All Forum Posts by: Luis Olivier

Hi Alyssa! Sounds like you're in a pretty good spot to look for your next deal! I would consider using your saved funds to purchase another place and rent out your current house as it is (assuming your house is in good condition). Quartz countertops and backsplash sound like an expensive add for not much more return on that investment. You could replace the HVAC. However, it could keep kicking for another few years, you never know. I would go with replacing the flooring and closets if you really want to, not crazy expensive and it will add value to the property. Doing a cash out refi right now with the current interest rates will probably increase your mortgage which would cut into your profits. Buyers would care about those high end finishes but renters don't care as much. High end finishes will marginally increase the rent you can get. Hope this helps.

I agree with all of the posts above. Another thing you can do is contact the local hospitals and see if they have a housing department (some hospitals do). Where they help their travelers find accommodation, if you create relationships with those people they will recommend your listing whenever they get new employees coming in.

Hard to beat a beach house, people have and always will be drawn to the ocean. However, I would love to get a mountain house and see how that performs.

I would house hack the 4 plex. Depending on the market, you could get paid to live there. You could even Airbnb one of the units and increase your income even more, you'll make money and have no housing cost. After you fulfill the primary residence requirement, do it again. My wife and I started with a SFR but looking back on it, I would've bought a 4plex.

 Agree with John here, LLCs can be a hassle to start up and maintain especially when you're new. If you take good care of your property and have good insurance, you will most likely be fine.

Airbnbs have definitely taken a hit across the board in the past few months. Pair that with Florida usually being in a low season in the summer depending on the market. Hosts have had to lower prices (stay consistent with your competitors prices or a bit lower) to get more bookings. The winter months should pick back up in FL but there has definitely been a decline in bookings.

I would suggest investing out of state for most people in CA. However, house hacking could be a good strategy to start out with to lower your cost of housing (which in LA is huge). You have control over who rents from you and you can maximize your chances of getting good tenants by vetting properly. It is really up to you but if you are very adamant against house hacking then you'll probably want to look out of state.

Definitely speak to a lender. However, my wife and I have used this loan for a STR that we still operate to this day. The lender knew our intentions, it is not mortgage fraud. If you satisfy the requirements (usually has to be 50+ miles away from your primary residence and you have to stay there at least 14 days out of the year) then you can do STR. The downside is you can not put it in an LLC if you wanted to do that because it is not an investment property, it is your second home. Talk to multiple lenders.

If you are renting for less than 30 days at a time then you would need to get the permit for STR in Florida. Since we rent for more than 30 days at a time in our primary residence, we do not need the permit at a statewide level. With that being said, different counties and cities may have their own specific rules that you want to make sure you research. Hope that helps!

Hey Asher! Investor-agent out of Gainesville, FL here! I have a few rentals scattered around the U.S. Would love to connect and be a valuable resource for you here in the Sunshine State!