All Forum Posts by: John K.

Hi Louis, 

I'm a broker in Palm Beach County and work with plenty of lenders that will do 5-20 units. I'd be happy to assist you in your search and answer any questions you might have. I just sent you a PM!

John

Hi Kate, 

Welcome to Florida! Feel free to use me as a resource for any lending related questions. My brokerage works with over 100 lenders with specialty programs such as DSCR interest only, short term rental/Airbnb loans, Helocs/Heloans on primary and investment properties, Hard money, manufactured homes, land loans, condotels and more. I'm always available for any questions!

John

Hi Mike, 

The first consideration would be to check if your homeowner's insurance prohibits German Shepherds--if so it will be listed in your policy docs. I believe most insurers allow German Shepherds, but other breeds such as Rottweilers are almost always banned, and they could drop your policy if you take a tenant with one of those breeds.

Assuming the insurance isn't an issue, it's really a personal decision and should depend on their overall qualifications vs other applicants are available. If you do end up taking a tenant with a pet, I recommend charging an additional monthly pet rent. I prefer this over a pet deposit, because pets inevitably cause more wear and tear on a property and this way you don't have to itemize every little scratch and prove that it wasn't there before upon move out. 

John

Hi Theodor,

Hiding your ownership of a property is an extremely difficult thing to do, and likely would require a trust instead of an LLC, as the LLC ownership is going to be public record as well. Ultimately if someone really wants to find the owner of a property, they will be able to do so.

John

 Hi Ghenia, I just sent you a PM.

Hi Thomas, 

Is this a single family home or 2-4 unit? Would you be living in it and renting the other units/rooms? I'd need a few other data points but I'd be happy to go through the deal numbers with you if you'd like! Feel free to reach out anytime. 

John

Hi Andre, 

Sounds like your in a great position to expand! Central Florida is great, though as you mentioned the cash flow is tough. Jacksonville/Tallahassee offer better cap rates, and I've had several clients looking there recently. If you are looking to get equity out of your current properties, HELOCs are available up to 90% LTV on a primary residence and 70% for investment properties. Feel free to reach out if you have any questions!

John   

Hi Frank, 

Welcome! Feel free to use me as a resource for any loan related questions you might have. 

John

Hi Alberto, 

Personally, I don't believe Miami or South Florida is overvalued in the sense that a decline in home prices is coming. However, it is a highly desirable area which results in very low cap rates. Thus it is very difficult to cash flow with a rental property, however you can still make a great return with appreciation. 

House hacking is an excellent strategy, and just got a lot easier as conventional loans now allow 2-4 units with only a 5% down payment. The rent from the other units is used to help you qualify for the loan as well. I'd be happy to go over any loan questions you might have, so feel free to reach out anytime! 

John
 

Hi Frankie, 

I could definitely do a DSCR cash out on these, though to get under an 8% rate we'd need either more points or a prepayment penalty. If you have documentable income, we could do a conventional cash out which would give you a much better rate (with 2 points likely 7% or less) and no prepayment penalty. Feel free to give me a call anytime and we can go over your options in more detail!

John