All Forum Posts by: Robin Simon

@Gabi NA Welcome to BP! You're probably overwhelmed with questions but rest assured you came to the right place. The forums and search [box] is a free REI education. Leverage it and learn. Pick up the book Building Wealth One House at a Time by John Schaub. It's chalked full of information, calculations, and advice. No fluff.

1. Yes, most lenders will require you to live in a primary residence before moving out, refinancing, or converting into a rental. Do most investor do this? Yes/no, it's not like lenders do inspections but I encourage you live there, learn, and follow the guidelines of your loan.

2. Speaking of loans... how much $$$ do you have liquid, what's your budget, and what neighborhoods do you want to buy in? Location, location, location. This affects which strategy you could pursue. STR and MTR are basically full time jobs when you're booked. This requires in demand tourist areas. These locations are expensive. Can you make more $$$? Sure. If you're going to school FT do you want to manage this property? Think about the value of your time. A house-hack or LTR makes more sense because it's not stressful and you can focus on school.

3. Rental arbitrage was hyped up when money was cheap. It's basically dead in most areas. You should research it and establish your own opinions but as a new investor it's a lot of work. Arbitrage does not reward the pillars that OWNING RE does.

The best you can do research your market, improve personal budgeting, improve credit, and get your dollars working for you. Have two years of W2 income, RE goals, and start talking to lenders about getting pre-approved. Go from there. Everything else comes from networking, experience, and getting your hands dirty.

I am also a college, and am looking to buy a LTR in the Tulsa market. Is the 2 years of W2 still required to get a DSCR loan? Is the 1 year of living in the property not pertinent for a LTR?

No W2 is required for DSCR Loans - one of the main benefits as its strictly no income verification for qualifying. However, DSCR Loans are also strictly for business purpose only, so don't work for house hacking (can't live in any of the units) and if refinancing into DSCR, would have to have moved out and well documented a new residence if you go that route

2 Votes

Fort Lauderdale, Florida

Quote from @Caroline Liu:

Hi Robin, I've emailed you the SF for each unit. Thanks, Carol.

great, thank you

0 Votes

Tampa, Florida

Quote from @Caroline Liu:

My husband and I currently have 6 apartments and 1 house, all long-term rentals and income-producing, except one 2/2 which is currently vacant and which we have decided to renovate after a recent move-out. The reno is expected to be done by the end of the month (November), at which time it will rentable at current market rents of $1,500-$1,800.

We are honest and self-managed landlords with very happy tenants. We are also getting older and are happy to pass the income to the next investor; it's really as simple as that!

The apts are 2/2 (average rent ~$1500) and one 1/1 ($975) in the USF area (zip codes 33613 and 33617) in desirable HOAs, and the house ($2700) is a 4/2 in Lutz in a highly desirable school district (zip code 33558).

If interested in this successful, income-producing portfolio, please send any serious inquiries for details with POF. Asking price for portfolio is $1.4 million. Expected ROI (rent, less HOA and property taxes) is 6-7%. Happy to provide further financials on the units and have a real discussion with the right buyer.

Market sales for the units have been in the following ranges:

1/1 - $130k+

2/2 - $155k+

4/2 - $500k+

Thanks for your interest, and Happy Thanksgiving!

Carol.

Can you share the square footages of the apartment units (assuming these are condo units?)?

0 Votes

Tampa, Florida

nice, house hacking or are you occupying both units?

1 Vote

Welcome to BP!

0 Votes

More Michigan DSCR Loans funded by Easy Street Capital!

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0 Votes

Ann Arbor, Michigan

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0 Votes

Houston, Texas

Quote from @Glenn N.:

My Borrower moved his company to Delaware making it an LLC there which makes me a bit worried that he might try something and try to get out of the loan by splitting the llc . Would it be advisable to move my LLC from Florida to Delaware also in the event I need to go to court to recover the loan would an llc in Delaware be better? . I have to get a lawyer there anyways and talk about the implication of him doing this without notifying me and redo the loan paperwork . Does anyone know a lawyer there that is familiar with hard money loans and could update the paperwork ? thx u

Does the loan docs have a provision requiring permission from the lender to change ownership entities? This is pretty standard and should be in there, unless you went with non-standard docs

7 Votes

Wilmington, Delaware

All Forum Posts by: Robin Simon

Robin Simon has started 633 posts and replied 3746 times.

Post: Interested in real estate

Post: Hello BiggerPockets Community.

Post: Young college student looking to buy their first property for Airbnb or Rental

Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Post: new to investing in cleveland

Post: New Member, Live in the DMV!

Post: Best Michigan Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Post: Best Texas Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Post: Hard money lender ,borrower moved his LLC to Delaware without notification.

Robin Simon has started 633 posts and replied 3746 times.

Biggerpockets Logo Post: Interested in real estate

Biggerpockets Logo Post: Hello BiggerPockets Community.

Biggerpockets Logo Post: Young college student looking to buy their first property for Airbnb or Rental

Biggerpockets Logo Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Biggerpockets Logo Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Biggerpockets Logo Post: new to investing in cleveland

Biggerpockets Logo Post: New Member, Live in the DMV!

Biggerpockets Logo Post: Best Michigan Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Biggerpockets Logo Post: Best Texas Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Biggerpockets Logo Post: Hard money lender ,borrower moved his LLC to Delaware without notification.

Post: Interested in real estate

Post: Hello BiggerPockets Community.

Post: Young college student looking to buy their first property for Airbnb or Rental

Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Post: Looking to sell our Successful portfolio (7 units) of rentals in Tampa

Post: new to investing in cleveland

Post: New Member, Live in the DMV!

Post: Best Michigan Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Post: Best Texas Investment Property Loans (Hard Money - DSCR) - Easy Street Capital!

Post: Hard money lender ,borrower moved his LLC to Delaware without notification.