All Forum Posts by: Matt Nico

Hey Phil,

I have a broker who works well in St. Pete. She lives there and works for other investors there.

I have another broker who is familiar in Bradenton as well. PM me for contact info if you'd like.

-Matt

Does anybody own an airBNB in Central Florida who could share their recent history with it? I would really like to get into STR at some point with one of my next houses, but now does not seem like the right time.

I would be very interested to know how you are doing if you own one or more, and if your strategy has changed at all during the COVID situation. Maybe a price decrease or a lower cleaning fee? 

I ask because I have a rental property in a development where I know the house across from me is a STR. Lately I have seen people in it everyday.

-Matt

@Kelly Beasley

Hahahahahha, thank you for not being offended or anything like that. I'm from Philly so I am a very blunt, honest person. I try to speak the truth!!! Yeah there would be no sense in bringing that partner of yours into a deal. They would trip over their own feet most likely.

I think you might underestimate the whole "trust" aspect of a partnership as well. If you did decide to partner with someone and go say 50-50, where you bring the money and they find the deal and do the work and the property management, they are just as invested as you. I think thats how Brandon Turner and Ryan Murdock got into business together. And its like you said, paperwork clarifies things. If you are both on the title/deed, its not like someone can pick up a house and run away with it you know? I'm picturing it and its hilarious.........lol.

Yeah so if I were you, I would network around on the forums and find someone who you would want to partner with. And it doesnt have to be in the next month you know? Get to know people on here and ask for help. Feel free to shoot me a PM if you'd like if you need anything or just want someone to talk to or an opinion.

Happy Housing,

-Matt

 Jenniffer,

I am not sure where you live, but in Orlando there are unfortunately a lot of HOA's, which means a lot of restrictions. If I were you I would find a Single family house with either no HOA or one that allows a lot of different options. That way you are not caught with your pants down if you had say an AirBNB and a global pandemic prevented people from traveling to a tourist town......But this is just an example ;)

Good luck,

Matt

Hey Sam,

I'm in North Davenport myself. Good to see someone so close to home. Are you looking at multifamily in the area, or just in general? There are not much multifamily properties around here. I Wish!!!! haha.

-Matt

 Julie,

I have a realtor / Broker who works in St. Pete and the Orlando area (She lived in Orlando for years and moved to St. Pete 2 years ago). She invests in rentals there herself and does a bit of property management I believe in St. Pete. If you'd like her contact info feel free to PM me and I'll send it over.

-Matt

Kelly,

If you truly want another set of eyes and ears, then I would find someone on the forum here as a partner who knows what they are doing and how to do it. I could be completely wrong in my assumption here, but it sounds like your "Partner" has no idea what real estate even is if he has not done it before. If my assumption is correct, then you are literally giving away 50% of a deal for nothing. A business partner and a real estate partner could be totally different things.

Obviously if I'm wrong and he is knowledgeable in real estate, I would just act as the financial person and let him do the leg work and finding the deal.

 Just my 2 cents. I'm not trying to be harsh so don't read it as such...haha.

Happy Housing,

Matt

 Andrew,

I just obtained my real estate license in Florida. I got it because I wanted a more in-depth knowledge and understanding of real estate first and foremost. I want to be able to log in to the MLS every morning and see the market in real time, with all the data. I also can go into any house listed at any time, making my own personal buying process more streamlined. And saving the 3% is cool too, but should not be the only reason you do it.

I also have some family members and friends who are going to be buying property shortly so it makes sense for me to be able to help them. There are a lot of crappy realtors out there. I try to be the best (or at least better than the crappy ones, which isnt hard to do). Hope this helps.

Happy Housing,

Matt

 Christian,

My wife and I went through this exact same problem that you are having, and we got approved for the 2nd home right away. And eventually the 3rd. It depends on what jobs you have for income, and then your debts. My lender was able to negate the 1st mortgage and we started "fresh" with house #2.

I would advise to not do another FHA even if you are allowed to unless you really dont have the extra 1.5% to put down. The reason behind this is because Florida is appreciating nicely, and you cant knock off the PMI from an FHA loan. Conventionals are usually better. They cost an extra couple thousand up front and then save you 10k+ down the road. Its a slam dunk.

Happy Housing,

Matt

No problem. If you want to get into real estate that badly full time, why go to school?

Also, maybe try to get a job or apprenticeship with someone after school. Or learn to manage properties and do that for someone to learn the business.