All Forum Posts by: Nick Velez

@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!

@Julie Flynn

As everyone mentioned, a commercial or private loan would be your best bet. A LLC does add a layer of protection but there are other options as well such an umbrella insurance policy. Feel free to message me if you have any specific loan questions!

@Jason Strom

I know relators that have used gold coast schools and were pleased with it. I am located in Gainesville Fl, lets connect when you get settled down here!

@Mark Schumacher

Hey mark, the DSCR loan would be an option for a cash out refi if you could not get approved for a cash out refi since your income is not really taken into account. The rates are higher, but tend to be competitive. Feel free to message me any time if you ever have questions about them.

I think it ultimately depends on two things. If the market is going to remain around where it is today, and if you will do deploy that equity to bring you a bigger return than it is costing you. I could see Pensacola continuing to appreciate so I feel as if getting a good property manager would alleviate the headache of being an out of state landlord. I believe refinancing out of a VA loan would give you your entitlement back which could be useful if you decide to purchase another primary sometime in the near future. I do have some connections in North Fl so I will reach out and see if anyone has a good PM!

@Jenn Barona

I have been looking around to see if Gainesville had a meet up.  Will see you there one of these days!