All Forum Posts by: Jordan Garcia

Do you know if the loan was from a private lender? I find it hard to believe that this huge detail was missed.

This could be an excellent opportunity to renegotiate the price with the seller if you were to get the property appraised as a 2 unit. As I understand this situation, any buyer will have the same issue you’re having unless they are paying cash. The options the seller has is to renegotiate the deal as a 2 unit or only accept cash offers moving forward. 

Hey Jim, 

I'm a fellow veteran and VA house hacker myself in the St Pete market so I'll do my best to answer your questions!

1. For those of you who have used a VA renovation loan (or regular VA loan) for a house hack investment property - how hard was that process? I bought a turn key 2 unit with a regular VA loan and with an awesome realtor and lender this process was very easy assuming you've already received your Certificate of Eligibility. 

2. How did you determine your rent income/occupancy rate? Is there a rule of thumb like the 2% rule in rentals for Air BnB that can help you determine what your cash flow should look like in a given area through Air BnB? Did you estimate low? I purchased this property back in 2018 and it has been an Airbnb ever since then with the exception of a couple months during the start and peak of COVID. I also manage a couple other Airbnb's for investors and I typically run numbers based on a 75% occupancy which is conservative for my market. I factor in electricity, sewer, trash, Wifi, landscape maintenance, and any other expense not included in your PITI. 

3. How suggested is it to get a realtor's license for the first investment purchase? I think this would be based off of personal preference. My thought is it would be worth it if you plan on pursuing a career in real estate rather than a passive/part time investment. I used an established Realtor to help me with the process since I was new to town and it helped me learn about the market and meet people within the market as well.  

4. For those using Air BnB - did you use a management company? If so, are there specific things you screen for when deciding on whom to go with. I have self managed and if you are going to be living on the property I would say it would be a waste to have a property manager. 

5. Are there any trainings, books, podcasts, et al you would recommend to prepare for this type of purchase? Not specifically

6. Please share any specific stories you have about using the VA loan to house hack, and anything you thought you did well or could have done better.  The ROI is better than any other investment I've made. I make about $700-$1500 cash flow every month on my primary residence that I paid a little less than $4k to get into. I don't think there a better way to get started in REI.

7. Lastly, for those in Miami, are there areas you would recommend to buy in, and conversely areas to avoid, for this type of investment. I'm not in Miami so I wouldn't know but I hope I've been helpful! Good luck and reach out if you have any other questions. 

What's up Vinh!

My experience is in flipping, short term rentals and small multi family buy and holds. Prices are extremely high right now which isn't too different from most other markets here in FL along with the rest of the country. This is a great position to be in as a seller and also as a buyer of discounted off market properties that can be flipped quickly. Where do you live and are you actively investing? 

Hey Joel, 

I would try a private local bank, they might  have options to combine your properties into a package loan. 

@Javier Cuello

Hey Javier!

I've been house hacking a duplex in downtown St Pete and it's been great for me. I've mostly been doing STR on the unit I don't occupy but during COVID I rented it out furnished for 6 months. I'm experiencing an average of 80-85% occupancy on Airbnb and grossing about $3500-$4200 per month with a mortgage of about $1,900. Have you been looking in the St Pete market?

Hello all, 

I'm looking to connect with a Realtor in the Emerald Coast (Destin, FWB area). I have a couple SF rentals i'm looking to get rid of. Anybody know someone willing to help? I am also a Realtor in the state of Florida. 

Hey Amanda! I know this was posted a little bit ago but I just moved to the Tampa Bay area about 3 months ago and I've come across my first sinkhole property and am looking to find out some information on what it takes to repair the issue. Did you learn any useful information at this meet up on the subject that you would be willing to share? Any info would be greatly appreciated. Thanks! 

Hello BP, 

I just moved to the Tampa area a couple of weeks ago. My partners and I are looking to expand into this market of flipping and I would like to know what types of construction/general maitnance issues are typical for this location? Also, I'm here to introduce myself to others in the industry. Are there any local meet ups coming up soon? 

Thank you! 

Jordan Garcia 

Thanks Bill! I look forward to the next meeting.