All Forum Posts by: Jay Weathersby

Hello Brock, yes, I was able to close on a single family in East Orlando. I am currently providing student housing out of the main home and short term rental out of a 1/1 suite.

This home sits on 1 acre of land. I am actually looking for a developer I can partner with to develop mult-family tiny home capsules on the back part of the lot. This will be used for Affordable Housing. Orlando/Orange County has been pushing for more affordable housing development due to lack of affordable housing and increasing population.

I am currently working on putting together a re-zoning application.

Are developing in Orlando, Fl?

I also have a desire to use tiny and/or container homes to provide affordable housing in Orlando. Central Florida is going through an affordable housing crisis and a lot folks here are clueless. The zoning laws need updating to allow tiny and container home communities. If it is ok with you lets connect.

0 Votes

All hard money lenders I have spoke with requires the investor to have some skin, risk in the game. They require at least 10%-20% down before funding the project and rehab.

2 Votes

Originally posted by @Joe Villeneuve:

Originally posted by @Maria Luna:

@Steve Rozenberg

I appreciate your advice, I for sure plan on learning and getting familiar with all of the Michigan laws before I start. As for the business plan and setting up the business structure, I have a degree in Business Administration and accounting, I got that part. I don’t plan on doing anything to big, maybe 20-30 properties. I just need some extra income to go with the rest of my investing, and I’ll be doing what I like doing. And I’m the same way, I learn better from people than from books.

20-30 properties will take up most of your time. This won't be a supplement to your other incomes...it will take it over.

20-30 properties will need to be paid for with all cash since it will be very difficult (spelled "impossible) to get traditional loans due to the low cost of the properties. This means you will need to have at least $50-80k in cash (bare minimum) per property. That's somewhere between $100k - $250k...just to cover the initial cost. You will probably need at least another $100-150k liquid at all times to cover the "surprises", or as you put it "challenges" of owning these properties.

Or she could use the BRRRR strategy that is mentioned a lot on this website. That way she's just recycling the same money right?

2 Votes

Check out the HUD 221(d)(4) loan.

https://www.hud.loans/fha-221d4

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Originally posted by @Jay Hinrichs:

Bea I did not own any.. but I had multiple clients that bought them in Phoenix.. and they went 100% vacant in droves and they lost them to the bank.. the market for rentals tanked so bad there .. there was not enough blue collar workers to put into them no matter the price.. saw that in Vegas as well.

this was mainly in areas were new construction was HOT and when it stopped it came to a screeching halt and all those sub trades found themselves without a job.. and simply left.

my clients bought multiple MF from me in the Portland Vancouver market.. they lost some value but did not go vacant. these were lawyers and very professional types from SF bay area.. it was a disaster for them multiple foreclosures on their fico's.. it stung bad.

Not saying that will happen in the future as I am gung ho new construction personally.. but it did happen. I saw it.

Just curious did any of your clients consider renting to Section 8 tenants? As construction jobs dried during that time more folks became reliant on government assistance programs like Section 8. I rented out my SFH to a Section 8 tenant when it lost 50% of its value in 08.

3 Votes

Originally posted by @Courtney Radmall:

@Anthony

@Anthony R. we purchased our first investment in orlando area. We are currently living it and renovating it and will have our first renters at the end of June. What is the monthly cost for Proper? I know it probably differs depending on the property and coverage but just a ball park would be helpful to know.

I am interested to learn more about the purchase of your first STR in Orlando. I live in Orlando and have been considering STRs.

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Originally posted by @Darius Kellar:

@Jay Weathersby @Chris Mason

My biggest regret during the housing crisis was buying everything cash! Being young and growing up everyone told me to pay cash for everything and pay it off. If I would have went against the grain and mortgaged 3% down or went through owner financing for all of my properties I then would have alot more rentals. I probably left 500K on the table because I thought that paying off things was the key for me and it wasn't.

I would have probably did the same thing back then if I had the cash. I didn't understand the value of credit, lending and using someone elses money instead of my own. I didn't like owing anyone when I was younger.

1 Vote

Originally posted by @Darius Kellar:

@Chris Mason The ones that got scared and defaulted. LOL They defaulted to me because I bought one for 2,500 bucks and now its worth 80K LMAO

Nice bro. Just like the stock market the best time to buy is when everyone is fire selling. My only regret during that bubble is not being more aggressive. I should've emptied my 401k and went for broke.

4 Votes

Originally posted by @Adriana Diaz:

Originally posted by @Jay Weathersby:

Originally posted by @Adriana Diaz:

Originally posted by @Jay Weathersby:

Have you considered Section 8/Housing Voucher Program???

Good morning Jay,

That’s something to consider. @ John Morgan mentioned it and I’ll definitely look into it. Are you familiar with the process? I need to research and get educated on it.

Thank you very much for the info!

Addie-

Yes I am familiar with it in the areas I have rentals. The process could be different in your area, but I am pretty sure they will require you or a representative to attend their landlord training. Also your home will need to be inspected by their inspectors prior to approval. Here are a few links that could help.

https://www.fwhs.org/landlords/

https://affordablehousingonline.com/housing-authority/Texas/Fort-Worth-Housing-Solutions/TX004

Thank you very much Jay I really appreciate the info.

How long did the process take to take the landlord class and remters through Section 8?

Usually the landload class is about two to three hours. After the class you can officially become a Section landload. I immediately started to get calls and emails when I put my home on the GoSection8 website. Be sure to screen your tenants and preform online background checks.

https://www.gosection8.com/

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Am I the only one that still owns property from the mid-2000 Housing crisis/bubble? I built a new home in Northern Virginia in late 2005 and watched it lose 50% of its value the next few years. I was over $200,000 in negative equity. Instead of a short-sale or strategic defaulting I rented it out to cover the mortgage. I’ve been renting it for over ten years while watching the value increase near what I paid for it. This time patience has paid off for me.

6 Votes

All Forum Posts by: Jay Weathersby

Jay Weathersby has started 3 posts and replied 42 times.

Post: Want to invest in Multi-family in Orlando, FL near UCF!

Post: New to Hard Money Lending - Analyze this deal please

Post: Moving to Detroit to invest in real state

Post: Need help w/ new proposed development on current rental property

Post: anyone live through the 08 crash with a 4plex in their portfolio?

Post: Home Insurance for Short Term Rentals

Post: Anyone still own property from the 2000s Housing crisis/bubble?

Post: Anyone still own property from the 2000s Housing crisis/bubble?

Post: Having trouble renting our investment property . Any feedback ?

Post: Anyone still own property from the 2000s Housing crisis/bubble?