All Forum Posts by: James M.

Hello. I'm looking for a local property management company for a short term rental on the beach in Pinellas County (specifically Indian Shores). It would be starting from scratch as the home is currently a vacation home and not a STR. It's a small 3/1 bungalow directly on the beach. Any feedback would be appreciated!!!

Hello BP Community,

I could use some advice on my current situation.  I’m recently under contract on a duplex in Pinellas County, FL.  In order to close the deal (multiple offers), I had to offer to purchase in cash and shortened the closing to 20 days.  I have the cash so that is not the issue but I’d like to free up my capital for other deals I’m working on as well.  Ideally, I would secure financing by closing but would complete the transaction in cash if need be.  My non-qm broker said he wouldn’t be comfortable assuring me that he could close a dscr loan in about 18 days and I appreciate the honesty.  It’s a big reason why I am a client of his!  The terms I would get on a dscr (1.25) on a standard closing are 30 to 40yr, 6.25%, 25% down, 7k origination.

I could immediately refinance after closing but the lender would have to use the purchase price for LTV as opposed to the market price (I purchased the property about 50k-75k under market according to my data). In order to refi at market price, I would need to wait 6 months.

So my dilemma…are there dscr lenders (not hard or private money) who can close on financing in about 18 days at the above mentioned terms?   or alternatively, is there a dscr lender who can immediately refi at market rate as opposed to purchase price?  FYI purchase price is a hair over 500k and no rehab needed.  Turnkey to rent.  Credit score high 700s.  Thanks in advance!

Hello BP Community,

I'm looking for some input on the best strategy for deploying capital over the next 3 months. So far, I've purchased higher-end properties in Florida and had good success (that was not my initial strategy to go with just luxury properties but I came across some great deals that I couldn't pass up). For my next round of purchases, I'm wondering if anyone has any thoughts on whether to continue going that route (I'm looking in North GA/TN/NC as well)? Or would I be better off investing in newer SFHs at a lower price point (i.e. buy 2 luxury properties or 10 newer build SFH?). Candidly, I'm not interested in rehab or flipping. I have about 800k to deploy in the next round and I'd be financing the deals with 10-25% down payment each (depending on type of property). These could also be a blend of short and long term rentals. I like to spread risk around so I like the idea of different geographical locations due to potential for weather events, etc.

As far as my goals... Each year, I invest my additional income in real estate and plan to keep doing that.  I don't focus on appreciation vs. cash flow.  I'm fine with rent simply paying all the mortgage and expenses and breaking even.  Cash flow would be a cherry on top so I'm not necessarily looking at a run the numbers scenario per se.  Just looking for everyone's overall thoughts on a general strategy for the money. 

Thank you to everyone in advance.  BP is such a valuable resource. 
   

Good Morning,

I have a beachfront property that I am looking to purchase but need to find a lender who will allow 10% down on a jumbo mortgage.  This is a second home and I already have 2 other rental properties producing income.  Has anyone had any luck with this?  Thank you in advance!

Good Afternoon,

I am new to BP and look forward to connecting with some like-minded folks.  I own a mix of commercial/sfh properties in St. Petersburg.  I’m looking to continue with sfh but also want to expand into multi family/apartment buildings in the Tampa Bay area.  I’m not a fix and flipper, but rather more on the buy, rent, and hold side with very little rehab (because I don't have the time for it).  Long term appreciation and post retirement income are the goals now as I'm lucky enough to own a non-real estate related company that does very well so cash flow is not needed at this point in my life.

In my efforts to continue to expand, I'm looking for solid financing options for purchases going forward (20% down or less but I know that's almost impossible, low cost and fixed interest, 25-30 years, etc.).  I also have a few sfh properties I'd like to cash out refi including one jumbo.  I'd like a one-stop shop for my various properties to eliminate as much hassle as possible.  My credit score is excellent, no debt other than real estate, and solid income.

I appreciate everyone's contributions to this site!  Such a valuable resource!