All Forum Posts by: Dustin Sanders

Hey Nadia, I’m a realtor here in the Pensacola area and I’ve noticed foreclosures happening more frequently as well. Btw, we just sold our vacation home down in Gulfport, FL and we miss visiting the Tampa/St Pete! We love down there.

Hey @Nathan Roodzant welcome to Pensacola & thank you for your service! I’m a local realtor I’m the area and born & raised here in Pensacola so I know the market very well. I have actually house hacked 3 different properties within the past 4-5 years with multi-family properties as well so I understand what you’re trying to do. Would love to help answer any questions for you and help provide any insight on your options with managing your house hack.

I just shot you a DM

@Carl Speer welcome to BP! I’m located in Pensacola as well and my family is all from the Ft Walton/Destin area as well.

Best of luck with your RE investing & looking forward to hearing about crushing it! Buy low-sell high & try to create some money along the way is the name of the game. 

An area you may want to consider is near Loxley, AL. There is nothing but huge construction plans in the area and they’re building a “megasite” in Bay Minette, AL for the new large aluminum plant which is expected to bring thousands of new jobs (which also means new homes)! Land & property is real cheap right now so it might be another location to look into.

Also, Pints & Properties in Pensacola is a place to connect with other investors every 3rd Thursday of the month at Doc’s Hop Shop starting at 7pm. Hope to see you there!

@Kyle Moreau Amen brother! Congrats and looking to take a leap. It’s scary though in just a few short years, it’ll open so many opportunities.

Not all lenders are created equal. Some can only do your traditional financing (conventional, FHA, VA, USDA, etc.) Some lenders can do DSCR loans (Debt Service Coverage Ratio). Some are even brokers that can shop the best investment loan options! I recommend chatting a couple of each of these of lenders/brokers to see which is the best option for your situation.

I've used 5% down conventional loans for primary residence several times to house hack, 15% down for conventional investment loans multiple times, 10% vacation home loans that allow you to rent as AirBnB/VRBO a couple of times, and have found DSCR loans through lenders/brokers as well.

Hopefully this helps and I’m in the Pensacola, FL area and would love to stay in touch to hear about your RE investing journey!

@Larken EwingYou're very welcome & I look forward to hearing more about your RE investing journey & you kicking some RE ***!

@Tyler Kellogg  just replying to this because @James Wise is correct.

 I had a lender on one of my properties that tried pulling a fast one on me and adding the discount points for an additional few thousands. I had no idea until the closing disclosures got sent over to me the week of closing. I told them to remove and the interest rate went up of course though this allowed for way less at the closing table and much quicker returns in terms of Cash on Cash Return!

hopefully this helps!

Hey @Larken Ewing, I read through most of the comments and they're not wrong & provide good advice. I'd done both when it comes to traditional financing (conventional loans) & DSCR loans and it really just depends on which route you go with pertaining to "which comes first, the property or the financing"

hopefully this helps!

Hey @David Kassen, Dustin here over in Pensacola. I typically just use the main booking platforms as well for my short-term rentals though creating your own social media accounts and consistently posting photos, guest reviews, top reasons for guests to visit 30A, etc are surprisingly helpful. We tried it with a couple of our short-term rentals and really helped during the off-season with snowbirds.

Hopefully this helps!

@Eliott Elias thanks! Do you know of any lenders offering 10% or 15% down for DSCR loans in the 7-8% interest rates?

I'm looking for DSCR loans in the 7s or 8s with no balloon payments. I'm ok with prepayment penalties before 3 or 5 years.

The property or properties will be in Florida and/or Alabama.

Does any lenders offer these DSCR loan terms?