All Forum Posts by: Dan Hess
Dan Hess has started 3 posts and replied 12 times.
Post: Can I deduct inspection fees on rental we didn’t buy?
- Posts 13
- Votes 2
@Natalie Kolodij very helpful thank you!
Post: Can I deduct inspection fees on rental we didn’t buy?
- Posts 13
- Votes 2
@Russell Brazil if we are buying under our own names wouldn’t all income (from day job plus potential real estate) all be lumped together?
Post: Can I deduct inspection fees on rental we didn’t buy?
- Posts 13
- Votes 2
My wife and I are looking for our first rental and went under contract but it fell through. So two questions:
1) Can we deduct inspection fees?
2) Can we deduct inspection fees for a home we didn’t end up purchasing as a rental?
We have not set up an LLC or S Corp at this time.
Thanks
Post: Pr-approval rate seems high?
- Posts 13
- Votes 2
Originally posted by @Justin Rogers:
I used Josh Wisecup. He got me loans and rates that I couldn't find elsewhere. I can make an intro if you'd like.
Always open to new connections! Thanks!
Post: Pr-approval rate seems high?
- Posts 13
- Votes 2
Originally posted by @Raymond J. Rodrigues:
@Dan Hess I’m seeing 5 1/8th with 20% down and 4.5% with 25% down.
Raymond... thank you! Can I message you? Are you a broker? May be looking to move on this pretty quickly.
Thanks
Dan
Post: Pr-approval rate seems high?
- Posts 13
- Votes 2
Thank you! Guess I’ll have to look around locally for a different lender.
Post: Pr-approval rate seems high?
- Posts 13
- Votes 2
Hi all
looking at our first property, $153k townhome that will cash flow where we want... 20% down conceptual mortgage.
The lender we were referred to has the most competitive rates in Tampa right now (we are told) and quoted us 5.625%. I expected higher than primary residence but isn’t this really, really high in today’s environment? We both have credit scores over 820, total income over $400k and a very low debt to income ratio.
Feedback would be appreciated! Dan
Post: St. Pete Beach multi-family live and learn
- Posts 13
- Votes 2
Originally posted by @Renee Potoczny:
Hi @Tom Shaw. We purchased a 4 unit in Largo (western Pinellas) and have renovated 2 units (we live in one), finishing up our 3rd unit, and renewed the lease of one set of tenants for the 4th unit. We've done a good portion of the work ourselves (not by choice, just tough to find reliable workers). In this area, it seems that the rental rates are low in the multi families, the tenants are on month to month, but the sellers want to sell at the "what the rent rate should be," so the selling prices are inflated and the properties need a lot of work. We should have looked into this more before buying the property, however, we're able to get the rents up to still cover the PITI with the renovated units. Theshort term rental rules depend on each city for short term. Pinellas County requires an additional usage tax of 6% for anything below 6 month rentals.
This is really good info! It does seem tough to find a good deal right now that I can expect to cash flow well so I’m staying patient!
Post: St. Pete Beach multi-family live and learn
- Posts 13
- Votes 2
Originally posted by @Tom Shaw:
My wife and I want ease into the St. Pete Beach multi-family market by living in and rehabbing a two to four-unit property. Our current thoughts are to pay cash or do minimal financing (to bypass flood insurance ASAP) on a two to four-unit fixer upper and live in one or two units while we rehab the others. When it's done and fully rented, we would then buy a single-family home nearby and continue to manage the property. We might also consider doing short-term rentals in one unit, although we've seen a lot of controversy about this topic. If this is something you've had experience with, here or elsewhere, we'd appreciate any ideas, tips or warnings to help us get started. Thanks!
Looking forward to following your search! I live in Wesley Chapel and intend on looking for a multi-family to rehab and rent in the greater Tampa area (likely Pinellas or West Tampa. Good luck!
Congrats! I’m just getting started myself and I’ve looked at Jacksonville as I live in Tampa.
Question—> what areas of Jax do you find most appealing? Seems like high crime rates in the majority of available areas with potential BRRRR properties..
Thanks
Dan