All Forum Posts by: Michael Valerio

It's not a bad idea at all. The challenges will be the recent tightening of qualification standards, but if you've got some reserves, proof of decent income, and a credit score above 700, you should be fine. The rates are reasonable (mortgage rates just dropped again yesterday as an attempt to offset the standards tightening, which effects Home Equity Lines rates as well). My advice would be to do your best to find a deal that will have you all in under 80% of the After Repair Value. Doing that will (as you may already know) will avoid PMI when you refi into a permanent loan, thus satisfying your HELOC. I found this link for you to check out current HELOC rates.

https://www.valuepenguin.com/mortgages/average-home-equity-loan-rates

@John Underwood raised two very good points.  One thing to consider would be the fact that if things do actually get as bad as some of the "gloom and doom" predictors are suggesting, the potential tenant pool for S8 rentals would increase (as more people would be forced to apply for subsidized housing).  

This is one of the most useful and resourceful posts I’ve seen in quite sometime. I can’t thank you enough. Absolute gold my friend. 

Hi there Morgan.  It looks like this was posted quite some time ago.  How has your experience been so far in the wholesaling arena?  Would be happy to help in any way possible.  

to your success,

Mike Valerio

One thing to consider when purchasing a vacation rental is to look at the amount of domestic tourism, or stay-cationers that visit the area. If the vacation rental is in or near a metropolitan area, your chances of high vacancies during an economic downturn are far likely to be lower. An example would be a VRBO in Miami vs a VRBO in Hilton Head. One more factor to consider would be the amount of international tourism the subject area has.

I have to agree that there are far better deals out there on the west coast of Florida...

In search of SFR inventory in Pinellas County Fl. High end, low end... it doesn't matter. send anything you have.

Hi there BP community!  I am looking to purchase some houses in North Pinellas county and South Pasco county.  If you have anything in Largo, Clearwater, Seminole, Safety Harbor, Palm Harbor, Dunedin, Tarpon Springs, Port Richey, New Port Richey, or Holiday,  please send me what you have.  I have a pretty big appetite at the moment... I'm willing to look at anything with a little meat on the bone.

thanks

Find a new realtor... if the guy doesn't provide service and see the long term/ bigger picture, he's average. Never work with average people

Mike, It is never a good result for any parties involved when a transaction falls out. I understand that this can be frustrating, but we were disclosed as much information as you were. We try to be very clear throughout or 8 page addendum that we know very little (if anything at all) about the properties we sell beyond a visual inspection.This includes permitted additions and any other types of home modifications made to the home. My understanding is that a previous inspection was provided to you that the seller ordered several months ago.  I do not believe it was a seller's disclosure.  This was provided because you requested us to pursue any information the seller might have and we forwarded what was given to us.   I can also confirm that this property was not sold to another one of our investors.  Someone made a purchase agreement outside of us being involved.  We lost our deposit the same way you did.  It was an all around lose-lose situation when you decided that the property was a no go.  Again, my apologies for how this transaction turned out, but we try our very best to make it extremely clear that we have zero knowledge regarding the integrity of the property.