All Forum Posts by: Brent T Galbreath

I have created a lot of loss in my taxes over the last few years and now want to get a mortgage for a new primary home. However, bc of the losses, mortgage companies don't want to touch me when I am fully able to pay the mortgage. Any ideas or ways to get around this?

@Brooks Becker I used The Mortgage Shop and they gave me a 15% down loan at 4.75% about a month ago. Things have continued to climb but it was still a decent deal. They specialize in short term rentals. I’m sure there are other companies as well but this company worked for me.

@Heather De La Cruz I just bought a home as a STR in Largo a few weeks ago. It is legal to str there unlike many of the other areas near it. After two weeks of trying to get my property ready for inspections in Largo, I found out that I'm in the unincorporated part of Largo which falls under Pinellas County. The good news is they are much less stringent apparently. My property is actually about 18 minutes away from the beach which is a little further away but also picks up many of the visitors to the Tampa Bay area that comfort air shows, etc. Just make sure you know what part of Largo you ware in because the laws will change quite a bit.

@Megan Templeton thank you Megan. This is golden advice!

I just began real estate a year ago and now have 4 units (3 properties as one is a duplex) and close on one I will use for a short term rental in April. The equity is mounting but I am afraid my liability is as well. I would like to find a good attorney in Florida who could help me plan and execute protecting my assets. Any ideas on how to find the best attorney? Any key questions you would suggest asking? Any deal breakers? Really would love to hear your thoughts. Thank you in advance.

I believe he means it's a Credit Card advance. If the deal is worth it then you may want to use this method. However, a hard money lender can be used for anything whether the purchase or rehab. They aren't companies so they can loan whatever they want so it removes a lot of red tape. Just remember that you will probably need to refi out of the property quickly because a hard money lender will have high interest rates. Also be prepared for a fee with a hard money lender as well. I just used one and it worked very well on a purchase.

I really need the advice of all of you seasoned investors. I found my first two deals in Florida and actually had two homes built as rentals. My lender got both of my conventional mortgages approved but after the homes were built, the mortgage company began dragging their feet getting the appraisals, etc. We signed two extensions with the builder while waiting for this mortgage company. They told us it’s because they are so backed up with work they can’t get it all done. Now, the builder will not sign any more extensions because both homes have gone up in value over $30,000. It makes more sense for them to sell them at the higher price now. I got these deals when construction costs were still relatively low and these should be good cash flowing properties for me. I found a hard money lender to take care of one of the properties. i’m having a hard time finding A hard money lender for the second home. QUESTION: Do you think I should continue to try to find a hard money lender for the second home or is it too late? If it’s too late, would you suggest I offer a higher price that may appease the builder but also gives me equity or what? Thank you and advance for any of your ideas.

I’ve seen more and more of the deal finder apps and programs that help you find and secure properties that are pre-foreclosure, vacant, etc. Some of the programs are extremely expensive but some are fairly cheap if they actually do what they promise. Does anyone have any idea if these systems are worth the money?

Would love to know the opinion of some seasoned investors. What would you tell a 53-year-old who is now trying to replace his current income with passive income in this situation? Through an unfortunate passing of a family member, he will inherit enough money to purchase a couple of B class homes outright and while it won’t fully replace his income it will certainly help his portfolio in moving that direction. Should he use his own money and cash out for other deals and save on closing fees and interest or does it make more sense to hold onto his money and use hard money lenders so he reduces his risk by not using his own money? Asking for a friend.

I have a family member who is considering renting a room out of there home as a house hack. Any ideas on what the contract should look like? Should it be close to a regular rental contract but just changed a bit or is a house hack a completely different contract?