All Forum Posts by: Josh Green

For those of you that know or follow me you know that I am not a fan of vacation rentals in the state of Florida for a multitude of reasons. I have owned Vacation Rentals and my company managed about 20 and the experience was terrible. The guests are horrible, the expenses are very high, and the ROI is awful. People are enamored with vacation rentals because they get caught up in feelings instead of the true numbers. They feel like they will have a profitable investment AND be able to use this investment as a second home. But, the truth is that unless you bought before 2020 you are probably going to have an underperforming asset that is a negative cash flowing liability. The hard part is knowing how much you will make over the course of a year. Unlike an annual rental where the rent is locked in for a year, the prices and amount of vacancies have a high-rate fluctuation.

If you do not live in the state than you may not be aware of SB 280. So, I made a short video with a brief explanation. Over the years it has been up to the city and county to pass ordinances if they choose to regulate vacation rentals. A several cities have implemented rules with the minimum per night stay and registering as a VR. Key West has very strict guidelines for VRs for registration and minimum night stay. Ft Myers Beach regulates the minimum stay to daily, weekly, and monthly based in the street the property is on. Cape Coral has a very loose 7-day minimum stay that isn't heavily enforced. Now, the Senate has passed SB 280 which will involve state regulation of VR's. I highly advise you research the bill which can still be vetoed by the Governor. 

Hello All! I'm starting the process of evaluating deals and finding a multifamily property in St. Petersburg for a House Hack. This would not be a traditional Hack, as we would be buying the unit for my brother in law that lives in the area, splitting financing with him and managing the unit primarily out of state in Colorado. I've been lurking on the forums and listening to BP Podcasts for years and have built up my knowledge and finances to a place where I feel (relatively) confident getting started. I have my RE license in Colorado and currently Property Manage a portfolio for investors that have LTR and STR in the Bradenton and Sarasota area along with the larger CO portfolio.

With the intro out of the way I'm looking for any spreadsheets or calculators for the area to start crunching numbers, as well as any local, investor focused Realtors in the area to dig into neighborhoods and ROI potential for duplexes, triplexes or quadplexes. I'd love to see what is available as we have the Property Mgmt side covered and some vendor contacts in the area. Lipstick jobs or even turnkey are the focus as I'd like to save any major reno jobs for later investments.

Thanks in advance!

Im looking for a mortgage broker to help me find proper funding for my first house hack in Pinellas county. Im looking to do an owner occupied 1-4 unit with 5% down and im also open to possible FHA if it proves to be a better option. Just looking to get pre approved for now and pull the trigger in the very near future. Im looking for someone that can help me in the future as this isnt likely to be my last investment in real-estate and my work history is a little complex but steady and sufficient.

Hi @Jim Hagstrom, have you purchased the condo already or are you looking to make the purchase? Check the bylaws of the condo to make sure that STR is allowed. @Josh Green, do you know if STR's are allowed in Palm Harbor? 

I'm looking at the FHA and Fannie Mae loans for a quadplex in St. Petersburg. I would qualify for the FHA loan or the Fannie Mae loan as an individual. I have around 20K to put down myself along with another 60K from two independent investors, one family member and one friend, if necessary.

I'm wondering if it's possible to take advantage of the 3.5% FHA loan as an LLC that I create as a partnership with my investors, or if the loan needs to be in my name to qualify for the FHA loan? This would be my first home purchase, and I would move into one of the units after purchasing.

I don't see a reason why the 5% Fannie Mae loan would have issues with our LLC, but please correct me if I'm wrong.

If we can qualify for either loan as an LLC, is there one that you would prefer over the other? I read this post by Andrew Postell, so I'm aware of the basic differences re self sufficient/funding fee/MPI/etc -- but I wonder if there is another lens to view these loans through when there's a team of investors considering them. Appreciate the help and happy hunting!

Hello,

I was hoping to get some advice on whether this was doable. 

Interested in purchasing a property-single family home or condo in Florida or Texas along the gulf coast around the $500k-$600k range. Planning to rent out short term and use it a couple of times a year. 

Currently own our primary residence in ohio. Have about $275k equity in it with a heloc with a little over $200k on it with zero balance. Have a 15 year mortgage with 2.3% interest rate and a payment of about $2100/month

Have a rental property condo in ohio that is worth about $175k and no loan. Taxable income on the rental was about $6k after depreciation last year

parent plus loan of about $27,000 in forbearance as my daughter is still in school

use credit cards but pay them off every month

no other debt

my w-2 income is 70k, and I am a shareholder in 2 small businesses where I get approx 25k extra each year 

my husband makes $92k w-2 income

have about 60k in savings

is it possible to get a loan while using the heloc for a down payment? Or what are my options?

thanks so much!

Hi everyone - quick question for you. I'm going to purchase my first multi family investment property in Florida. I am trying to decide whether or not I should go through a traditional bank (JPM), a morgage broker, or try and find a credit union. Does anyone have any thoughts or ideas? 

Thanks so much! 

We have two rental homes and are wanting to cash out equity out of one of them in order to build a house on a lot we own in tampa. Most of the mortgage brokers i talk with have never done this before . Can you recommend someone in Tampa that is more broad in their experience than a traditional lender.

I'm considering investing in the St Petersburg FL market. Any good property managers in the area that any one is familiar with?

My family and I are planning on moving to Florida within the next 18 months. We currently own our home, and upon the sale, will have about $200K in cash. We are looking at a townhome to purchase, but my wife is leaning towards leasing a townhome in a gated community for a year or so in order to get acclimated to the area, schools, shopping, amenities, etc.

From a financial POV, a lease would be between $2300-2500 per month, with a monthly maintenance fee of $105 (lawn, cable, garbage, etc.). A new townhome purchase, based upon what we can afford, would be between $2500-2700 per month, plus a $35-50K down payment, and HOA, which is typically $500-800 per month).

I'd be curious to get some feedback and opinions on the pros and cons of the above.

Any advice is greatly appreciated

Thank you

*we are looking in Palm Harbor, Apollo Beach and Dunedin