All Forum Posts by: Dillon Cook

@Jared Hockensmith

The house hack, while maybe not the most desirous of options in Tampa, does sound like your best path forward. I'm married as well, and could not get my wife to agree to that... so I understand

@Jared Hockensmith

That's awesome.

Does this describe what you're wanting to do?

A hard money/private lender gives you 20% down (and maybe closing and rehab costs?) to buy a property that is distressed. Fix it up to gain the 20% equity back so when you refinance, you can pull the original 20% out + interest to pay back the lender.

Two things I would worry about in this market is if you can find a good enough deal to gain that 20% equity (always harder with your first deal) and the cash flow after you refinance. Maybe you don't get revalued where you want and have to sell as a flip. Could still be worth your time.

Very customary in the Tampa area to show prior to receiving applications. Sometimes we receive applications sight unseen, but we still prefer to show the property to reduce any liability. Like others have mentioned, it also gives you an additional screening process. Great comments in this thread!

I've done thousands of rental showings. After just a few, there are some small indicators you start to pick up on. One of the biggest things to me, personally, is them being respectful of your time and making a strong effort to arrive as scheduled. Not 15-20 minutes late without explanation.

Also, showings set us apart from the scammers (which are ramping up to the highest levels I've ever seen), and it reduces any backlash you have of someone applying sight unseen and claiming the property is not like the pictures online.

@Hunter Copp

It really does vary by which state you're in, but the previous cosigner advice is good. In FL, we don't really consider cosigners anymore because it's too hard to financially hold them responsible - per attorneys we use in FL. We prefer extra security deposits or last months rent.

@Preetha Dutta

Settling the issue with them, first, would be your ideal situation.

@Angus Leavey

Save. Be wise and frugal. Assuming your living situation is covered by family for the foreseeable future, don't waste money on consumables (those Bang energy drinks, as an example) that you know you don't need and will forget you ever had when you turn 21.

Many of the other comments are good too.

Dave Ramsey, "Live like no one else right now, so you can live like no one else later." Or something like that.

I have my guesses, but I'm not an expert. I would set up an appointment to speak with a local mortgage officer. I decided to get the personal residence lined up first and sling shot into a different SFH in 3-5 years with a cash out refi and rent this one out. Or just save up 20% down in 3-5 years. The benefit of buying a house to live in first is being able to put just down 3-5% and start building equity the day you close and not needing a partner right away.

@Jeremy Lee

For the last 6 months, we hear about Californians exiting CA. Theoretically there are fewer people coming in than leaving. Do you agree with this? If so, why would RE prices (especially in your area) continue to act this way? That's crazy.

It's uncommon to see less than 10 offers submitted on a starter home in Tampa. I see many folks coming in from the Northeast. Every day, I think I speak with someone trying to move down from New York (renters and buyers).

@Erica Cauley

We have had great success charging just first and deposit (deposit being same as rent rate) for tenants who meet our strict criteria. For those qualified, we don't want to charge too much up front so I think this is a good middle ground.

Anything outside our criteria by a hair (and not by too much) will require last months rent, double deposit, or both.