All Forum Posts by: Christopher Holt

I've been looking through the city/county code and can't find a definitive answer on this - I'm preapproved and seriously considering a house hack in Tampa that's a 3/1 with a detached 1/1. It must be grandfathered in (It's listed on the Hillsborough property appraiser's website but doesn't meet new rules, like the lot size requirement for ADU construction).

This is the city and county ADU code I've been looking through

http://tampa-fl.elaws.us/code/coor_ch27_artii_div5_sec27-132

https://library.municode.com/fl/hillsborough_county/codes/la...

Can I rent out the main house while I live in the 1/1? What would be the best way to find this out?

Once you close on the property you can do whatever you want. It’s yours. But I wouldn’t go around telling lenders this is your “plan” a standard underwrite is going to look at this and expect that you occupy the main dwelling of course. Once you sign you’re free to make your own choices in theory. Connect for more questions! I’m local to you in St Pete and deal with scenarios like this all the time

Yes my mortgage broker only factored in the potential rent for the ADU when looking at if I qualified. Thank you for the info! I sent a connection request

0 Votes

Tampa, Florida

This is the city and county ADU code I've been looking through

http://tampa-fl.elaws.us/code/coor_ch27_artii_div5_sec27-132

https://library.municode.com/fl/hillsborough_county/codes/la...

Can I rent out the main house while I live in the 1/1? What would be the best way to find this out?

3 Votes

Tampa, Florida

Quote from @Ray Hage:

It might be worth doing the more lucrative job in the short run to get a high income and qualify for investment properties much easier. With a big W-2 income, it is much easier to get loans. Of course, you'll want a realtor-investor (not "investor-friendly realtor") who can help guide you along in your target market. You can always study the market even when you have a full time job and eventually transition out over time with investments. That was my path.

Thank you, that's definitely what I'm leaning towards

0 Votes

Tampa, Florida

Hey guys, I'm 23, starting my career, and looking for some advice from people that have been successful at building income through rental properties. I'm at a crossroads - should I look for a digital marketing job (It's my bachelor's degree major) or get a project management gig? I have exp. project managing and currently do corporate property management, but I feel that marketing is more lucrative and can get me to my RE goals sooner.

Is the industry knowledge gained from a RE profession (RE agent, Project management, property management) worth sacrificing for a more lucrative but unrelated line of work?

1 Vote

Tampa, Florida

Quote from @Steve W.:

Hi Christopher,

I started a pressure washing business as a side hustle to save money for investment properties. Last year I decided to sell my PW business and focus on my FT job and real estate investing. Here is what I learned:

Pressure washing can be lucrative and a great way to make a very high hourly rate. However, it is difficult to build consistent and dependable income, especially in the beginning. It takes a lot of time, advertising, and reviews to build a PW business. I recommend also including gutter cleaning if you aren't afraid to be on a ladder; this can also help build a consistent customer base and upsell pressure washing. Overall, I think PW is an amazing part-time business with high revenue potential. It allowed me to reach my goals of getting into the RE game and I think it could help you do the same.

Feel free to PM me with any additional questions.

Good luck with your decision!

Thank you! I'll definitely add gutter cleaning to the list of services I'd provide.

0 Votes

Tampa, Florida

Quote from @Alex Talcott:

pressure washing

for a number of reasons

one that may not be as apparent, you'll achieve metrics that should impress near future collaborators -- if you pressure wash x number homes, y exterior square feet, and scale to a team of z.....whatever x, y, or z =, it will sound like a lot to other people who've done zero....reputation as a worker and a successful business/project-builder is valuable

I agree, I think having a successful business would be great for reputation/resume

0 Votes

Tampa, Florida

Quote from @Account Closed:

Quote from @Christopher Holt:

Hey guys,

I graduated recently, so I have more time to devote to getting into my first deal (a triplex or fourplex that I will live in). I'm working full time at a property management company to save money and have a limited amount of time, so I'm deciding on either activating my inactive RE license (hopefully for a brokerage with agents that invest in RE themselves) or starting a pressure washing business, because I don't think I'll have time for both. Any advice for me or pros/cons of either? My highest priority is to save enough money as quickly as possible.

I would do the pressure washing. Everytime I door knocked on the pressure washing I'd ask if they knew of anyone interested in selling their property.

I'd build a list of clients that I would keep in contact with and ask them again every three months. Plus you get the benefit of the cash flow doing the pressure washing.

Good point, I may be able to find some great off-market deals this way

0 Votes

Tampa, Florida

Thank you everyone for the replies so far! I've decided pressure washing will be my next move!

0 Votes

Tampa, Florida

Quote from @Drew Sygit:

Confusing post. You work at a PM company, that doesn't buy/sell real estate?

Must be an apartment complex.

It'll be easier to control your time with pressure washing than as an agent. Buyers & sellers expect a LOT of availability.

I work at a large company that doesn't operate like a traditional brokerage with agents that receive commission. There's an acquisitions department but it would be difficult for me to secure a position there, and I don't believe it would give me the type of experience I'm seeking anyway, but thank you for the advice!

0 Votes

Tampa, Florida

Hey guys,

2 Votes

Tampa, Florida

All Forum Posts by: Christopher Holt

Christopher Holt has started 8 posts and replied 30 times.

Post: Living in an ADU while renting out main house in Tampa?

Post: Living in an ADU while renting out main house in Tampa?

Post: Owners of 15+ units- I'm a 23 y/o starting my career and at a crossroads

Post: Owners of 15+ units- I'm a 23 y/o starting my career and at a crossroads

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?

Post: Best Use Of Time: Activate RE License or Start Pressure Washing?