All Forum Posts by: Nick Velez

@William Arrington

If the first lender determined that your DTI would be too high since you don't yet have income for the new property, you could go the DSCR route. That is a loan that does not take into account your personal income and more so cares about the properties ability to cash flow. The interest rates on these are higher, but you could always refi down the road once you have income from the first property. Feel free to message me if you have any questions.

@Luke Mccandless

Yes I do, message me so that we can connect and talk about it!

With a DSCR loan it's possible to get up to 85% LTV depending on your experience and credit score. You are also able to close in a LLC if you would like versus not being able to with a conventional loan so I think it depends on how you are managing your risk. I would love to connect with you about your STR performance in Gatlinburg though!

A client of mine has two STR's with evolve and has an eh experience. Her main issues are that Evolve does not allow her to change the price per night, and as mentioned earlier, their tenant screening is not great by any means. She consistently gets less every month than my friend who personally manages his own STR's. The difference is almost 3x which is enough to convince me to manage my own!

@Mardica Henderson

Hey! A DSCR (Debt Service Coverage Ratio) loan is exactly that!

@Jared Kornbluh

@Nick Terrano is one rock star realtor that comes into mind, I am sure he would be able to point you in the right direction. I shot you a private message as well!

I would listen to podcast #527 as this exact topic is covered. I believe the host Pace, was able to prove that the mortgage was being "serviced" by someone else and got it removed from the sellers credit report after 1-2 years.

I would also add in that make sure you vet all of the references that the tenants provides on the application. Last thing you want is for them to put a fake previous landlord because they were evicted at their last place!

@Inbar Moshkovitz 

I have heard that @Nick Terrano is a rock star agent in the Jax area. I think where you want to invest is going to depend on what kind of return you are expecting. I know some of the rougher areas of Jax tend to cash flow pretty well, and you could manage your risk with a good property manager who can vet potential tenants. I would definitely recommend getting pre approved first so that when you find that property that fits within your criteria, you can hop on it right away and have a competitive offer. Best of luck!

I have always been told that Jacksonville is more of a block by block area versus zip code. One side of the river also tends to be a little more rough than the other as well. I went there a few weeks ago to purchase some mattresses at a storage unit for a STR, and the Atlantic area was a little sketchy. Not even 10 minutes away, is the St Johns Town Center which is a super nice area! I would connect with a knowledgeable realtor and pick their brain as well. Best of luck!