All Forum Posts by: Zac C.

Hi Folks,

Looking to pick up a fix and flip home with a family member and wondering the best way to structure an equal partnership from a legal standpoint - will be going in cash and would like to know the best option to purchase the property 50/50 within a shared entity.

Partner is currently drawing SS and limited w/ income restrictions until age 65 - looking for a plan that provides flexibility in profit sharing for both partners.

Thanks in advance for the insight!

Ken - give us a shout - agents in Pinellas orginally from Erie, PA - our broker is a seasoned investor in the local market - thanks! Tara and Zac

Thanks Jerry , great info - yes I am leaning toward going the BRRR route - curious what the typical all-in cost would be on a cash-out refinance (closing costs, fees, points etc) and what rate I will be able to obtain. We currently own one SFR free and clear that should appraise for 100k and will begin shopping lenders soon. Thanks again for the insight!

Thanks guys, appreciate the input - Monique, if I do what you say and put only a down payment on one property, say 20k (20%) I don't see how I would be able to quickly refinance the property - aren't most cash-out refinances maxed out at 65-70% LTV? It seems I would have to pay all cash initially to be able to quickly refinance and pull the cash back out to rinse/repeat ? Maybe I am missing something - thanks for the clarification :)

Hi Folks - thanks in advance for your input on this - looking for feedback/opinions on the best use of 100k in capital to purchase buy/hold rental properties as a long-term wealth strategy (optimizing cash flow + opportunity for appreciation)

All things being equal and assuming financing/credit is available and in good standing - I am curious to hear your thoughts on three strategies I am currently considering :

1) BRRRR method - pay cash for (1) property all-in for 100k - perform necessary repairs, rent it out, cash-out refinance asap and repeat process over and again

2) Pick up (5) properties valued at 100k each - putting 20% down on each, mortgage the balance and use cash flow/depreciation to pay down mortgages over time

3) Purchase a multifamily complex valued at 500k, putting 100k (20%) down, finance the balance and pay down over time w/ cash flow/depreciation

Thank you all for your insight, I look forward to hearing the feedback  - Zac (Clearwater, FL)

Thanks Eric, I appreciate the advice. We will look to seek out help from these smaller 'local' banks and see if any one  will be willing to work with us. My wife is a teacher and is going to check into her school credit union to check our option there as well.

I have also heard about 'portfolio lenders' that might be willing to loan, but not sure how they operate or where exactly to look for these guys?

All the best in your endeavors Eric, let me know if you guys have any luck on your end working around the short sale.

Hi All,

Thanks in advance for the advice - here is my situation:

Wife and I purchased a townhome here in FL from the bank for 80k cash back in May (2014) and are currently using as our primary residence. We would like to pull out 50k in the form of a HELOC to make improvements to the home if possible.

Unfortunately, we went through a short sale on our previous residence in Feb 2013 which is proving to make it a challenge to refinance our new home. I have spoken with a couple local lenders about options. One told me due to the previous short sale, we'd have to wait a minimum of 4 years following the short sale to be eligible to get any kind of HELOC on our new property. Alternatively, he said we may be eligible for a cash-out refinance within 2 years of the short sale closing.

Our new home is owned free in clear and the title is in both our names. Both of our credit scores are back over 700 following the short sale and we each have solid 2+ years of W2 income records.

What options, if any do we have in terms of refinancing and pulling cash out of our current residence that do not require us waiting on our short sale situation to get cleared up?

Thanks Doug, we are in Clearwater and are currently looking at picking up our first rental property. Would appreciate the chance to meet and network with other local investors here in the Tampa Bay area

Thanks Ali, much appreciated - yes taxes and insurance can be steep in this area, especially given the recent press surrounding the changes in flood premiums coming down the line - thanks for the advice! Zac

Hi guys,

I am looking to purchase my first investment property here in FL in the Clearwater/St. Pete area and would like some friendly advice from the pros out there in BP land. Thanks in advance for your input.

Looking to purchase a 3/2 SFR home in the area as a cash flow rental property and have 80k liquid to invest - I cannot get traditional financing at this time due to recent short sale in March. Currently saving an additional 2500-3k monthly after expenses.

The deals to be found in this price range locally are few and far between and I really don't want to get caught up in putting a ton of time and $ into a major rehab right now.

There are a few nice looking townhome/condos available in my price range that appear to be move-in-ready or close to it, and my question to you guys is should I be nervous about buying this type of property as a rental versus a traditional house? I know there are some uncertainties with condo fees fluctuating but I'd like to think that if the numbers make sense it should not make a huge difference.

What other factors should be considered when comparing townhomes/condos to traditional homes as an investment?

Thanks guys - all the best - Zac