All Forum Posts by: Nick Velez

@Mariangela Ciciarelli

Hey Mariangela, I HIGHLY recommend you connect with @Josh Green. He has helped so many of my clients purchase successful STR's in Pinellas county and has the market dialed down. AirDNA and other rentalizer tools are a great resource, but you can not beat real life numbers from a local expert!

@Michael Ashe

This is a great question and the answer really depends on your scenario. I think we can both agree that a few hundred dollars a month in cash flow is not going to drastically change your financials, but holding onto this property for 5-10 years could. I personally, would keep the property and hold onto it as long as I can. With that said, there are a few scenario's in which that may not be the best choice for you. 

If you have good amount of equity in the property, you may be better off selling and redeploying into a few additional properties. As far as your finances, if missed rent or vacancy would stretch you, it may not be in your best interest to hold onto it. 

Weigh the pros and cons and make a decision from there. The only known factor is you cant capture appreciation if you no longer own it. :)

@Bryce Kennebeck

Hey Bryce,

Make sure you work with someone who invest's themselves and speaks the language. House hacking is an amazing strategy, but there are several nuances to be aware of depending on how you plan on scaling in the future. Equally important (if not more), is a competent agent who has experience with house hacking.  I highly recommend you connect with @Josh Green, he has helped several of my clients house hack in the pinellas area and will be an extremely valuable resource as you scale in the future. 

@Jill Widmer

I would definitely aim for a single family over a condo if possible. It is much easier to stand out with a nice SFH, versus a condo where all of the units are almost the same. When markets get saturated or demand drops, condo's tend to race to the bottom in terms of pricing to stay booked. If every unit is very similar, consumers are going to go for the cheaper option.

Regardless of where you look, make sure your agent knows and operates STR's, and ideally your lender as well. The STR market is different today than 3 years ago, and its extremely beneficial to have 2 great resources in your corner.

@Michael Klein

Going to recommend Josh as well here! He 100% has his STR market dialed in and has built an amazing team.

@Anirudh Reddy

You can do a 10% down second home or 15% down investment, but expect the cost to be gnarly. For the points you will pay, you are almost better off trying to save up and put the 20% down. 

If funds are tight, you could always look at a HELOC on other properties you currently own, assuming the numbers work for you.

@Troy Smith

To play devils advocate, always try for conventional first and use DSCR as a back up. While rates are somewhat close between Conventional and DSCR at the moment, you will have a pre-payment penalty with DSCR which is less than ideal. No pre pay DSCR options exist, but that rate will be quite a bit higher than conventional.

In most scenario's, you can use 75% of the projected long term rents to help offset the proposed mortgage payment. You will need to qualify for the remainder of the payment and your existing debts. 

@Joshua Post

If you are worried about not losing money, I would go with the least risky path which is definitely not flipping. Wholesaling carries less risk, but will require a lot of effort and funds to scale in most (but not all cases).

In my opinion, house hacking is the best way to get started. You are in an amazing market to do so and I am sure you can find a place where the the numbers work. Without house hacking, I would have never purchased my first home at 20 and would have not purchased the next few after that. 

If you are at all interested in house hacking, connect with a local expert like @Josh Green.

@Andre Calabro

Welcome to the forums! Central Florida is a great market and you can definitely find cash flow, you will just need to figure out what route is best for your situation. Whether you decide on LTR, MTR, or STR, will drastically influence where in Florida you look and what the numbers can be. I personally prefer STR's, but they will be the most capital intensive.

Whichever route you choose, it is extremely important that you have a team that is knowledgable about the specific strategy you plan on implementing. 

@Robert Kemp

I think Tampa/St Pete is a killer market for a house hack. 10/10 recommend connecting with @Josh Green, he is the go to man for anything in that market and an investor himself!