All Forum Posts by: Nick Velez

@Andrew Swaim

Hey Andrew, 

as a member of David's team, I would be glad to connect and go over what we offer. :)

Depending on how they are damaged, you can sometimes get an epoxy liner ballooned through the old pipes which essentially replaces the old ones and is minimally invasive (and should be much cheaper overall). I would look around locally and see if there are any plumbers who offer this solution. 

My property was projected to do 47k and I did 71k year one. I think it is extremely market dependent but I would say it is somewhat on the conservative side. Many of my borrowers have been out performing the estimates.

I just had a guest with a Tesla who used my dryer outlet to plug in his charger. Apparently most EV owners have an adapter for their vehicle that allows them to charge that way. 

@Dyami Pike

75% of the lease on your departing primary will be used to offset the mortgage payment and nothing more. Once the property is on your tax returns, you can use that income to positively influence your DTI assuming you do not take a paper loss through write offs.

@Reginald R Cloutier Jr

Hey Reginald,

I would definitely talk to a local realtor who works with STR clients. For the surrounding Tampa area, @Josh Green is a local rockstar who has helped several of my clients purchase STR's in amazing areas. 

@Armando Montrond

If you want to purchase a new multifamily property with a low down payment option, your best bet is to refinance out of your current FHA loan and use that for your next purchase. When you go to purchase the new property, 75% of the lease amount will be used to offset your mortgage payment. Keep in mind however, that to use rental income from your departing primary, your new primary needs to be 100 miles away if you are going FHA.

When it comes to a 2-4 unit property, 75% of the projected rental income for the units you are not occupying can be used to offset your payment and give you more purchasing power. I am not sure if you are factoring that into your numbers currently. 

Local credit unions have their benefits but they also tend to have overlays when it comes to your "normal" purchases. I would recommend that you talk to a mortgage broker whom works with lenders that write strictly to Fannie/Freddie guidelines. If you want to do your own research on the rules, google the Fannie and Freddie selling guides which will give you all of the guidelines that you need to know. 

@Chad Acerboni 15% down is a normal conventional product but you would need to be below Jumbo territory. 

@Chad Acerboni

If this is a single unit property, the lowest down payment option for an investment property would be 15% down. Even at 80% LTV though, you are still in high balance territory which will have higher rates/more points. If you can qualify conventionally, there is not really a reason to go DSCR.

If for some reason you do go the DSCR route, you absolutely need to use a lender that allows STR data at 80% LTV. Without it, there is no way you will debt service.

@Dustin Pavlik

I will second connecting with @Josh Green. The clearwater area is amazing and is on my top list of locations for my next STR!