All Forum Posts by: Sebastian Villacis M.

@Sarah Weaver, Thank you for your response. I will give it a shot.

Also, thank you for publishing 30 Day Stay. I pre-ordered, waited for the book around 3 weeks, and finished reading it 5 days after receiving it. You and Zeona did a really good job. I was surprised by how fast you scaled up using creative financing. Congrats and keep up the good work.

@Colleen F. your feedback is much appreciated. Any experience providing housing to travel nurses in Cleveland? It will be nice learning more from you.

@Shane Kelly Thank you so much for your feedback. It is my understanding that the agency the got hired by the one that takes care of housing if the nurse wants to; otherwise, housing is decided by the nurses themselves  or what is referred as stepend. Hospitals are not involved in housing from what I knew. Maybe Cleveland works a bit different.

Hi BP Community,

I am interested in investing in Cleveland, OH, around the Wakefield/Detroit Shoreway/Edgewater area to be more specific. I want to buy a duplex and have each unit serve as MTR for traveling nurses or other professionals coming to Cleveland. My only concern is if Cleveland is actually attracting traveling nurses. I understand Cleveland has some of the best and biggest hospitals in the nation but after reading statistics from Furnished Finder it seems like the demand of traveling nurses does not reflect the current growth and magnitude of the healthcare industry in the area for whatever reason. I may be wrong that is why I created this post to see if maybe I can get advice from an investor who has done this already and seen the results. 

Thank you in advance for your valuable feedback.

Hi All,

I was reading this interesting forum since it goes hand-in-hand to my future investment properties. As a quick update to all, it is important to mention that Fairfax County now allows ALUs (additional living units) as long as it meets some requirements (found here: https://www.fairfaxcounty.gov/...). I am still a bit uncertain if I could get around getting a permit for the ALU countertop burner since we DO want to have privacy and not share spaces with the prospect tenants. If gas stove is provided, I believe building and fire code gets involved and I might have to fire rate walls, etc. I want to know if somebody who knows about this code and if there is a way around it.

Thank you all.

 Hey @Nicholas Coulter,

Your advice is very much appreciated. 5% down is definitely in our plans. Also, the ADU idea is based on a space inside the property that has to be somehow ready and in indeed of very minor additions and updates which I don't know if will force the equity to reach 20%. However, you made a very point. Also, our credit is very good which will help us lock a low PMI rate I guess. The fact that 5% down sounds so good now is that it leaves us with extra cash for our next deal. I believe NoVA is all about home appreciation in the long term which kind of matches our idea of buy and hold.

Thanks.

Hi @Joaquin Camarasa

You are 100% correct. I didn't realize the obstacles there are for investors in NoVA. I guess I was so focused on forcing my house-hack strategy to work in a market where either rents can't keep up with appreciation or countys' restrictions on STRRs. Begginers like me can benefit a lot from experienced investors like yourself who know the area's pros and cons when it comes down to investing. That being said, which investment strategies do you consider work best in the NoVA market considering all the pros/cons that this area has? I guess one of them is the mid-term rentals and my wife, who's a nurse, has told me so much about traveling nurses but I didn't really consider that option until now. 

We are not limited to the strategy we can use to start investing and are rather very open to listen and learn as we go. We just want to make sure that we step into the market with a strategy that fits perfectly the characteristics of the area.

Would be very happy to chat with you and get more advice.

thanks

 Hi Derek,

You are absolutely right. Your feedback is much appreciated. I just wanted to know what house hackers usually do in regards to PMI (kind of a rule of thumb), but I guess there is not rule of thumb in this case since everyone's goals are different. Thank you again.

 Hi @Jay Hurst thank you so much for your response. As explained in my response to @Ika Sargeant, both options, buyout and monthly, are for the same period of time (at 20% equity PMI is removed). The only difference is that buyout is "cheaper" since it would be paid upfront. It is good to know that PMI rates have decreased for good credit which is our case. Thank you so much again for your input.

 Hi @Ika Sargeant thank you so much for your response. So based on my discussion with one of the potential lenders I will pick for our future investment property, the real difference between buying it out than paying it in a monthly basis is that when you buy it out the lump sum is smaller than if you were to add up the monthly PMI I would have paid until meeting the 20% equity. The important factor here is that both options take into consideration the same time frame before meeting the 20% equity requirement. If that is the perspective, then my intuition tells me that buying it out makes more sense because I am basically paying a smaller amount than the total monthly option. However, I am not entirely sure if I am missing any other important deciding factors.