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All Forum Posts by: Joey Anderson

Joey Anderson has started 2 posts and replied 5 times.

Post: New accountant needed for business and small real estate portfolio

Joey Anderson
Pro Member
Posted
  • Investor
  • Tampa, FL
  • Posts 5
  • Votes 6

I have had the same accounting firm for 12 years taking care of my businesses and real estate. Unfortunately, new partners/ownership don't seem to value relationships and lack follow-through.

I'm in the Tampa area and looking for a full service accounting firm/company. Filings for 2023 are taken care of, however I need something in place now for 2024. Please reach out.

Post: What are some current DSCR loan options?

Joey Anderson
Pro Member
Posted
  • Investor
  • Tampa, FL
  • Posts 5
  • Votes 6
Quote from @Alex Roter:

Hey @Joey Anderson, typically I see 30-year fixed-rate options, with rates in the 5-6% range. Typically, lenders are okay with using 100% of the rents to qualify as income. Since DSCR loans are for business-purpose (not personal use), lenders will make sure there's no indication of you living (or planning to live) at the property in subject. You'll most likely have to own your primary residence and prove that you live there.

Hope this helps.


 Thanks Alex. What's typically the required down payment, 20%?

Post: What are some current DSCR loan options?

Joey Anderson
Pro Member
Posted
  • Investor
  • Tampa, FL
  • Posts 5
  • Votes 6

Hey guys, I'm looking for DSCR loans for propert in the great Tampa Bay Area. I'm looking for 2 or 3 4plexes or an 8-12 unit.

What are the going rates and terms?

What percentage of rents counts towards income?

All feedback is appreciated. Thanks.

Post: Tenants didn't pay their utilities, now properties liened.

Joey Anderson
Pro Member
Posted
  • Investor
  • Tampa, FL
  • Posts 5
  • Votes 6

@Brian Crowe

Talk to an attorney.

For future reference, as somewhat already mentioned, is to make sure that there are no liens on the property prior to sale. Once you have a tenant, have them provide an up to date statement of there water bill upon renewal and/or vacating before returning their deposit.

Hope you get it resolved!

-Joey

Post: Buying Real Estate with Cash. The safe snowball effect

Joey Anderson
Pro Member
Posted
  • Investor
  • Tampa, FL
  • Posts 5
  • Votes 6

@Samuel Iwu

I would highly recommend looking into the BRRR method. It is the absolute sweet spot between cash buying and financing.

Everybody has their preferred method. However, one thing is for sure. Gaining specialized knowledge, and taking action are mandatory ingredients to being successful. Best of luck on your endeavors!

- Joey