All Forum Posts by: Mark Munson

Hi @Robert Gibbons

Welcome to BP! As mentioned above, just be a sponge for information at this stage, just don't let paralysis by analysis set in. Be ready to take action, as taking the leap tends to be what sets people apart. Join any local REI groups you can, as face to face learning and networking is necessary as well. Feel free to reach out if you need guidance or a sounding-board. Best of luck!

Hi @Davin Manfredi

I would do it immediately. I would also create an Operating Agreement and file for your EIN too. Ideally, you would open up an LLC bank account too, but that isn't as necessary as the other things. You want to be ready to act, so having the LLC ready to go won't slow you down with financing or making offers.

Hi @Grant Barker

I'd use a hard money lender, but the price points may be an issue with some (minimum loan amounts are $75k in general, some go lower). Are you intending to rehab them or are they rent ready? If they are rent ready, you may need a DSCR loan. If so, it may be best to package some of the properties together in a blanket loan, as they will meet minimum loan amount guidelines then, opposed to being done individually. Feel free to reach out if you need more advice. Best of luck!

Hi @Dan V.

Are you looking for someone locally? Most hard money lenders will lend in VA, so any nationwide HML should be able to help. Feel free to reach out if you need a recommendation.

Hi @Josiah Earl

I'm in Orlando as well, we operate a mortgage brokerage that secures financing for investors, so I know the market well. Firstly, I would start attending either of the two Real Estate Investors Associations here. You will meet like-minded people and other local STR investors, as well as many other resources. Secondly, I would try and find a good realtor like you mentioned, but one that is specifically an investor too. Thirdly, you need to connect with local wholesalers, as they are another source of off-market deals. Lastly, to seperate yourself from a saturated market, it is generally best (if possible and financially feasible) to operate in a higher price point for STRs in Kissimmee, as they are less impacted by an over-saturated market. There is a lot more to unpack there, but figured I'd mention it. I have many clients that buy in the $500-$2M range, and they stay booked and profit well. If you ever need anything here, feel free to reach out to me. I'd be happy to discuss further if you need more help. Best of luck!

Hi @Aaron Heers

     I own a hard money brokerage and I am an investor myself. If you have 15 minutes or so this week, I'd be happy to show you how to run comps. Ultimately, a loan summary/term sheet from a lender will give you all the specifics on the loan that you'll need. Feel free to reach out if needed. 

Caroline, please message me. I'll give you a recommendation. Not sure about the policies of posting banks names on here. 

That's correct, they have an event in Charlotte on the 15th. The larger chapter is the Raleigh chapter, which I was fortunate enough to speak at with a panel last month. It is a great network, so hopefully they can be of service to you. You can sign up online or find a link through our website as well. Hopefully we can meet you in-person at an event in the future!

Hi @Ryan Duffy

Welcome to BP! I appreciate your post, as it is very well thought out and refreshing to see. There's obviously a lot to unpack there, but I applaud you for starting to map out your goals. STR are obviously more active (taking your time) than LTR, even with automation, but certainly lucrative in the right areas. One thing I didn't see mentioned is how you are intending to finance your first property or in general? I make mention of that because if you are intending to use hard money, STRs have a different set of requirements, so just be cognizant of that. I'm assuming you can qualify through a traditional/conventional bank, which I would do until you get capped. If you need any advice, feel free to reach out. Best of luck!

Hi @James Burciaga

The property card on the county site should tell you if it is permitted or not. If you think you may qualify through conventional means, then go that route. If, for whatever reason it won't, then use a DSCR loan. With decent credit at that LTV, your rate should be near 7% on a DSCR loan. Feel free to reach out if you need advice.