All Forum Posts by: Tyler McVety

I googled DSR loans in Florida, and found what is pasted below on the lenders website. Your best bet is to find a lender that offers a DSCR product and talk with them through your situation. Based on what I am reading below, you would likely be approved as long as the new mortgage payment does not exceed the rent collected on your properties. But only the lender can tell you 100%.

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What Are the Requirements for a DSCR Loan in Florida?

For a traditional Florida mortgage loan, you'd have to submit your pay stubs, bank statements, credit history, proof of employment, among other information, to be accepted. With Florida DSCR loans, all you have to do is figure your DSCR for a rental property and apply for a loan based on that. A DSCR of at least 1 means you're generating enough rental income to pay for the annual debt related to that rental property, making it easier to get a loan and make monthly payments. When you apply for a DSCR loan with Griffin Funding, you'll also be required to make a down payment, which can be as low as 20% in some cases.

Hey Jared, great to see you here!  I would love to connect with you when you are available.  I am curious, why are you looking to start in Dallas, TX, instead of focusing on the New Hampshire area where you currently live and have an advantage?

If they are using a conventional loan, it could make things more complicated, and it's my understanding that most lenders that wont fund a loan which is bought via wholesale.  No, They don't have to use cash, but they can use 2 other options to purchase the contract from you, that being bridge loans and hard money loans.  For your particular situation, it sounds like neither of these are viable options though as most hard money lenders will not fund loans for non-investment properties.

 @James Heller and @Tom Shallcross get it.  The biggest challenge can come from knowing what your investor clients will buy.  Go to meet ups and build your buyers list, and follow up with those investors.  Get to know them and build up those relationships, along with their investing goals, strategies, and where they are in their investing journey.  Knowing what your buyers are looking for will give you confidence when you are writing your offer.  In addition, it doesn't hurt to call an investor on your way to make an inspection to see if it would be a property they would be interested in, and verify what they would be willing to pay for it.

Understand your investor's buy boxes, and build relationships with your investors.  With this you will be able to make confident offers on properties with out screwing anyone over.

Congrats on your STR Property!

I think this comes down to what you are looking to get out of your properties. STR has the high work/high cashflow and LTR has the low work/low cashflow (relatively speaking). When looking to invest, I would keep in mind that you are not limited to just your city. If you aren't happy with Jackson, MI, then look a little further out and see what you can find. I am not in the MI area, so I cant say too much about it, but would Ann Arbor or Lansing (both within an hour of Jackson) fit the profile of what you are looking for better?

Just staring out I would ensure that you don't spread your self too thin, as in: 1) Make sure that you have enough capital in reserves to handle any unexpected expenses (such as a new HVAC/water heater/roof/etc) 2) You aren't growing so fast you start missing items/deadlines.  As you get systems in place, you will be able to grow faster and more efficiently. 

Good Luck!

First starting out I cant recommend enough to read Rental Property Investing and Investing In Real Estate With No (and low) Money Down.  These two books will give you a good overview of real estate investment strategies that are available to you, and you should be able to come up with a good plan that fits your unique situation.  If you needs some more inspiration for ideas, Profit Like the Pros is a good look at deals and the strategies used to make them happen. 

The most important part is once you figure out your plan, be consistent and keep pushing forward!

Good Luck!!

I see you haven't listed it, but if you don't already have it, a website with a good SEO would be helpful for capturing traffic from those organic searches as well.

Getting into real estate is something which I have wanted to do for several years, and spoken about it with several of my friends but it wasn't until a friend gave me "The Book on Rental Property Investing" that I actually started to understand how this whole thing worked. Since then I have joined BiggerPockets at the end of July, read "The Book on Real Estate Investing with Little or No Money Down," "How to Invest in Real Estate" and several others, along with listening to the BP podcast when ever I have the opportunity!  It has been a whirlwind of learning, and its time to start putting that to work.

There are two things that keep coming up which seem to be key to your success:

1. Get leads, leads, and more leads
2. Play to your strengths

There are several strategies for getting leads the ones which I am looking at using are, Real Estate Agents, Wholesalers, Investors, Driving For Dollars, and Mail Campaigns based on lists matching conditions.  While I am still looking to network with Real Estate Agents, Wholesalers, and other Investors, my belief is that communication will be easier with these individuals as we can schedule meetings, exchange email, and text.  However as I still do work a day job, I an not quite at the point where I can start taking Random Phone calls from the general public, which makes Driving for Dollars, and mail campaigns challenging to field leads (Phone Calls) in the middle of the work day.

This is where I need to start playing to my strengths.  By trade I am an IT Automation Engineer, which I believe brings me a different perspective when getting started on things than most other people.  Before I start any project, my first instinct is to figure out which parts of this process I can automate.  I am still learning so until I get better grasp and understanding I want to continue to do the driving for dollars, and generating lists my self, but that doesn't mean that I have to answer the phone during the day from potential leads.

I believe the solution to this is to use a phone answering service to take down numbers for me to call back. I now need to begin thinking about what I need to be able to call those individuals back and have an intelligent discussion with them. Personally I want to know roughly what the ARV should be, how much I could rent it for, and how can I relate to the caller, when is a good time to call them back. The question then becomes how do I consistently get the information I need to be able to come to these conclusions. Some things are obvious, name, address of the property, phone number. However, I wanted to go just a little beyond that. Do they even have authority to make decisions about the property?

I could give the phone answering service a script to follow, but then they would need to still work to get that information to me and I can not guarantee that I will consistently get all the information I need.  Enter Office 356, I have started to use them for my email, calendar, and essentially anything that is related to my business.  Included with that subscription is Microsoft Forms.  What I have ended up doing is creating a form which I will work with the phone answering service so the agents will have access.  It contains the following fields:

1. Name of the Caller
2. Caller is authorized to make decisions on behalf of the property (Yes/No)
3. What is a good number to call the caller back?
4. What is a good time to call the caller back?
5. What is the address of the property?
6. Why are they looking to sell the property?
7. What are they hoping to get out of the property?
8. Do they speak English? If not, which language do they speak?
9. Notes which may be helpful

Having this list of questions can make the answers I get back precise, and efficient, so that the callers time is not wasted.  Once this form is filled out, I have a "Power Automate" flow created which will then ping a Microsoft Teams channel letting me know of the new lead which has come in along with some of the important details regarding the call so that I may begin looking in to the property, and call the caller back at the appropriate time, a time of their choosing as dictated by question 4.  Keeping in mind, they are the ones doing me a favor by even calling me in the first place.

I have a couple other features I would like to add to this intake, such as integrating with the API of an MLS or service like Propstream to pull some of that initial research information about the property (ex: comps) and place it in that initial message which would continue to make me more efficient. With that said, I believe that this start of automation will be key to my early success as a RealEstate Investor.

I would love to here all of your feedback on if you think this is bad, good or somewhere in between!

If you want to know more on how to get something like this set up for you or questions about automation in general, I am happy to help or answer any questions you may have.