All Forum Posts by: Kristina Kuba

@Kathy Bonifas

You need to call Martinez Law. They focus on real estate investors from everything from a tenant dispute to quiet title actions to wholesaling.

https://www.martinezlawfla.com/

@Sterling Thomas

Tampa Bay REIA has a lot of good sub groups in different parts of the cities. And then they have a big monthly meeting with a speaker with networking time in a hotel near Westshore. I highly recommend that group; it will connect you with the right people in town if you are just getting started.

https://www.tbreia.com/

@Evan Jones

I would highly recommend Minaya Construction. You can call or text the owner Abel 813-409-1011.

He has done 5-6 bathrooms/kitchens for my flips and his team has done my personal home as well.

@Thomas Korbos

There is a new to the game an all in one platform DoorLoop

Also, once you build out your property mgmt company, you can use Gusto.com for payroll and HR.  Super inexpensive and efficient.

@Steven Hassett

I would recommend approaching an Uber/ Lyft driver or Instacart runner and pitch the following:

Using Deal Machine with 2 users license (you can track their route in real time while you are at your office) Set up a pay plan where you pay them $1 for each distressed house they log and photograph into Deal Machine. $100 if you get an appointment with the seller and $1,000 if you buy the house.

Win win for somebody potentially already on the road.

@Blake Rice

If I could do it all over again and not have a spouse and dogs, etc. I would use my FHA loan for a 4 unit building. It is more difficult to house hack later in life if you have a larger family, so keep that in mind.

For example, in Hillsborough an FHA loan can finance up to $809,150 for 4 living-units. That is only 28,000 plus closing costs, well under your budget of 65k liquid to spend. Tampa, the main seat of Hillsborough county, has seen a cool off just like the rest of the country and getting a 4 unit in that price range is attainable.

As you mentioned, you first want to buy a place to live in; this could be the perfect setup: live in 1 and rent the other 3 out to cover your mortgage and maybe even have positive cash flow. Whatever you would normally pay for rent, put that away for 2 years and then after 2 years you have a nest egg for a downpayment for your next property. Rinse and repeat.

I am also a big fan of Robert Kiyosaki’s ‘Rich Dad, Poor Dad 'and in that book taxes are depreciation and tax savings are critical. If you go the multifamily route, I would recommend doing a cost segregation study within the first 2 years to accelerate depreciation, save on taxes and increase cash flow so you can attain your next property quicker.

I am bullish on Tampa because of Bill Gates multi billion dollar investment into downtown Water Street and the GasWorxx projects, both are transforming large swaths of the downtown and the urban core.

Best of luck!

Evictions Plus has always done a great job for myself and my clients

Evictions Plus

4556 S Manhattan Ave, Tampa, FL 33611

(813) 839-3343

@Michael Rossi

If you are doing a no doc, LLC loan you should have no issue with getting a cash out refi.

If you are going the conventional way and using your personal credit, if you have less income, a job change or loss could impact getting approved in the future.

Overall, I would not consider this to be a major factor in your decision. I would consider the opportunity costs of not doing a refi now and not buying another investment property now, while sellers are more flexible and buyers are increasingly having more negotiating power when it comes to price, concessions and repairs.

@Michael Rossi

The only reason why you are cashflowing so heavily is because the property is paid off and you have untapped equity in there. A better calculation for your property is IRR …IRR is calculated using the same concept as net present value (NPV), except it sets the NPV equal to zero. Google search for an IRR calculator and it should be simple.

As soon as the condo seasons in 6 months, do a cash out refi and re-deploy the money to scale your portfolio. No one knows what will happen in 2024, something could happen in your personal finances and make you not qualify for a cash out refi later down the road. In your case, buy real estate and wait… don’t wait to buy.

@Kristin Riker

Here is how I calculate for all my personal rentals and for my investor clients in Tampa based on one occupant in a 1/1 per month:

• Electricity: $70 (excluding air/heat/stove)
• Air conditioning: $65 (averaged over the year)
• Heat: $65 (averaged over the year)
• Internet and cable: $100 (depends on the services you choose)
• Water: $50
• Renters insurance: $13 (about $150 billed annually)

I own a multifamily property in Tampa with my spouse and electrical meters are split but Tampa water is one meter. We average out last year’s annual bill and add $50 per month to each tenant's monthly rent due to make it fair.

My investor clients also find that MTR utilities skew lower because the occupants have come to stay for 2-3 months and they are so work focused that they spend less time in the dwelling.

Hope this helps