All Forum Posts by: Thomas Geary

Hey Matt,

Use an owner-occupied loan and move into something turnkey with as little money out of pocket as you can. Get your other unit(s) rented and then move on to the next! You will have a hard time competing in this market trying to get your FHA 203k BRRRR offer for a MFR accepted nor is that even a task you would want to take on as your first investment.

Hi Heather,

No ordinance restrictions regarding STR in Largo, just comes down to the specific HOA. Although I will say, I think you will have much more success with a single family home as an STR rather than a condo. In my experience, most guests come down to visit family for at least a week at a time and are looking for something more homey than a beachy vacation rental unless it is right on the beach.

Have you find something yet?

If you are not going to occupy the Multifamily residence, you will need to put 25% down.

If you are going to occupy it as your primary residence, you can use a 3.5% FHA loan with PMI or a 5% down conventional loan with PMI but it must be no more than 4 units.

If it is 5 units or greater, you will have to get commercial financing.

I would suggest finding a solid insurance agent. Explain your situation to them and they will know which company to get you a policy with. And just because the first one may not know how to help you, another one will! 

Hi John,

Not sure if you have gone to the HUD website yet or not, but there you can look into the fair market rates based on different zip codes and you may find that it would be more beneficial to do section 8 in another area or at least narrow down your search within south St Pete. I do not own any section 8 properties but I have looked into it extensively, but just something to look into. Hope this brings some value!

Hey Kara, 

My advice to you would be to dive into the areas that short term rentals are actually allowed! Depending on where you’re looking in the Tampa/St. Pete area, there are different stipulations for short term rentals in how many you can do per year or for how long of a minimum rental you can book. For instance, one of my houses in St. Pete I’m only allowed to do month long leases or greater. 
Hope this gives you some insight in narrowing your search! 

My advice would be to live in side A and only worrying about rehabbing side B first so you can charge top dollar rent before getting a tenant in there. And once you have it rented, then renovate the side you are living in… obviously it needs to be livable, but not quite updated… and yes, FHA loans are good tool but there are also other low down payment options as well! That's kinda my niche is helping new investors get their first house hack!

Hey Kevin, 
DG Inspekts has been my go-to for a while now. 
good luck! 

Hey Jacob,

I agree with Josh's advice, if you can find the deals you will never be out of business. Also, I would learn as much as I possibly could from your dad as you are very lucky you don't have to look far for a mentor. 

Hi Aren,

If I were you, I would take Brandon Turner's advice and analyze at least 50 deals before you even considering making an offer on one. If you are not able to run your own numbers, you are gambling not investing. Taking action is great and all but you absolutely can not rely on others when it comes to this part specifically.

I know it is not the answer you were looking for but I hope it helps you in the long run.