All Forum Posts by: Nick Velez

@Hunter Gibson

If you need a boots on the ground realtor to connect with, I highly recommend @Josh Green.

He has his market dialed down and will be a valuable resource as you start your search. 

@Rachel Degani

I don't see why a triplex is more risky than a duplex, outside of having another set of items to maintain/repair. If the deal cash flows and meets your criteria, the unit count should not play a huge role in your decision. 

If you have any doubts on the numbers, I would connect with a local expert like @Josh Green. 

The short answer is no. A majority of STR markets are relatively saturated, but that saturation is skewed towards entry level homes. Most new STR investors are purchasing the cheapest product they can find and filling it with average amenities as they think it is a "safe play". The problem is most people think this way and you end up with an over supply of basic 3/2 properties and when those properties start to not get booked, it is a race to the bottom in pricing as they do not demand higher rates over the competition. This is exactly what has happened in Orlando with these massive communities of STR's. With that said, the properties that really stand out, are crushing it over there and revenue is likely increasing year over year.

This is why you MUST have someone in your corner that knows the local STR market and can set you up for success. I won't speak on my clients exact numbers, but a majority of them are first time investors and are crushing it in the Tampa Bay market. I credit a majority of that to @Josh Green.

@Sushree Mohanty

Hi Sushree,

I am going to chime in and recommend the Tampa Bay market as well. The price to revenue ratio is amazing and the appreciation has been externally favorable over the last few years. Several of my past clients have purchased in this market and have not regretted it. 

Just like all markets, you really need to connect with a local agent who knows their craft and practices what they preach. If you look anywhere near the Tampa Bay market, I HIGHLY recommend @Josh Green. 

@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.