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All Forum Posts by: Joshua Wilson

Joshua Wilson has started 17 posts and replied 55 times.

Post: Struggling to find financing in an RV Resort Park

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

I should have kept better notes on who I called, that's for sure.  I should have expanded on it more, but I outside of banks I talked to a few local friends who are in the mortgage side of things and got a good education on why most banks won't lend on it as a mortgage.  There's no "real" property in the deal with an RV lot and RV.  As you mention, a frame house wouldn't have those problems.  


I did keep running it down though.  I ended finding a couple of places where I could get the financing and they explained that, in more words, it's basically an unsecured personal loan dependent on my personal credit.  Further confirming what I had learned from the mortgage brokers I mentioned.  but the interest rates ended up breaking the deal.  It basically came down to signature loans for the amount I needed.  I haven't given up on it entirely but the more I dig into it, I realize that it's a long play.  And right now as my first property I need to focus on something that cash flows.

I did try one creative approach that I felt good about.  I asked the sellers agent if she would split it up as lot and RV so I could get a land loan and 5th wheel moving trailer loan.  Unfortunately the seller is in a spot where she needs to pull the full amount out to buy another place to live.

I got a little creative and met folks at several of our local banks.  Even without finding a deal on the lot yet, I still feel like I've gained from it.

Post: Looking for an investor friendly REA in the Melbourne FL area

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

a REA friend of mine gave me this loose stat last week. 5k+ agents in the county and less than 400 MLS listings.

It's forced my wife and I to look elsewhere.  I'd love to get into the MF LTR market but our $20k and this local market are just not a good match right now. lol  I wish you much luck finding a deal that fits you in our own backyard!

Post: Struggling to find financing in an RV Resort Park

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

Good Morning Biggerpockets!

It has been ages...  too many times over the years have I popped up in here full of gusto to have plans and finances change forcing me to back out of investing notions for a while.  I told myself that I wouldn't come back into the forums until I was positioned and actively looking.

I'm so excited to be here today. The culmination of a few years of financial work by my wife and I. We've got $20k ready to go and an STR we're trying to lockdown. Maybe we didn't catch the explosive STR wave a couple of years ago but we love the combined personal and STR use concept for a vacation property. plus, this one is in a place we request as AirBnB guests because we like it.

So here's the deal. A ~5000 sq/ft pull-through lot with a 2016 5th wheel on it for ~$80k in Florida. Good HOA features, amenities, and management. (according to other owners in the park). What I'm finding is that this isn't something we can really finance. I've talked to two banks and a credit union. I'm hoping that the fine folks here at BP will have some thoughts.

Unfortunately, with all my equity and financial planning, I still can't pull that kind of money out of everything I have access to.  It seems like my best options are getting an $80k loan from a family or private lender.  I just don't want to pigeonhole myself until I know for sure.  

Post: Duplex with shared pool + how's my math?

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20
Originally posted by @Kerry Baird:

@Joshua Wilson, my vote is for keeping and renting.  Inflation induced debt destruction is one of the major benefits, as touted by one of my favorite real estate educators, @Jason Hartman.  With all of the recent money printing, combined with local demand and new business creation, rents will be on the rise.  

You have an asset, a basket of commodities, in each property.  Lumber is on a tear, copper is rising...these elements (and more!) make up houses.  The over-all value of houses (+ $ rents) trend up during this type of economic season.  Use the rents to pay down the debt, and to save up for more property.  

You can always take some equity out with a refinance (once your debt is cleaned up some), or with a HELOC. That is nice cash flow, and will sustain you in the inevitable dip that comes in the future.

I think a portion of what we're struggling with is the mentality shift.  We've spent a few years working ourselves down to only carrying debt on our primary residence.  Our ultimate starting platform.  When we look at the monthly cashflow versus the return we can get from selling it's a tough call.  Torn between ready to start and finishing our original plan.  

In short, we either cashflow $350-$500(which is great in itself) or we sell and pay off debt freeing up ~$900 a month and put our 6 month nest egg back together.  From a pure cash flow perspective, selling helps our household bottom line doubly so.  Having the fortune to live below our means already, this will become ~$900 that goes into high-yield savings.  Basically, it defers buying a rental property until next summer/fall in exchange for a huge amount of financial stability.

It's a tough one for us!  No real bad answers here. lol

Post: I would love to read your business plan

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

Hello BP,

Would you be willing to share your REI business plan with me? Our goal is SFH / MFH LTR properties in Brevard County, FL.

Thanks!

Post: Looking for Property Management - Brevard County

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

@Kerry Baird, that's a bummer.  As they say "No one will take as good care of your things, as you will."  I keep seeing Zillow's rental service popping up.  What made you decide to go with Zillow over other options?  As I understand it, Zillow can be used for leasing and rent collection as well.  Any reason you took those on yourself?  Having the right tools will certainly make landlording simpler.

Can I read a copy of that lease?  I'd love to look it over.

Post: Things to do before seeking a mentor

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

@Henry Clark Thank you for this!  Any chance to see someone else's business plan always leads me to things I hadn't considered.  In there you pointed out taking down contacts.  I need to get better at that and start building out a contact list.  

Post: Looking for Property Management - Brevard County

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

Hey BP,

I've reached out to a couple of companies through the BP site listings, but I'm looking for a property manager.  My wife and I are having a new house built, and we are on the fence between selling our current house or renting it.  Basically, with what we would make, it's a trade-off between paying off our debts and focus our already aggressive budget to save and buy an investment property or simply start landlording with this one.

I'm hoping to talk with a couple of property managers who are familiar with SFH LTR in Port St. John. I'm looking for a PM for the first time, so I'm going to have a ton of questions. it's a start towards getting an idea of what makes a good PM and what that should cost me, but I'd welcome any thoughts, opinions, or gotcha's from your own experiences.

Post: Things to do before seeking a mentor

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

@Henry Clark Thank you for this!  Any chance to see someone else's business plan always leads me to things I hadn't considered.  In there you pointed out taking down contacts.  I need to get better at that and start building out a contact list.  

Post: Duplex with shared pool + how's my math?

Joshua WilsonPosted
  • Rental Property Investor
  • Palm Bay, FL
  • Posts 58
  • Votes 20

We're in a pretty good spot with the finances if we decide to rent it.  Monthly costs with homeowners insurance are about $1240.  Based on what my agent and I are seeing this house will rent for $1600-$1700.  So that's $350-$450 a month. Assuming it's less when it's switched to a landlord's insurance policy it could be pretty good.  We've been budgeting really hard the past couple of years and we're still only a couple of years out from paying our debts off with no change.  If we rent, we won't realize any of that money.  Saves us money on taxes and turns the investment into something self-sustaining much quicker than if we try to work it into our budget for bill pay off.