All Forum Posts by: Blake Novotney

There are likely many other ways to structure a deal or change your exit strategy that could turn this in your favor. What is your plan for the property? I agree with above, definitely connect with an investor-friendly agent who can guide you. They will probably also have clients who will purchase the property from you.

BiggerPockets is a great start! However, you will probably find the most investor-friendly agents at local investor meetups. You'll also have the opportunity to talk to a few, and see who may be a good fit!

I was in a very similar position to you, with similar goals as well. I chose to get my license so I could spend 100% of my time fully involved in some sort of real estate. For me, it has opened up tremendous opportunities I do not regret it in the slightest. When people say you don't NEED a license to invest, they're absolutely right. But I can promise if you are motivated to succeed, it's certainly not going to hurt. You will be able to build relationships with other investors, and also have access to a lot more tools and off market properties.

I think you are getting conflicting advice because both are (somewhat) right. It is very situational, I would look up the "most common things that get flagged on FHA appraisal" and you should have a good idea of things to look out for when touring homes. Aside from that, as long as there aren't 50 cash offers on a property, and the sellers know they have a relatively clean house they shouldn't make a big fuss about FHA vs Conventional. Get an agent who will fight for you, and submit offers until you find the right one. Happy hunting!

I have seen this before. It is becoming a new type of wholesaler almost, charging an assignment for finding the landlord and lease.

Start putting aside as much as possible for those capex items you mentioned! Some people will wait for a storm with a roof that age to see if insurance will cover it (I know nothing about these claims - not advise just what I have heard people do). I think the largest determining factor will be what NEEDS to be addressed immediately. Does the HVAC operate OK? Is the water intrusion coming from the roof? Do what you absolutely must first, fix the other big items as soon as you are able to. Better to go through this early on, so you'll always remember and have enough set aside for future capex items!

The replies here are hilarious LOL. In all seriousness, I am sure a lot of "mom & pop" hosts are feeling the competition right now. So many people jumped in and are just winging it, I really can't see a time where STRs disappear but those who don't continue to evolve will get left behind just like anything else.

I have a lot of clients who outperform the AirDNA estimates, I think it really comes down to your local market. Mine is a large vacation and second-home market, so lots of mom-and-pop run STR's that are outdated and questionably run. If that is the "average" you're up against, then yes absolutely. However, I wouldn't get too optimistic when crunching numbers and taking on too much risk.

I could be wrong, but aren't you able to ask the lender to approve a specific contractor given they are licensed, insured, and meet the requirements?

I used to live in St Pete, I think that could be even better than Tampa for STR, considering the proximity of beaches. I personally like Tampa/St Pete area for the downtowns, colleges, beaches etc. but that's just me. What strategy are you looking to do?