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All Forum Posts by: Matt Smith

Matt Smith has started 16 posts and replied 41 times.

My first furnished finder guests want to break their lease 2 months before it ends. They have been good guests and have already paid me in advance. They originally booked for 3 months, and we agreed to a signed 3 month lease agreement. They advised they were given a great opportunity that they could not pass up in Las Vegas and want to be out by September 1st. They did say they did not expect to get the full 2 months back in return, but I'm willing to work with them. Would like to know if anyone else has been in this situation and how they handled it. Thanks 

Post: Finding roommates in Tampa area

Matt SmithPosted
  • Posts 41
  • Votes 17

I’m trying to find roommates. What’s the best way to find good ones? Really don’t wanna use Facebook 

Quote from @Ko Kashiwagi:

Hi Matt,

Are you saying your W2 income won't qualify because of your DTI? Did you put in the rent you'll collect into this calculation? You could put a higher % down, to lower debt. Or you could use non-QM loans.


I just figured I wouldnt be able to qualify based off my W2 income. My DTI is good. Also, I didnt factor in the income from my airbnb or the current house hack

I'm ready to move onto my next house hack. I'm in the Tampa Bay region, and would love to find a place directly in Tampa. As many of you know, Tampa is expensive. My W2 income wont qualify me for anything in that area. Is there other loans I can apply for that will be for a larger amount? As I plan to house hack whatever I purchase, my expenses should be covered by the tenants. I'm also interested in the thought of purchasing a home for airbnb. Same question. Thanks for the help.

I have 140k on a HELOC, and I'm wanting to know the best route to take to invest it. I currently have an airbnb in the Tampa Bay area which is performing well. I also bought a new primary residence last year and have been house hacking it. The plan for that is either rent out my room or convert it to a sober living facility. Either option would cash flow around $300/m. It's time now for me to move onto the next property. I'm learning about BRRRR strategy right now, and would love to utilize it, however dont want to burn all my capital on one property. I'm also open to another house hack. I currently also wholesale in my market and am looking for deals on my days off from my W2. Ultimately, I want to quit my job (of course), move to a new area and focus on REI. What is the best route to take now that it is time for me to move onto my next property? Thanks

Post: What to do with 140k HELOC?

Matt SmithPosted
  • Posts 41
  • Votes 17

I have 140k on a HELOC, and I'm wanting to know the best route to take to invest it. I currently have an airbnb in the Tampa Bay area which is performing well. I also bought a new primary residence last year and have been house hacking it. The plan for that is either rent out my room or convert it to a sober living facility. Either option would cash flow around $300/m. It's time now for me to move onto the next property. I'm learning about BRRRR strategy right now, and would love to utilize it, however dont want to burn all my capital on one property. I currently also wholesale in my market and am looking for deals on my days off from my W2. Ultimately, I want to quit my job (of course), move to a new area and focus on REI. What is the best route to take now that it is time for me to move onto my next property? Thanks

Post: EAST TN Market Update

Matt SmithPosted
  • Posts 41
  • Votes 17

I would like to know more about Knoxville area. I'm looking at potentially moving/investing in that area

Quote from @Matthew Masoud:
Quote from @Matt Smith:
Quote from @Matthew Masoud:

Good deals are hard to find on the MLS. that's because when a good deal does hit the MLS everyone is bidding for it.

I find property at a discount in two ways. First is by offering people on the MLS less than what they have it listed for. Many are overshooting what their property is worth anyway.

What I do is underwrite the deal and see what it's actually worth irregardless of what they listed it for. Then I make an offer for that price. It's usually quite a bit lower than they have it listed for but that's what im willing to pay.

The second method is off market. This takes a lot more work but is a great way to get property at a discount. You're the only one bidding for it!

BUT now you have to pull a list of property and start contacting multifamily owners. That can be a real pain. It took me 200 calls before I got my first off market property under contract.

What do I type into the search bar to find those lists?

 There are softwares like propstream or propertyrader where you can find property in a certain area for specific criteria. 

If you're looking for seller financing. You'll want deals where the owner has a lot of equity. You can filter it by owner equity on these platforms.

Awesome. I’ve heard a lot about propstream. Thanks
Quote from @Matthew Masoud:

Good deals are hard to find on the MLS. that's because when a good deal does hit the MLS everyone is bidding for it.

I find property at a discount in two ways. First is by offering people on the MLS less than what they have it listed for. Many are overshooting what their property is worth anyway.

What I do is underwrite the deal and see what it's actually worth irregardless of what they listed it for. Then I make an offer for that price. It's usually quite a bit lower than they have it listed for but that's what im willing to pay.

The second method is off market. This takes a lot more work but is a great way to get property at a discount. You're the only one bidding for it!

BUT now you have to pull a list of property and start contacting multifamily owners. That can be a real pain. It took me 200 calls before I got my first off market property under contract.

What do I type into the search bar to find those lists?

I've heard to stay off the MLS if you want to find good deals. I've also heard to research listings that have been on the MLS for more then 90 days, and see if you can do a seller finance deal. But where do you find more deals? How do I get in contact with people that have high equity or free and clear homes? Thanks for all the advice in advance