All Forum Posts by: John K.

Hi Edward, I'm not sure specifically what the options are for short term rentals, but I have a good insurance broker who should be able to help. If you'd like I can PM you her contact details. 

John

The individual deal will always matter more than the area itself, but in Tampa there are a lot of multifamily properties to choose from, so I personally think it's a good area to look. That said there is a lot of competition, so when you find a deal you've got to move quickly. 

John

Hi Christopher, 

Usually in the MLS there is a box called "OK to advertise". If it says yes, then the listing agent is giving permission for other agents to advertise the property. Sometimes attribution is required--here is a flyer that lists the rules at least for the Miami MLS: https://www.miamirealtors.com/wp-content/uploads/bsk-pdf-man...

Advertising listed properties is a great way to get buyer clients. You can also try offering to run open houses for other experienced agents at your brokerage, and hand out your card to buyers that walk through. Feel free to use me as a resource for any lending questions as well! 

John

Personally, I would only do it through a private lender if they are offering much better terms than a regular lender. Right now Helocs are generally between 9.5-12% interest, 3-10 year draw period, and 20-30 year repayment period. There are options that have no lender origination fees as well, so you only pay title fees and that comes out of the equity at closing. I'd be happy to review the terms he is offering and give you my opinion--feel free to give me a call anytime. 

John 

Hi Sherie, I have a great contact for a broker that has helped me out several times. Feel free to reach out and I'll send you her contact!

John

Hi Jerryian, 

2 years to repay for a Heloc is very short--most of the ones I originate come with 20 or 30 year payback terms, with 3-10 year draw periods where you can take out and put back money as many times as you'd like. I would recommend checking around to make sure it's the best you can get. Feel free to reach out with any questions!

John

Hi Derrick, 

Unless the seller is willing to finance the whole sale, it typically isn't possible to combine seller financing with traditional financing to purchase with 0% down, as it goes against lender guidelines. If you are going to be an owner-occupant in the property however, there are 100% financing options with FHA and USDA that you could take advantage of. Feel free to reach out with any questions!

John

Hi Joshua, 

Welcome! My personal opinion is that flipping is very difficult in this market, with margins much lower than they used to be back in the golden days of 2010 - 2015. A lot of REI books were written by authors that made it big in these times, but their results just can't be reliably reproduced in today's market. For this reason I typically guide people towards buy and hold investing.

That said, it is still possible to make money in flipping, but it's something that you really have to learn by doing. I would practice by analyzing properties until you can confidently pick out a good deal from the rest. Set alerts on Zillow/Redfin and take a look at every distressed property that hits the market in your area. Start with determining the ARV by looking at comps, then itemize all of the repair costs and work backwards to determine a purchase price that will give you a comfortable profit. Once you can do this quickly and confidently, get in contact with an investment realtor (I'd be happy to refer you to someone) and start walking through these properties as they come up so you can analyze them in person. Once you have one that's worth it, reach out to a lender and contractor and go from there. If you have any questions particularly about lending, feel free to reach out anytime!

John

Hi Dillon, 

I would practice analyzing properties until you can confidently pick out a good deal from the rest. Set alerts on Zillow/Redfin and take a look at every distressed property that hits the market in your area. Start with determining the ARV by looking at comps, then itemize all of the repair costs and work backwards to determine a purchase price that will give you a comfortable profit. Once you can do this quickly and confidently, get in contact with an investment realtor (I'd be happy to refer you to someone) and start walking through these properties as they come up so you can analyze them in person. Once you have one that's worth it, reach out to a lender and contractor and go from there. If you have any questions particularly about lending, feel free to reach out anytime!

John

Hi Petronella, 

DSCR is definitely your best bet if you don't have income in the US. Breaking even at these interest rates is certainly tough but not impossible--markets like Jacksonville and Tallahassee offer more cashflow in general. Another option is to do an interest-only DSCR loan which reduces your monthly payments. Feel free to reach out if you have any questions!

John