All Forum Posts by: Josh Green

@Ariel Gomes

What you may also consider is prioritizing the ADU as a mid-term rental and STR on the main house

@Dina Joseph

You won't get an owner occupant, conventional loan with the 1099 and current amount of work history. At the fastest, you can obtain one on 1 year of tax returns but the lender will take say 50% of that income toward your DTI ratio so your buying power will be hit hard.

Only other option to buy will be to use a non-owner occupant loan (which technically you can't intend to occupy) such as a DSCR OR maybe a non-conventional portfolio loan like a bank loan or asset-based loan.

All those types of loans will typically require higher down payments and interest rates than a Fannie Mae/Freddie Mac backed loan.

@Timothy Yost

Dave above said it best. You're going to have some play with occupancy depending on a lot of factors during ownership but to underwrite the deal you're going to want to see the bottom line: revenue vs. cost to own/operate.

I'll put this out here for others as well: the "enemy" method is not a great indicator of analyzing/estimating the performance of an STR at least not in the market I am in. Some markets that are niche vacation-only STR markets may see a better picture using this but what I'm seeing is the past year there were a lot of advance bookings due to a surge in national travel and COVID concerns. Now, we are back to normal and I see most bookings within 2 weeks. If you looked at my calendar at certain times it may look like I get 35% occupancy when I'm more like 70+. If you use airdna, my property might look like it Performa at about 30% of what it actually does because I have prioritized mid-term and direct bookings that won't show up on airdna.

With that, I've got a great method for analyzing the FLOOR of STRs in the Tampa Bay area but to capture the true average or ceiling I have found to be more difficult to obtain through many experiments. Luckily though, the deals I've been getting for my clients here work at the floor values anyway 👍🏼

@Luca Giani

I am an investor and investor for used agent here in the Tampa area. With a Max PP of $160k, you're going to want to look elsewhere. You can occasionally get a single family home that is distressed at that buy box. Only caveat is it will likely be tough to cash flow after rehab/refinancing considering a dscr is closer to 10+ % right now.

@Josh Fritts

@Nick Velez is a lender and investor in Gainesville that could definitely help!

@Jeff Smith

There are definitely great opportunities here for short and mid-term rentals in that price range. I have closed a good amount of deals in that range and the Tampa area would be a great place to visit for your family. Disney is only a 2 hr drive and I've made the trip and back the same day several times. You can expect not only healthy cash flow but high, long-term appreciation. For a 10 yr hold, something in that price range will make ~$6k+/mo in appreciation as well as $5.5-8k+/mo in revenue.

@Ruchit Patel

Yup! In fact, most my clients are both out of state and looking to buy STRs! If you're seriously looking I can most definitely help you out all the way through from start to finish 👍🏼

@Erik Bergerud

Absolutely buy 1 STR/MTR. I do these for the greater Tampa area and you could buy yourself a turnkey property that might cost you $3300-$4500/mo total and generate you $90-$125k/yr in revenue. The Tampa area serves all 9 categories of STR/MTR visitors and also checks the boxes in projected growth/demand/jobs so although you will get a lot of cash flow, you'll also expect to gain ~$6k/mo in appreciation on a 10 yr hold in the purchase price range you can easily afford with your current liquid cash position.

@Emily Durbin

You're going to want to furnish it fully just like an STR. In some ways you save - where you might not provide disposables through the entire stay (like toilet paper) but you'll want to have a fully furnished kitchen where I'm an STR you can kind of go on the lighter side on kitchen furnishing.

@Brittany L Gramm

As mentioned, getting a multi-unit of any kind or a house-hack STR is going to be near impossible near the coast and the primary/secondary markets and a tertiary market will be best. I'd look into potentially Springhill/Brooksville, Ocala, or Lakeland.