All Forum Posts by: David Soles

Out of state investor looking for financing on properties < 50k. All are buy and hold.

Any suggestions for a local option? Credit unions? Hard $?

Thanks in advance!

@Patrick Desjardins Won’t budge on the note rate. Idea would be to restructure terms and give a 2 year extension of I/O payments for the borrower in hopes he could secure financing.

Need someone to push me over the ledge here. Scenario: -168k note at 10% -20% down on the original purchase -Borrower can’t qualify for a confirming loan and the note is ballooning in 6 months. -Investor wants his $ to flIp another house Asap & doesnt want to go through the F/C process -Borrower willIng to go another 18 months I/O to figure things out @$1,400/M -200K Sale all day -1st PosItIon - No 2nd -FlorIda literally every penny I own. HELP! HaHa!

@Jami Kloet. I’m born and raised in Bradenton, Fl (Manatee County) and while I’m a bit bias Anna Maria Island checks all of your boxes. The village is amazing, is not NEARLY as crowded as Fort Myers and has some great beaches to boot. Also, it’s proximity to other world renowned beaches is fantastic. You’re about 30 minutes south of St. Pete Beach and 30 minutes north of Siesta Key Beach (Sarasota, Fl). You can’t really go wrong buying anywhere on Anna Maria, but you will pay top dollar for the type of property you described. Happy to help if you would like to know anything more. -David

Hey Mo, It looks like your condo is in prime time IMG Academy (global sports academy) space. Instead of looking to short term it, I’d reach out to their housing department and see if they can assist with fining annual tenants. Another thought if you want to look at short term options would be to reach out to the local builders. New construction is exploding out east and finding viable and affordable short term rentals is next to impossible. I would venture to guess you could get $1500-$2k a month for a short term tenant who is waiting for their new home to be built. Again, just a thought. Best of luck! -David

Welcome, Felipe. I’m also in LWR! Shoot me a message and let’s grab some coffee!

Hi Jeremy!

Born and raised in Bradenton my friend, and happy to assist on the lending side of things if needed.  If not, I'm happy to be a resource for general questions about the area. Being from Chicago, I'm sure you've heard of the company I work for, Guaranteed Rate (We have a local branch in Lakewood Ranch, FL).  Shoot me a message with your contact info and I'll reach out soon.  Happy hunting!

-David 

As former college advisor (in Manatee county) and a current real estate investor I can say, with NO hesitation your college education should come first. Deciding on the school that is right for you is a life changer and should be made with no inclination on the real estate investment crowd. You have one of the most powerful communities at your fingertips with Bigger Pockets. That being said if you want to make a career out of real estate choose a major that reflects your passion. In every student market you will have access to MULTIPLE property management companies, agents who manage portfolios and leasing offices at apartment complexes. Make working with them a goal (even if for free at first) while you are taking classes. With enough reps in the student rental market, there won’t be much you are unprepared for when you jump into your first deal. Best of luck young man, and keep the positive momentum going!

1st Story Property Management. Shanna Williford. She’s managed our student rentals flawlessly for 10+ years.

Offer Accepted! I'm rich, wait...no I'm not.  Thanks for all the words of encouragement everyone!  Here is to the next chapter (pending inspection) Ha, ha!