All Forum Posts by: Judy Tagert

I used a HELOC to fund a saltwater pool and landscaping for a historic investment property w/ 4 apts in Old Northeast area of St. Petersburg (right by Coffee Pot Bayou and downtown area) and that upped the rental income significantly. I feel it was well worth the investment of adding a pool and upgrading the curb appeal.

I agree w/ Denis...tile and vinyl flooring are the best options. Hardwood and composite scratch and dent along w/ warping if gets too wet.

I bought an investment property recently (May) w/ 4 apts. I got busy w/ renovating 1 building as it was empty and neglected to get new leases signed by tenants in other building. I have significantly improved the property as a pool is being done now in the courtyard, landscaping, fencing, etc. 1 tenant is month to month which i can raise the rent. The other tenant signed a lease w/ the previous owner which ends February 2018. Do I need to 'honor' her lease or can i raise the rent when i have her sign a new lease? I own several investment properties but have not had this situation arise before. 

Oh, and i did do a BRRR and only out of pocket $5K for escrow and extra cash for renovations. I used Caliber Loans and they were happy to do a refi on a rental property.

Hi Mark,

I live in Madeira Beach and have several rental properties out here that stay rented but wanted to diversify and buy on the east side of 4th Street North in St. Pete (Old Northeast). I was able to buy a 4-plex on 1st Street N that was not on the MLS through the realtor as a private sale. I am in the middle of renovating and hoping to get really good income. Having to put a lot of money into it to bring it up to 'par' with the neighborhood as it was just neglected for a long time. Putting a pool and many upgrades to attract the young professionals that may be here only for a year or 2.

Yes, we do have a tremendous amount of commercial development as well as job hiring, cultural, etc. happening in the Tampa/St. Pete area. Appears to be a booming area here.

Seems like real estate including rental property is in huge demand. Low supply w/ high demand.

I am a full time investor for buy and hold properties that i manage myself. I do not need a property manager as i can do it. I do manage other peoples property as a favor.  

I was a professional in the healthcare industry and happy to be working for myself now.

Glad to see some positive stuff about our area.

Love it here.

Caliber Home Loans did a HELOC lending 70%. Wells Fargo will lend up to 65% i think on rental property. I did a HELOC on a property i own w/ 4 houses and these funds provided the entire downpayment plus gave me extra cash to buy an historic 4-plex in Old Northeast.

I really do not think it is in the flood plain. No way. It is in a much higher area than the barrier islands. Maybe did not have a permit?

Diane...you are correct. They will typically lend 60 to 65% of the market value minus any mortgage.

Thanks.

I am calling Wells Fargo this morning. Wells Fargo has the mortgage on this property so i definitely will try them. 

Thanks

Does anyone know of a lender that will do a HELOC on a rental property in Florida?