All Forum Posts by: Ethan Kramer

Does anyone have experience with STR in Cocoa Beach? It seems like a safe bet to me considering that it is the closest beach to Orlando and the largest cruise port in Cape Canaveral along with world-class attractions but would love to hear other people's experience and/or knowledge, so we can make a more informed decision

Hello! I am looking to purchase an STR property in Delray Beach/SE Florida - please PM me if you know an excellent STR property manager/realtor in the area.

@Malcomb Stapel Is it possible to do both HELOC and cash-out refinance? If so, how does the bank formulate that? I've been thinking about doing a cash-out refinance on my primary residence to purchase a couple of Airbnb properties, but would also like to do a HELOC to continue BRRRR cycles

Terribly sorry if this has been asked before, how do I calculate the maximum cash-out refinance amount I can do if I already have a HELOC on my primary residence?

Primary residence is valued at $375k

$150k mortgage balance

Let's say I want to open a $150k HELOC on the primary residence to start BRRRR cycles

What is the maximum cash-out refinance amount I could do for the primary residence? 

Is it 1) Primary residence - mortgage - HELOC = cash-out refinance, or 2) Primary residence - mortgage = cash-out refinance?

That is very assuring and makes me more excited to invest in Florida! 

I have always visited my grandparents in Delray Beach my whole life, I love the area and especially their waves for surfing! Would someone be happy to refer me to an investor-friendly realtor in the area? I am on the fence between buying a lot to build container homes and buying a turnkey property to get it listed on Airbnb right away.

Thank you everyone for responding. Sorry for the delay in my response, things have been hectic. Looks like we will use HELOC to buy the property cash and to cover the rehab expenses then do a cash-out refinance.

Has anybody used this strategy previously? I will be closing on a second property in a couple of weeks and I will be in a saving mode for about 2 months before I could possibly close on a third property.

I am wondering if it is possible to obtain a Fix and Flip loan to cover the closing and rehabilitation costs then do a cash-out refinance instead of selling the property like people typically do?

Is there a better strategy to acquire a property with minimal up-front costs? I would love to have a project lined up right after the settlement day for the second property that won't require 20% upfront costs, if possible.

 I told the initial lender the numbers I got from WellsFargo and the lender said he wouldn't be able to beat that.

About $885 per month on PITI (3.25% at 15 years) and $1,500 rental. It is about $200 more than the 30 years term, so I went with 15 years.

 Because of your comment, I visited a WF branch and got a 3.25% interest rate, 15 years, and zero origination fees at 25% down payment. Thank you, Sarah!