All Forum Posts by: Brooks Becker

 @Mike Shulman Great piece of advice here!

Avi,

You are looking in all of the right places you just need to find the right lender. I am not licensed in NY otherwise I would help more than just advice. I will tell you there are DSCR loan programs out there that allow for first-time investors and you don't need to currently have a primary residence. These will come with a higher rate because of the increased risk to the lender but if the deal works IT WORKS!

Heather - I have seen and heard a lot of people buying STR single-family homes. They are bigger and cheaper than some nice amenity condos (granted you find the right one down here). The clientele are groups of couples vacationing together or larger groups all chipping in for a more affordable Florida vacation.

Dan - Great information! There are a few lenders out there doing 15% down on investment properties. Rate is adjusted for the added risk but if it gets you in the door for investing it's better than sitting on the sidelines. Right?!

Hi from Florida,

Jon - I live in Seminole Florida but vacationed in Pensacola back when I was a midwesterner! It's a great area and having boots on the ground would be very helpful!

You mentioned being a first-time buyer. If have not figured out your financing yet feel free to reach out! I enjoy helping investors find the right financing programs. 

Hi from Saint Petersburg Florida,

There are a lot of people who like STR's in the Greater Tampa Bay area. High appreciation and rising rents make this area good for either option.

If you need lending help let me know (Conventional, DSCR, Banks Statements, Etc)

Hey Kevin,

I use Pelican Inspections. They do great work and get there quickly. 

https://pelicaninspections.com...

@Cassi Justiz Agreed! I believe that having an out-of-state rental property is a great (if not the best) learning lesson for all because it forces you to find a team of people to do the small tasks involved in real estate. Then in return, you can spend more time on the bigger ticket items like finding the next deal! 

Investment Info:

Single-family residence other investment.

This was the first real-estate purchase of mine. I bought it, lived in it, and fixed it up then turned it into a rental when I moved across the country! Like many of the Bigger Pockets members will attest to the first deal is rich in lessons learned! In this deal, I made money but more importantly learned lessons that only come after your first purchase.

What made you interested in investing in this type of deal?

My budget was tight but I did a rent vs. own analysis and decided to take the plunge and purchase what I could afford.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS and negotiated the price based on the inspection results!

How did you finance this deal?

I worked with a mortgage broker and got conventional financing.

How did you add value to the deal?

I remodeled the unfinished areas of the house and improved the landscape.

What was the outcome?

I received cash flow and increased my equity while I was renting it. I made a few thousand dollars when I sold it, but more importantly, I saw the benefit of owning real-estate!