook

Most of this will never happen because we're talking a one or two-off situation.  Tire kickers aren't going to spend money on inspections before locking the deal up.

Not talking about changing the norm, but an alternative option to those fed up with dd money

Just talk with the seller and ask them prior.  If it's vacant, I don't see why not.  Your inspector better clean up the insulation they leave on the ground though.

Buy a duplex somewhere and live in one unit.  Boom, you both win.  Tampa and Orlando small multifamily remains very hot (and liquid), so it'll gain equity and you'll subsidize your mortgage a ton. 

A good deal is rare and then rarely comes without a catch (aka a reason for the good deal.. bad neighbors, boundary issue, whatever).

I'm not sure what you consider to be a good deal. Does 5% coc translate to $300/mo cash flow? $100/mo? Not sure about NC market dynamics, but 5% coc doesn't sound too bad from my markets perspective. We're at an average -4% with a starter move in ready SFH doing long term rental. That's factoring reserves and PM fee of course.

You're about to get a flood of agents who live in Tampa and have that keyword alert on Bigger Pockets.  Yes it's a great market if you're not looking for immediate cash flow.  We don't compete with the midwest because their cash flow is higher and appreciation lower.

I think you need to know what type of investment you want to buy.  The default on BP is understood to long term rentals, but I almost wouldn't recommend those right now. 

 Padsplit is a platform to rent by the room.  If you'd like to learn more about it, DM me!

Which type of associations are you speaking of? Condos? SFH neighborhoods? Others? Several had these restrictions going back 5+ years ago. I think more are seeing that as easy verbiage to weed out the airbnb folks.

Yes, don't expect cash flow initially with long term.  You missed the boat on cash flow, but not Tampa.  You have to look at Tampa differently as less of a hybrid and more of an appreciation market. 

You can Padsplit which is a nice mix of the cash flow from short term and some benefits of long term.  However, if you want a long term rental, you're better off with multifamily units instead of single families.  Investors are leveraging a lot less right now.  The 20% down doesn't work unless you're househacking, buying distressed, or going Padsplit.

I would never put in new hardwood or laminate.  They will get ruined from water or bubble up too easily.  LVP is by far the most efficient option now or again tile.  I'm not sure what type of LVP you're using that water causes it to unlock.  There are plenty of waterproof options.  We don't get snow, but we get a ton more water each year and it's way more humid so that's interesting.

Hey Alex, it is good to invest where you're at or where you're going if newer. Spring is almost here so I'd start shopping out lenders to figure out who's going to be the most competitive and get an idea of where rates are now even though they'll be different in 2 months. Also learn about which loan products are available to you and what they do.

Then speaking with an agent should give you a clearer picture of what you're looking for, run sample numbers, what type of rental, etc.  It's intimidating to do all of this by yourself.  I think it begins by talking to local people in the area and asking questions