All Forum Posts by: Nick Velez

@Ryan Marble

Orlando and Tampa are definitely different markets but like most markets, design and amenities tend to be the key players. With that said, the design in Orlando is going to be much more theme park centric while Tampa allows you to be a lot more creative. In either location, if you are not boots on the ground, you absolutely need a realtor who has STR experience and ideally properties themselves. Market metrics are great but you can not be real numbers from their own portfolios or past clients. If you are considering anywhere in the Tampa area, I HIGHLY recommend you connect with @Josh Green. 

@Josh Green

I can't speak to going rates on a business loan but I would think that is a fair rate for a 35k loan and 5 year term. A HELOC is going to be in a similar range for a primary, but offer a longer term.

If your plan is to pay off the line in the near future with a refinance, I would not be too considered with term length or rate. If, however, you think it will be a few years, you are likely off securing a HELOC which will result in a longer term and lower payment.

@Brianna Buscemi

If I could do it all over again, I wish I would have purchased a 2-4 unit property instead of a town house as my first property. The new builds are very attractive with all of the incentives, but they are often in weird corners of the town and do not command as high of rent as more prime locations that have been around for awhile. A 2-4 unit is going to cash flow much better after you depart, which will help you qualify for properties in the future. 

I would connect with a local expert such as @Josh Green, who can help you search for properties and run numbers when deals pop up. I know he has personally done several house hacks and has helped a plethora of clients repeat the same model he followed. 

Don't give up and stay on the hunt!

@Erik Browning

Well said and I have dealt with the same thing. Many of the people that reach out act as if no one told them someone would be reaching out, which blows my mind. 

It should go without saying that if you put your info in somewhere, it will be shared. And those on the other end have a duty to try and help you.

@James Thompson

A large portion of my clients have been purchasing STR's in the Tampa/Clearwater market and several that have purchased last year, are reaching back out to purchase another this year because their numbers have been so strong.

Like all STR markets right now, it is imperative you know exactly what needs to be done in order for you to perform in the top percentile of properties. Gone are the days of throwing up an average property receiving great returns with minimal effort. If you are considering the Tampa market, I HIGHLY suggest you connect with @Josh Green. I firmly believe he is the most knowledgable agent in the area when it comes to STR's. Several of my clients refuse to use anyone but him after seeing the value he provides. 

@Kyle Weinapple

@Josh Green is exactly who you are looking for! He has several investment properties, a short term management company, and helps plenty of investors purchase anything from short term rentals to house hacks. He will be an invaluable resource for you as you move into the area. 

@Bryan Ojeda

If the business has been paying the debt for 12+ months, you can usually remove the liability from your calculations.

Keep in mind that while DSCR loans don't always report to credit, THEY CAN. It is up to the servicer whether or not they will report the payments.

@Alexandra Ross

Congrats on taking the first step into the journey that is real estate investing! House hacking is how I started, and it is an amazing tool to get started. I HIGHLY recommend you connect with a local expert like @Josh Green, who practices what he preaches. He has done a few house hacks and will be an invaluable resource for you in that market. :)

I would connect with @Josh Green, he has done a few owner financed deals in the Tampa Bay market and is a master negotiator!

Keep in mind that no agent can win you a deal if your going below asking price and they have several offers at or above ask. You as a buyer, need to be willing to be competitive in a competitive market, and that is where a great agent will shine.  Same situation goes for owner financed deals or subject to, you need to bring value to the seller and your agent can convey that value in an attractive way. Expect to compensate your agent for the value they will bring to the table.