All Forum Posts by: Nick Velez

@Victoria Hartley

As soon as I lock a property up, I start adding all of my furnishings to my online carts and begin ordering items that have longer then expected delivery times. My goal is to get the property up and running as fast as possible and because I am setting it all up myself, I don't want to waste time waiting for items to arrive or driving around looking for items to furnish with.

In combination with that, I would start building your local team and looking for cleaners. The faster you can get up and running, the quicker you can start getting bookings!

@Kai Soremekun

While I think the FHA house hack is the best route, I would imagine you do not want to use a majority of that 500k to get into a property. I would analyze your timeline and see if your 2022 tax returns would allow you to qualify for a similar amount but with less down.

The other option is a non-qm no ratio loan for a primary residence. As long as you have 20% down and substantial reserves, you can get into a property. Feel free to message me if you have any specific questions regarding this product. 

@Giancarlo Ameglio

Feel fee to message me, I have a contact there that I have had a good experience with.

@Jason Warner

The appraisal sounds like it is massively under value and might be a case of an incompetent appraiser. You could challenge it,  but I think its very unlikely that the appraiser will come up enough to make a difference.  I think your best bet is having your broker pivot this file to another lender and order another appraisal. We have had instances where an out of area appraiser appraises a property for significantly under value, and we order a new one and have a 200k increase in the appraised value. 

@David Garcia

Owner occupied versus not is going to be the biggest variable as everyone else pointed out. If you are not going to occupy the property, the question then becomes do you go with a conforming loan or DSCR. If you can qualify conventionally, there is no reason to go DSCR unless vesting in a LLC at close is worth a higher rate to you. My guess is that if you are asking about using FHA or DSCR, you are likely not in an ideal position to use a DSCR loan yet.

I would recommend that you get in touch with a local realtor and explain your goals to them. Purchasing a multifamily property in which you intend to live in is likely going to be a different set of criteria versus one that is purely intended for cash flow. If you are in the greater Tampa area, I am sure @Josh Green would be glad to help advise.

Best of luck!

Hey Marj,

@Shawn K Hicks and @Luis Olivier are both amazing local realtors that work with investors. I would highly recommend you reach out and see what they can offer.

@William Doyle

If you are looking in the Tampa area I would reach out to @Josh Green. He has helped several of my clients purchase STR's in the surrounding area's and is an investor himself. I don't think I know any other realtor who has more on site contacts than him!

@Will Butler

Hey Will, I am local to the Gainesville market and have several contacts you could reach out to. Feel free to message me and I will get them over to you!

I am finding that DSCR rates are getting closer and closer to conventional rates!

@Josh Green

Josh could likely point you in the right direction here!