All Forum Posts by: Kevin Whisler

My wife and I (both 27) currently live in Cape Canaveral/Cocoa Beach, FL and make about 250k a year combined with a net worth of about 250k as well. We're looking to begin investing in real estate to increase our income for now and slowly get to the point where this is all we do for a living (tired of corporate jobs). With this base information, what would you all suggest? Initial property price range, strategy, etc. I really appreciate your time and help!

Flip will be the quickest way out -- especially in an appreciating market like Florida.. conservative states are booming.

Also could build a rental portfolio for long term wealth, but that takes a little longer. The REI company that I ran acquisitions for did a bit of both.

Here to help you get a second set of eyes on deals if you want. Obviously in the alternative lending space as well.

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Orlando, Florida

Quote from @Jake S.:

Im buying a couple of condos and converting them into one unit. Projected time frame of the project is a few months. My plan then would be to either sell or refi and rent it out.

Id love to hear thoughts on the best loan type for this? Hard money, purchase + construction conventional type loan, etc. Possibly even a hard money into DSCR?

I know due to my taxable income, i likely wont qualify for a conventional loan right away

I appreciate the feedback

What we do in this scenario is some sort of alternative lending (hard money, etc) into a DSCR loan. Usually works out pretty well.

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Quote from @Jonathan Ruths:

Does anyone find that STRs have higher need for repairs than long term rentals? When analyzing, what percentage of gross income do you set aside for cap ex and maintenance?

Id say probably less repairs generally. Think about the thought process of someone who is staying in a place for a week vs someone who "lives" there. Also with airbnb's most people aren't in the property as much as a typical renter would be. Its cleaned religiously, etc.

Ive had friends be harsh on rental properties over time, but those same people clean up the airbnbs and dont damage it.

Hope this helps

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Congrats on the deal. Looks like a slam dunk in todays market. Do you already have the refi structured? If so, would love to potentially connect on some future deals.

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Quote from @Derrick Reyes:

Hello! I'm a new investor getting started with BRRRR in the Detroit area. I thought I had found a couple lenders who would do fix and flip loans with new investors. However these lenders still require an appraisal, contractor estimates, etc. before closing. That means I can't use these loans to make cash offers which severely hamstrings my ability to make discounted offers. Is it possible for a new investor to get a hard money loan that doesn't require an appraisal? If so, any referrals are greatly appreciated. Thanks!

Saw that you responded to most of these. We do alternative lending which is in between hard money and a bank... still quick closing times and obviously need an appraisal. But its really how you pitch the sellers. I used to be in real estate acquisitions so feel free to connect with me if you want some help on that conversation.

Cheers brother, hope it works out.

1 Vote

Detroit, Michigan

Quote from @Emilio Attardo:

Hey BP,

I am looking to purchase an Air BnB in the Warrington section of Pensacola. The listing shows 2 SFH on one lot. One needs a lot of work, one is in good enough shape to rent out right away. Is anyone familiar with this part of town? STR's or MTR's do around the base? I know its not exactly a typical vacation spot in this area, but I thought since it was close enough to NAS it might see more action, especially for MTR's.

Thanks in advance for your help!

Hey Emilio we've done airbnbs in the past in Florida. Might be worth a chat. Feel free to message me.

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This is an awesome deal, thanks for sharing!

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Probably option 3 because lenders are going to be leery about loaning on new construction if you've never done it before. Youd probably have to put an unrealistic option down. Option 3 you could throw some cosmetic work into it, have it re-appraised and do a cash out refi to throw into another property as well.

Here to chat if you have any questions.

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Tampa, Florida

Quote from @Aaron Lathan:

Has anyone come across any DSCR lenders willing to fund loans smaller than 75K? There's a bunch of property in my old hometown of Baton Rouge under 75K but I can't seem to find anyone willing to lend that low for investor loans. Any help is greatly appreciated.

Hey Aaron, what we typically do for this is bundle properties together in a portfolio loan to get them above 75k. Have you considered that?

1 Vote

Baton Rouge, Louisiana

All Forum Posts by: Kevin Whisler

Kevin Whisler has started 8 posts and replied 87 times.

Post: Connecting with Hard Money Lenders

Post: What would you do in my position? Feeling like we're ready

Post: Hard money vs a conventional loan vs any other options?

Post: Reserves and Expenses for STRs

Post: First deal! (BRRRR in South Side Columbus)

Post: Looking for Hard Money Lenders That Don't Require an Appraisal

Post: STR in Warrington Section of Pensacola

Post: Great Fix N Flip Property

Post: South Tampa: Teardown vs Rental

Post: Does anyone know of any DSCR lenders that loan under $75,000?