Jumping into the St. Petersburg Market to House Hack

Jumping into the St. Petersburg Market to House Hack

Wheat Ridge, CO · Member since 2019 · 1 post · 3 votes

Hello All! I'm starting the process of evaluating deals and finding a multifamily property in St. Petersburg for a House Hack. This would not be a traditional Hack, as we would be buying the unit for my brother in law that lives in the area, splitting financing with him and managing the unit primarily out of state in Colorado. I've been lurking on the forums and listening to BP Podcasts for years and have built up my knowledge and finances to a place where I feel (relatively) confident getting started. I have my RE license in Colorado and currently Property Manage a portfolio for investors that have LTR and STR in the Bradenton and Sarasota area along with the larger CO portfolio.

With the intro out of the way I'm looking for any spreadsheets or calculators for the area to start crunching numbers, as well as any local, investor focused Realtors in the area to dig into neighborhoods and ROI potential for duplexes, triplexes or quadplexes. I'd love to see what is available as we have the Property Mgmt side covered and some vendor contacts in the area. Lipstick jobs or even turnkey are the focus as I'd like to save any major reno jobs for later investments.

Thanks in advance!

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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
2y

Hi @Connor Cushing, thanks for the introduction. If you're looking to work with a local investor that is also an investor focused realtor, reach out to @Josh Green. He is the go-to investor focused agent in the area that has helped a bunch of my clients that were in the same position as you. I hope this recommendation helps! 

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  • Lender · West Palm Beach, FL · Member since 2017 · 306 posts · 122 votes
    2y

    Hi Connor, 

    Congrats, househacking is a great strategy and it sounds like you have a good plan in place. Just make sure you know the rules for loans with a non-occupant coborrower, as depending on the relation (whether they are a blood relative or not) and the type of loan you plan to use, there can be additional requirements for LTV and DTI. Feel free to reach out if you have any questions!

    John

  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    Hi @Connor Cushing, thanks for the introduction. If you're looking to work with a local investor that is also an investor focused realtor, reach out to @Josh Green. He is the go-to investor focused agent in the area that has helped a bunch of my clients that were in the same position as you. I hope this recommendation helps! 

  • Josh GreenBusiness Member
    Realtor · Tampa/St Pete/Clearwater/Bradenton · Member since 2020 · 396 posts · 353 votes
    2y
    Quote from @Connor Cushing:

    Hello All! I'm starting the process of evaluating deals and finding a multifamily property in St. Petersburg for a House Hack. This would not be a traditional Hack, as we would be buying the unit for my brother in law that lives in the area, splitting financing with him and managing the unit primarily out of state in Colorado. I've been lurking on the forums and listening to BP Podcasts for years and have built up my knowledge and finances to a place where I feel (relatively) confident getting started. I have my RE license in Colorado and currently Property Manage a portfolio for investors that have LTR and STR in the Bradenton and Sarasota area along with the larger CO portfolio.

    With the intro out of the way I'm looking for any spreadsheets or calculators for the area to start crunching numbers, as well as any local, investor focused Realtors in the area to dig into neighborhoods and ROI potential for duplexes, triplexes or quadplexes. I'd love to see what is available as we have the Property Mgmt side covered and some vendor contacts in the area. Lipstick jobs or even turnkey are the focus as I'd like to save any major reno jobs for later investments.

    Thanks in advance!

    @Raymond J. Rodrigues thanks for the shout-out man! @Connor, you'll definitely want to hit him up though for some quotes. He and I have done a ton of house-hacks for people from out of state as well as local - we've done quite the mix from SFR to MFR and various loan types, budgets, goals, etc. Another big reason you'll want a great lender as well is, Ray and I, for example, have been able to win a lot of deals for clients through a more personal approach and effort when an offer is sent out. This might not sound that important as a lot of people assume you can just get what you want when you want, but when the market is heavily favoring sellers (as is likely the case coming up with the rates dropping) it becomes critical to have that competitive edge.

    Not to spill it all out here on the forums, but for example, a good listing agent is going to vet the buyers when they have a stack of offers.  Well, a good listing agent is going to really vet the lender and the experienced agents that do high volume are able to pick out which lenders have a good track record.  That's one way that Ray is able to win deals vs others - he's got a great track record here and in other parts of FL.

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  • Sarah MeresBusiness Member
    Lender · Minneapolis, MN · Member since 2023 · 24 posts · 26 votes
    2y

    Hi Connor, some of the lenders above have great points. Make sure you work with someone who is incredibly knowlegable in this space to ensure you're getting set up in the best program for your current and future goals. I love that you have done your research - the next step is absolutely finding a great team. 

    @Joseph Stern - can you help Connor? If nothing else, just a connection to discuss your insights on the area?

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