All Forum Posts by: Matt "Roar" Gardner

@Maria W. - Congratulations on being in this position!!  As an agent and investor in the Destin market, I see this as you effectively having four options from here:

1. Continue the status quo. 

2. Unlock partial equity with LOC

3. Unlock partial equity with refi.

4. Unlock all equity with a sale. 

It's really a matter of getting the numbers to explore all options. I'm about to sell one of my condos on Okaloosa Island because the investment that I'd like to transfer that equity into requires that I unlock everything. I looked into LOC and refinance options, but the LTV, fees, and interest rates didn't make those options nearly as promising when I compared everything side by side.

If you don't have a target for your next deal, a LOC would be my first stop. This would allow you to unlock some of the equity and only pay if/when you use the cash. If you have a target identified, a refinance or sale are possible options, depending on how much capital is required versus what you have on hand.

In the end, the only wrong answer is #1, accepting the status quo. Too many people get caught up with CoC ROI (and yours may be great with that deal); however, as you pay down principal, you have to consider your return on the equity.

Best of luck!

 @Chris Webb - Do you mean paying down points to reduce the interest rate? That'll obviously help the cash flow, but may or may not hurt your overall CoC ROI -- Totally depends on what you're looking for.

There are definitely some interesting loan options out there right now. A lot of my clients will often buy their first property in my area (Destin) via a second home loan with just 10-15% down. Others will go with some unique DSCR products. There are even some 40-year loans that my clients have used, wherein the first 10 years are interest-only and the remaining 30-years are simply amortized over 30 years. I definitely recommend shopping around == Best of luck!

@Matt Osojnicki - I hope your trip across the Emerald Coast has been going well for you!! There are definitely some fantastic agents and resources in the area.  If you're planning on establishing a presence in the area, I'd highly recommend linking up with The Professional Investor's Guild.  @Matt Robinson does a fantastic job of building a community for local investors with great education -- Beyond that there are several meetups in the area that you could attend as well.  

As an investor and agent in the area, I can confirm that there are some above average agents (and some that area below average..) in the area, lol.  @Melissa Haworth and Team Roar are a great resource along with @Lake Lutes, @Kevin Pillow, or @Kyle Momany -- 

At this point, I'm sure you've already connected with plenty of people.  I'd love to hear what you thought of the area!

@Brandy Gniazdowski - Best of luck!! You have some great advisors with @Jossalyn Wallace and @Lake Lutes if you need support in that area :) I can't wait to hear the results!

@John Romero  - I'm curious what you ended up doing with your SDIRA? I've personally just invested my SDIRA and Solo 401K into various syndications.  For the syndications that I personally sponsor as a GP, we have a large percentage of our investors that also use their qualified retirement plans for investing passively. 

You can most certainly purchase an STR with your SDIRA as well. Here's a good site with info: https://www.trustetc.com/blog/... --- The obvious caught as listed above is avoiding any personal gain with the asset.  I'm sure you can work it though! 

It's also true that STR management fees can be brutal, and self management may be questionable if you're using your SDIRA to acquire the property.... plenty of variables at play! lol

Best of luck, my friend!

Join us for our monthly Real Estate Investing (REI) Meetup! Invite any Investors, Realtors, Lenders, etc. This will be a great opportunity to teach, learn, and network!

We've also had loads of interest regarding eXp Realty -- feel free to come and ask about this game changing brokerage!

This will be a low key event - Order yourself some food/drinks, and come & go as you please.

Please RSVP, so we are able to reserve enough space for our group.

@Kyle A. Isaacs Congrats on finishing up that remodel...finally! lol The LTR market is definitely a fickle beast.  Are you only putting it on Zillow or are you using an agent in the area? I don't handle long term rental listings, but there are some solid agents around that could help.  If not just Zillow and Facebook, where else do you have it listing? 

Join us for our monthly Real Estate Investing (REI) Meetup! Invite any Investors, Realtors, Lenders, etc. This will be a great opportunity to teach, learn, and network!

We've also had loads of interest regarding eXp Realty -- feel free to come and ask about this game changing brokerage!

This will be a low key event - Order yourself some food/drinks, and come & go as you please.

Please RSVP, so we are able to reserve enough space for our group

@Wendell Butler - As an active investor and agent in the area, I'll confirm your initial observations! Multifamily properties in this area are not common; they do pop up from time-to-time though~

I think you'll see that there are a lot more STR investors down here over LTR investors, just due to the nature of the market. While LTRs can be fantastic due to the solid military influence, STRs will generally cash flow more. Yes, they are a bit more work to self manage, but if you automate your systems properly, it shouldn't be a massive burden at all.

If you're looking for commercial properties, I recently listed a value-add office in Crestview. It's not your house hacking dream, but it's a solid value-add play for sure.  It had office space rented by the state of Florida and storage that could be monetized (currently being used personally by the owner.)

There are plenty of great REI meetups in the area as well with a solid group of local investors --- Best of luck!

@Jack Mawer - I'm sure you'll be hounded from this post, but I'll throw out that @Melissa Haworth, @Kyle Momany, and @Kevin Pillow are all stellar agents that can help you out! (They're all investors themselves as well)