All Forum Posts by: Ryan Halford

@Michael Bettinger Hey Michael, feel free to give me a text and we can set up a call or a lunch time. I'm not too far from you (Land O Lakes, FL). I can give you an hour of my time to discuss your situation and get you started in the right direction. I've been investing since 2008, I am a REALTOR, and I owned a construction company for many years. 

Hi Oleg, 

Be sure you know your deadlines and have a target property lined up before you sell into a 1031 exchange and be sure to use a qualified intermediary (you can't just put the money in your bank account). Overall just be sure you know how to do a 1031 because there are rules that need to be followed or you will pay the capital gains tax, I ask because you say you are selling in 60 days and not moving here for 2 years. You must identify a replacement property in writing within 45 days and acquire the new property within 180 days. If you are investing here before you move great! I just want to make sure you are aware of the rule.

What you invest in is going to depend on your goals. Are you retired, looking to get out of your W-2, or do you have no time for real estate and want something passive? Are you willing to house hack i.e. live in the building you buy, what is "healthy" cash flow to you? $100, $1,000? Greater cash flow usually indicates a C-D class area which comes with it's drawbacks. Rather than give some boilerplate advice I would be glad to have a conversation with you and discuss your goals and how you envision living your life once you move to FL so that we can figure out a plan to make it happen through real estate investing. Feel free to reach out, I'm here in Tampa ready to help.

 The original mortgage was satisfied through a "partial release"

I am not an attorney and this is not legal advice.

To anyone who is interested in what I did to accomplish the above goal: I used a  Note and Mortgage modification and spreader agreement. Basically this added the new property to the note and mortgage. Then we just recorded the original mortgage as satisfied. I would consult an attorney if you are interested in following this procedure. 

I have a private lender who is not experienced so I need to handle the footwork. They hold a 1st position mortgage on a property I own, but they are willing to move/port the mortgage to another property I own that has equity to cover it as a second. Thus freeing up property one for a conventional mortgage. They want to keep the loan simple and as is and so do I. I just need help finding examples of the language needed to file with the county to legally move the existing mortgage to the new property. This is in Florida, also it is from one county to another if it matters. I'm trying to avoid legal fees obviously. I have a call with a title agent friend later today but I case she doesn't have the answers I am trying to stay ahead of the game as time is also an issue. 

Let me know when you find the area you want to look in specifically and I can get you connected to a PM. As others have mentioned it is best to find someone hyperlocal if possible. I can also help you with your home/investment search.

Contact a company 40-100 miles away, tell them that you have an Airbnb that needs the aluminum screen cage replaced and that they can stay there while replacing it. It might be even cheaper than your Siesta Key prices in 6-9 months and it will be done much sooner, perhaps in weeks. Call 20 inland companies if you have to. Focus on smaller companies (still licensed and insured obviously). Try for a little closer but if needed go to Tampa or Lakeland.

Hi Brian, I'm a Tampa resident and investor. Let me know how I can help. Any future plans to move down or just looking to invest here?

I agree with Kim's perspective on the potential for growth in the north edges of Pasco County and perhaps Hernando. However, it is important to thoroughly research the area and understand what developments are already underway or planned. In Pasco County, progress is happening rapidly with numerous new subdivisions and multi-unit apartment buildings being constructed.

A quad may prove to be a successful investment, especially if built "in-house." However, it's crucial to take into consideration the abundance of new construction happening in this area, particularly in Dade City where hundreds of new Low-Income Housing Tax Credit apartments are being built. It's important to weigh the potential for growth against the increasing supply in the market.

As a rental property owner in Dade City, I would consider investing further in the area, but only after conducting thorough research and ensuring that the properties are being built to attract the right customer base at the right price. Additionally, if the properties are located near coastal waters, it's important to understand the associated costs to abide by the more stringent building codes in place to withstand hurricanes, such as the requirement for impact windows, stronger structures, and hurricane-resistant roofing. This, and insurance cost, is important to keep in mind for any construction projects in Florida.