All Forum Posts by: Philip Olivier

I recently purchased a home in Pensacola Florida using an FHA 203k loan (160k pp with $32k reno funds).

Most of the reno funds are being used for interior cosmetic things like refinishing wood floors, new cabinetry, countertops, bathroom tile, etc.. 

I heard about the Rebuild NWF program providing 75% funding for updated impact windows but unfortunately that program ran out of funding recently. just missed the cut :(

Anyways, it got me thinking so Im interested if anyone knows any kind of programs like this for any type of renovation/installation that I can take advantage of as Im bringing this home back to life.

Thanks in advance!

I moved to Pensacola, Fl about 6 months ago for work. I live here now and work here full time. Although, my company is headquartered out of New Orleans, I still have a homestead on a property in New Orleans, and also own a separate investment property in New Orleans. Should I get a CPA here or back home in Nola? (I travel back and forth pretty often) Also, any recommendations in these areas?

@Cassandra Staffieri this is the latest news on the Nola STR climate. https://www.google.com/amp/s/www.theadvocate.com/gambit/new_orleans/news/article_9cbb3e40-c75e-11e8-82fc-dfda324cdedd.amp.html

I would be patient and stay tuned if I were you. Not friendly to investors or commmercial type permits. Seems to me they’ll continue to allow STRs but the regulations will target to only allow locals that want to subsidize their mortgage. With that being said. You might be able to find some clever ways on paper to make it happen. We’ll see when they allow permits to be sold again. They’re currently frozen. 

In addition, before buying my STR units, I contacted a lot of landlords to try to do the same sublet situation you're referring to. Good luck finding anyone that will allow you to do it but it's worth a shot I suppose. You'd prob have to give them a % of rev. The permit you apply for will require a written consent from property owner.

@Mike Wood Hey Mike, I know Ive been following the STR buzz pretty closely. Luckily, I got my permits in April, not long before the freeze was put in effect. I may have to look into Long term rental as furnished property. Didn't know about the power company deal, that s interesting and good to know!

@Shiv Gettu Thanks! It's in New Orleans, Louisiana.  Central city, a few blocks from the Mercedes Benz Superdome!

I’m looking to purchase a parking lot soon in a downtown area. Trying to figure out best way to minimize down/payment closing costs. Is there a max % of seller contribution/credits allowed on commercial property?

I make around $100k from full time job. 

I own two Short term Rental units

I own two long term rental units. 

I plan to continue to buy rental or commercial property. 

Should I hire a CPA, a bookkeeper, or just do that myself and visit the tax man once a year? I’m not a rich man but I’m trying not to be penny wise and dollar foolish. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $278,000

Short term rental. Rents on Airbnb

What made you interested in investing in this type of deal?

High cash flow

How did you find this deal and how did you negotiate it?

Realtor.com

How did you finance this deal?

Lhsaa conventional

How did you add value to the deal?

Fully furnished two units

What was the outcome?

Positive cash flow $3,000/ mo.

Lessons learned? Challenges?

Furniture is expensive

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kay Randels, Latter & Blum

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Gretna.

Purchase price: $135,000

Long term rental duplex

What made you interested in investing in this type of deal?

Undervalued

How did you find this deal and how did you negotiate it?

Craigslist.

How did you finance this deal?

30 year FHA

What was the outcome?

Positive cash flow $700/month

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kay Randels, Latter & Blum

I recently purchased a duplex and went with the owner occupant route to take advantage of the low down payment option. its been 6 months now and everything going well so far. The property immediately appraised for higher than what I purchased for so I was able to get a $20,000 heloc against the property. My plan was to use this heloc as a down payment on a $300-$400k four plex once my year owner occupant requirement is up. This was obviously contingent on a low down payment option. My banker just informed me that there is a new rule with these programs and since I already own a property I will not be able to take advantage of a low down payment option for a multi family home but I can for a single family home. Im in louisiana so not sure if this is a specific rule for this state. Thanks