All Forum Posts by: Josh Green
Josh Green has started 21 posts and replied 365 times.
Post: Should I cash out refi to buy my next property?
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Alexis Sicherman:
Hi all! My name is Alexis and this is my first post on the BP forum. I own a vacation rental in Cape Coral and have since 2016, so it has quite a bit of equity in it.
Some numbers on it;
Bought for $175k in 2016, have $109k left on the loan. It’s now worth $375k (haven’t had it appraised yet but this is the low end of my estimate). Current interest rate 4.125%.
I want to buy a second home in/near Bradenton or surrounding areas north of Bradenton. I plan to use it as a primary and house hack it for a couple years until moving out of state, renting it, and then buying another property. My husband and I are travel nurses, so we plan to bounce around every year or so. The price ranges down here are $375k+, otherwise you’re in a C/D class property, and we are just not willing to live in a bad area like that for 2 years.
The question, should I cash out refinance the Cape Coral home in order to fund a down payment on the potential second home in Bradenton?
I don’t want a mortgage payment to be nearly $3k a month on the new property, which is what it would be if I put less than 20% down.
But my concern is, if I cash out refinance the Cape Coral home, would it raise that monthly mortgage significantly? Therefore canceling out my goal of keeping both mortgages lower?
Thanks in advance for the advice. I’m also asking my lender these questions, but wanted other opinions :)
I think this all depends on your savings rate. Personally, if it's quick, I would recommend keeping the current STR on the loan it has instead of refinancing it to pull cash quickly.
Run the math but I think it would be much better to do 10-15% down (or 20% if you can save up quick enough) on the new primary. One of the big advantages to a house-hack is the loan and ability to do lower down.
Buy something that needs some cosmetic updating, and you likely hit that 20% equity mark before you moved out. Especially if rates dip here in the next 6-18 months, home prices will more than likely go up in response. That would be an excellent timing to have already bought a primary, put in a little sweat equity, and then capture the equity gain/rate dip with a rate and term refinance to be effectively at the 80% Ltv mark.
@Raymond J. Rodrigues above Is a great lender that I'd recommend you reach out to and go over your current numbers. I think you'll quickly come to the same conclusion.
Post: Advertising a single room for rent
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
@Matt Smith
Depending on what your listing looks like, $800/mo might be on the higher end. I recommend doing a good comparable analysis and expand your listing marketing channels.
Post: Seeking talented residential and multi family agent with extensive experience
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
@William Kuslaka
Hey! I might just be your guy. I'll send you a dm to see if it'd be a good fit 👍🏼
Post: Analysis Paralysis... HELP
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
@Maylin Cuello
1) don't waste your money on mentorships
2) don't waste your money on mentorships
3) see above
In all seriousness, feel free to dm me your situation and questions and I'd be happy to help where I can 👍🏼
Post: Advertising a single room for rent
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Matt Smith:
I'm doing a house hack in Port Richey FL. I need to get 2 rooms rented out in my 3 bedroom house. I'll be living in the master room. The rooms rented out will have a shared bathroom and common areas. I'm asking $800/m. Not getting as many inquiries in the 2 days its been active as I thought I would. First time doing this, and getting a bit anxious as the first payment is due June 1. Tips on where to advertise, and tips on having a successful house hack/room share. Thank you for the help
What marketing avenues have you explored?
Post: Local Bank or Credit Union for Florida Vacation/Second Home Loan?
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Mike Williams:
Looking for local bank or credit union recommendations with favorable rates and low fees for a 4/3 SFH vacation/second home in Florida that will also be used as a short-term-rental (STR). Loan amount approximately $600k, after 20% down. 800 credit score. Have been referred to a few brokers who are 2.5%+ in fees, 30-year fixed is only option provided (no ARMs).
Anyone have any recent lender recommendations to reduce fees? Guidance to obtain most favorable rates?
One of my friends was recently offer a free re-finance within 3 years from a local bank, they do not lend in Florida.
Post: Key Market Metrics
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Joe Kerner:
Hi everyone - just signed up for a bigger pockets account this evening.
I'm 24 years old and live in St. Pete, Florida - I am new to real estate investing, I currently have no properties.
I've been putting money aside for 3 years since I graduated college, and am looking to invest in my first property.
I wanted to seek out recommendations - I've began to monitor the local real estate market, but am curious what metrics everyone uses while monitoring the market.
I know that price/SQFT is a common metric, are there any other metrics used while monitoring the market?
I'm looking forward to connecting with everyone and learning and contributing to the community!
Hey Joe,
Depending on your current living/work situation, cash position, and lending options, your best start is likely going to be a house-hack. 9/10 times it's going to be the best stepping stone into real estate investing. If you haven't considered house-hacking, I highly recommend you take a listen to BP episodes on house-hacking (scott trench for example).
I've done 3 house-hacks personally and it's been incredible to see how that has accelerated my ability to scale and invest. I do a lot of house-hacks for newer investors/home buyers like yourself in the area.
In fact, you may have timed this well - @Ray and I could potentially help get you into one with little to no cost out of pocket with some pretty sweet loan products. I've done similar for a couple clients the past few months and it's so powerful to be able to use resources that are free to you to help you leverage/buy a property that you can house-hack because the CoC returns can approach infinite when you don't pay much for the property.
Post: Looking to collaborate with RE agents in FL for STR invstments
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Ahmed Mohammed:
Hi , I am looking into getting into some STR investments in the Orlando , FT Lauderdale and Miami area in the next 6-8 months . I am trying to tie up with RE agents who specialize in STR investments
(Airbnb,condotels etc), rentals , ROI calculation , property management using a property manager or self hosting .
Thanks
Ahmed.
Hey Ahmed,
Are you buying for yourself and have you determined your lending strategy? Curious why you aren't considering the Tampa Bay area over Orlando or Ft Lauderdale/Miami.
Post: New to STR and where to start
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
@Nestor Morales
Hey Nestor thought I'd introduce myself! I'm a local agent and I do a lot of STRs here in the Tampa Bay area. I also own and invest and have helped a lot of both in state and out of state investors new and seasoned get into good STRs here.
I also co-host these at a steep discount for clients so I can help from start to finish and have a great team around me from lending, to GC's, to furnishing services. I'll shoot ya a connection request and I'd be happy to assist with any questions you have.
Post: Looking for real estate agent specializing in Str, Airbnb
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
@Joshua Fletcher
Hey I'm from Utah originally and I've helped two clients from Utah do STRs here in the Tampa Bay area. You're poised well from a cash perspective to get into a good mid-tier STR here that will cash flow well. I also co-host them for clients at a very discounted price and have resources for you whether you want to do this 100% remote or hybrid. I'll dm you and we can do a video call to see what would work for ya!