All Forum Posts by: Kristina Kuba

@Claudine Stering 

If you received it from family, they can write a gift letter and/or as long as it came from somewhere and it can be sourced you can use it for a mortgage downpayment. I would double check with a seasoned and experienced mortgage broker. DM and I can connect you.

If you are looking to buy and build wealth, have you considered a FHA on a multi family?

If I could do it all over again and not have a spouse and dogs, etc. I would use my FHA loan for a 4 unit building. It is more difficult to house hack later in life if you have a larger family, so keep that in mind.

For example, in Hillsborough an FHA loan can finance up to $809,150 for 4 living-units. That is only 28,000 plus closing costs, very close to your 25k savings. Tampa, the main seat of Hillsborough county, has seen a cool off just like the rest of the country and getting a 4 unit in that price range is attainable.

I know you are in Clearwater but I am I am bullish on Tampa because of Bill Gates multi billion dollar investment into downtown Water Street and the GasWorxx projects, both are transforming large swaths of the downtown and the urban core.

Feel free to reach out with any questions!

@Dillon Cook

I think something that was left out was old school door knocking. It has worked for me to sell many listings over the years.

I’ll door knock 10 houses to the left, 10 to the right and 10 across and hand out information about my upcoming open house. While it may seem counterintuitive to advertise the open house to homeowners who already live in the area, there are two reasons why I do this:

Local residents could have family or friends who are looking for a home, and they can help me spread the word.

People will see how dedicated I am to selling homes in the neighborhood and be more inclined to work with me if and when they move. (especially if I am farming the neighborhood).

@Tyler Lucas

I think you might be able to do it without partners. My spouse and I have used a similar strategy to BRRR and hold rentals and you being a contractor you have a leg up already.

1. So, you already have discounted properties in the pipeline. You either need to figure out if you are going to wholesale them or keep them. If you are going to wholesale them (approach New Western or NetWorth and see if their offer would make sense.). If you are going to keep them, I can connect you with a solid hard money lender
2. Once you have decided to keep the property and have bought it with a hard money loan. Use a large credit union or Home Depot credit card for materials and you supply the labor as a pass thru from your company
3. As long as you are all in at 75% of the ARV after rehab, you can get all your money back through a cash out refi after 6 months of seasoning.

Feel free to reach out with any questions. Best of Luck!

@Leo Mitchell

I know a talented wholesaler looking to take someone onto their team.  They love to teach and could be a great resource for you.  Please reach out and I can connect you.

@Dan Illes

I have an excellent mortgage broker that specializes in investment and primary mortgages for international clients. I just helped a Canadian investor secure a property in Tampa using this mortgage broker’s product. DM me and I would be happy to share the contact info.

@Michael Foss

Ybor, Seminole Heights, Midtown and Uptown Tampa all have high appreciation rates and can be underwritten as a Long Term Rental or a Short Term Rental

Two more unique neighborhoods that I would recommend looking at are Carver City/Lincoln Gardens and Palmetto Breach.

Carver City/Lincoln Gardens is located close to the Tampa International Airport, and contrary to what some people may believe, close to airports often represent a great investment opportunity. Carver City-Lincoln Gardens is a little newer and close to the hubbub that is Westshore. It's great for people who love to shop, and dine in restaurants and establishments that are more well known.

Another up and coming neighborhood is Palmetto Beach. It had easy access to both the water and downtown Tampa and in my opinion underpriced. Even though this is an urban area, there are plenty of single-family homes. The neighborhood has a 17-acre park, waterfront fitness trail, playgrounds, and more.

@Sarah Hylander

As Andrew mentioned, I would consider focusing a bit more north such as Tampa. You will see consistency in revenue and solid appreciation.

I am in Tampa and own a few short term rentals myself here. Born and raised in Tampa, ofcourse I am biased to Tampa but I think there is a case to be made that Tampa enjoys a variety of STR travelers, more than the average city.

For example, here in Tampa not only do we have theme park and beach tourism (#5 ranked beaches by TripAdvisor in the world in 2021), we have educational tourism (one of the largest universities - USF and then UT), and also medical tourism (we have some of the best hospitals in the country especially for outpatient services). Tampa General Hospital has been named one of the top 100 hospitals in the United States, according to Newsweek. The 1,041-bed hospital was recently ranked as one of the news magazine's World's Best Hospitals 2022. ADR and occupancy has stayed somewhat consistent even after the major national dip this year.

Reach out if you have any questions.

Best of Luck!

@Jayleen Soto

If I could do it all over again and not have a spouse and dogs, etc. I would use my FHA loan for a 4 unit building. It is more difficult to house hack later in life if you have a larger family, so keep that in mind.

For example, in Hillsborough an FHA loan can finance up to $809,150 for 4 living-units. That is only 28,000 plus closing costs, well under your budget of 65k liquid to spend. Tampa, the main seat of Hillsborough county, has seen a cool off just like the rest of the country and getting a 4 unit in that price range is attainable.

As you mentioned, you first want to buy a place to live in; this could be the perfect setup: live in 1 and rent the other 3 out to cover your mortgage and maybe even have positive cash flow. Whatever you would normally pay for rent, put that away for 2 years and then after 2 years you have a nest egg for a downpayment for your next property. Rinse and repeat.

I am also a big fan of Robert Kiyosaki’s ‘Rich Dad, Poor Dad 'and in that book taxes are depreciation and tax savings are critical. If you go the multifamily route, I would recommend doing a cost segregation study within the first 2 years to accelerate depreciation, save on taxes and increase cash flow so you can attain your next property quicker.

If you are planning on keeping this home for a while… (7+ years) I would not be concerned with interest rates or prices. Don’t wait to buy real estate, buy real estate and wait.

I am bullish on Tampa because of Bill Gates multi billion dollar investment into downtown Water Street and the GasWorxx projects, both are transforming large swaths of the downtown and the urban core.

Feel free to reach out with any questions!

@Benjamin Sussman

Don't sell. Go to TD bank and get a RELOC (rental property equity line of credit) and use it to buy in Tampa/ Miami.

Might want to reconsider Austin.

Miami to escape the home price correction in 2023 while ‘overheated’ housing markets like Austin get hammered, says Goldman Sachs

Feel free to reach out if you have any questions.

@Alicia Rivera

1. Check References and Testimonials

Find out how long they have been in business. Do not forget to check for their online presence, reviews, and public data on disputes, complaints, lawsuits, or bankruptcies.

2. Verify Licensing and Insurance Policy

Make sure their insurance certificate (COI) is current. You do not want to be held responsible for someone getting hurt due on your flip site.

3. Review Their Previous Work, Resources, and Staffing

Make sure the contractor can complete the work, is not overextending themself, and if they specialize in the kind of work you need completing. Go to their current job sites and try to meet with the owner / investors there and see what they think. Look at the job site, is it organized and are there safety precautions? Or is it a huge mess with material lying everywhere?

4. Check Overall Replies and Communication

It is also essential to pay attention to their communication and responses to you. If they are not easy to get a hold of on the phone and do not answer emails, this is a red flag. Communication rarely gets better over time, it only gets worse.

5. Get Everything in Writing

Get Everything in writing, like literally everything. No verbal agreements. Every deal you agree upon should be described in a contract that states your expectations for the work, payment arrangements, and schedule.

6. Payment Process

Last but not least…Contracting professionals generally ask for 30% in advance to cover material costs. Down payments are typical. But here is the kicker. See if you can reduce some of the upfront charges by offering to pay for some of the initial materials from Home Depot on your CC. This will reduce the intial money changing hands and allow time to build trust. Also, if the GC walks from the job, you would have lost less of an amount.