All Forum Posts by: Ryan Hamaker

Hi David

I’ve been investing in the Tampa Bay market since 2009. We can connect sometime. 

You can always have one person who takes out a standard residential mortgage in his/her name. The names of the other partners should be added to the title. Your LLC filings should list all the partner names and equity percentages. Your corporate agreement should outline the partners' names, contributions and percentages of equity in each asset you purchase together. This is just my opinion and should not be viewed as legal advice!! Definitely speak to an attorney!

Are you guys doing any more of these meetups.

I didn't realize this was on the same day as the NCAA championship.  I'm a Tarheel so I had to watch.  Please keep me posted about other meetups.

Sounds good.  I'll try to make it.  Thanks for posting.

Typically it's 80% of the market value as determined by an appraiser if you are going with a standard residential mortgage and not private money. Some private money lenders can offer up to 90% LTV but those loans can be challenging to qualify.

 I know you said you are buying this potential property with cash which is good in this circumstance.  For future reference, if you financed the property for the initial purchase, you may have to wait 12 months before you can refinance.  The proper term for this is a "seasoned loan".

For more info:  https://gokcecapital.com/loan-...

Best of luck!

Several hotels in St Augustine, FL have been featured on ghost hunting shows for years.  Specifically, there is one hotel with a specific room that has a history of being haunted.  That room is booked out for two years straight.

Oppositely, what if your STR occupants use their ghostly experience to give your cabin a terrible rating. You accumulate enough of those and prospective visitors may see your 2 star rating and not even bother clicking to see your cabin.

I would disclose it with a detailed description of your ghost's, non-threatening antics and run with it.  Consider advertising it on several of the ghost hunting forums as well.  

I've used STDB.com for years to look at:

a) Population size

b) Population Growth/Decline

c) Average income per capita in a target range of 3 miles

d) Education levels in target areas

e) Several other factors related to commercial statistics

It's a paid membership site but worth every penny if you're trying to drill down the exact kind of area and population target for your acquisitions.

Just an FYI to investors currently in or looking to invest in Florida. Multiple hazard insurance companies have filed bankruptcy recently. This is putting enormous pressure on the few insurers left to raise rates just to stay solvent. On a 3/1 SFR I own in Tampa, my current hazard insurance rate is $965. I just received my renewal letter with the new rate of $2453. Needless to say, these increases wreak havoc on investor pro formas.

I had a lengthy discussion with my insurance agent who is searching for a new policy but the short of it is that insurance claim fraud has never been higher in the state of Florida.  So if you're looking to make a purchase, do your due diligence and contact an insurance agent before you close and get stuck with a negative cash flowing investment.

Hi Scott,

I have an idea for you regarding a lender that may be able to assist you.  PM me and I'll get the details to you.  I'm in Tampa so we are pretty local to each other.