All Forum Posts by: Jason Luongo

His motivation is that he is 80 years old and he wants the cash out of equity. Investigate the property and it's condition. Structure the deal so that you start off with a short term lease with the current owner Incase it doesn't work out well. I don't see why you would avoid the deal if your looking to BRRRR a property. Sounds like a win win

Will do that! Thanks for the input

 Thanks for the reply! I will check out those zipcodes! Why is it you prefer outside the city limits? And what is the benefit of SECO electric service.

 Thanks Michael, are you a wholesaler in the area? do you invest in rentals in the area as well? Would love to connect with you.

Any investors that invest in the Ocala area. Do you have any zip codes you like to invest in with strong rents?

you are going to get mixed answers from everyone here on bigger pockets. You can do either option. You may want to look at what state offers laws that are more forgiving to landlords. If you never plan on investing in your home state, I would think you are better off setting up the LLC where your property is located. Also, another option that a lot of members recommend is to get an umbrella insurance policy which can offer even better asset protection than an LLC can.

Disclaimer I am not a legal expert and always recommend dealing legal advice from an expert. 

So why don't you get HELOC on the current investment property if you own 100% equity. You ROI on all that cash sitting in equity is nothing compared to tapping into to it to expand your portfolio.

House hacking is always going to be a better option than just buying a sfh. I personally think both the Tampa and Orlando area are great. There are many agents on here but to be honest I haven’t found agents to be very helpful. Keep researching. 

You can't use FHA for investment properties. You might be able to find lenders who will do 20% non owner occupied but it will probably be difficult. If you want a lower down payment, you would need to make it your primary residence. But I think if you look hard enough, you might be able to find a lender willing to do 20%. Don't take my word for it though. Just keep calling various lenders/mortgage brokers and gather as much info as possible.