All Forum Posts by: Jordan Garcia

Hey Miguel! I’m an appraiser and a Realtor. I agree that pulling relevant comps could get you a great idea of what the home is worth and if you do get a loan on the property the lender will order an appraisal anyway. I can hook you up with a great lender in the area, I think you start with connecting with a lender. No need for a realtor if you’re not planning on selling. 

Thank you!

Hey! I'm looking for a Miami agent that has experience in short term rentals to collaborate with. I have a buyer looking for a 2nd home that can operate as a STR while they're not occupying. They're looking in both Tampa Bay and Miami so I would like to have someone who's experienced in Miami to help them in that market. Do you know anyone who would be interested in helping? Their criteria is below.

- Pre-approved by local lender $400k

- 2/2 condo on or close to the water

- STR permitted

Quote from @Amber Straub:

Thank you for replying @Scott Trench! What an honor!! 

Currently, my mortgage is $3100. The other half rents for $1900 (slowly increasing from the $1400 I inherited) and I do long term rentals in my efficiency unit on my half to traveling nurses making an additional $1150 monthly. This eliminates my mortgage payment.  

if I can find a way to move out of my half, I can bring in at least $1500/month on top of paying my mortgage. 

I have looked into HELO/HELOCS but am finding some push back as it is an owner occupied duplex verses a single family. Still working on that piece. I feel the refi/HELO/HELOC next step is a major hole in my investment career I need to understand more about that.

I could house hack another duplex here in this very sought after market.  It would take my cash reserves if I don’t find a HELO, it wouldn’t be the best living situation but it would be worth the sacrifice for a year. 

I am hopeful the first 5 years is a slow painful growing experience and it can take off from there. I just want to make sure I’m not missing any key pieces. I have been dedicating all my free time and creative space to real estate investing education but still find myself unsure as a newbie! 

TD Bank and PENFED offer HELOC’s on multi family and investment property. If you can get approved for a HELOC I think that’s a great option for capital since you only pay interest on funds that have been drawn and it will allow you to access equity w/o trading in your current interest rate. 

@Mya Toohey

Who's the lender? I would like to get in contact with them so they can reach out the next time they need an appraiser with STR experience.

Quote from @Mya Toohey:

Hello all,

I recently had this happen, I have a client working with a great lender doing a DSCR loan. We paid at market value for the house and the value appraisal came back great.

Fast-forward to today- appraiser said the he hates STRs amd will not appraise value on DSCR using STR numbers only long term, which in this case tanked the the loan. So, we had to move to a bridge loan, lender said he could close it 3 days, mind you we found out appraisal value the day before last week. Is anyone else seeing this? I am in the Tampa Bay Florida area, specifically, this property in Saint Petersburg. Any recommendations for a good STR appraisal would be greatly appreciated.

Hey Mya, 

Did the lender specify whether they would allow the appraiser to use STR's rental comps?? I'm confused why this appraiser would refuse if that's what the lender was asking for.

Honestly, TD Bank has been really slow and pretty bad with communication and the rates and term are pretty standard throughout the industry for HELOC's. I decided to go with TD because I was initially trying to get a HELOC for an investment property and they are one of the few that offer HELOC's on investments.

I'm currently in a similar situation, I house-hack my primary in St Pete and I don't want to sell but I also would like to access my equity for another deal. I just got approved for a HELOC through TD bank. They underwrite the loan similarly to how they would a refinance or a purchase but I think it would be worth giving it a try. It's an ARM with a starting rate of 4.94% with a 10 year draw period. The credit line is also revolving so once you pay the funds back the full amount of the credit line is accessible, which IMO is a HUGE positive for using those funds for rehab costs or down payments.

Hey @Elizabeth Martin, 

I’m sure the appraiser made a mistake and will correct the error. We are not required to copy the information on the tax records. If he did an in person inspection and there are legitimately 4 bedrooms then his/her sketch should show be labeled accordingly. I would check the sketch and count how many rooms are labeled bedrooms. I hope this helps! 

Hey @Kelly Orth, 

I've heard great things about the STR market in Fort Myers. I would also look into the Tampa bay market and surrounding sun markets that are a little south like Sarasota. A cheaper more rural area would be places like Crystal River, which is beautiful and sees a high amount of tourist traffic for such a small city. Let me know if you have any specific questions! Good luck :)