All Forum Posts by: Marty True

There have been quite a bit of posts on here about "house hacking" so I am curious to hear from those who have tried "office hacking"...

Much of the financing for commercial investments has restrictions on owner occupancy however, in an office building or complex where there is plenty of square footage to essentially "office hack", I would think that opportunity would be present - where you would occupy less than 50% of the space. 

On the other side of those restrictions, there are other loan programs that require a majority share of owner occupancy, which could also work in an office hack deal. The SBA 504 loan program allows for real estate purchases but not for "investment in rental real estate" so I'm curious if that program could be used in an office hacking situation and if anyone has in fact, used the 504 for this purpose.

I look forward to hearing from those whom have done something like this...

I'm new to the Vegas boards - just in from Miami Beach... Looks like a lot of the Marketplace listings for Vegas are just MLS reposts from realtors.

@John Perry congrats on a great 2017! I am transitioning out to Vegas as we speak, from Miami. Would be great to connect and get some local perspective on things.

Hi @Mary Jay I have a great mortgage broker here in Miami that I'd be happy to recommend. Private message me if you'd like his contact info.

I hear ya! Even the multifamily stuff has illegal adds and issues like that. It's tough to find stuff in Miami that has no issues. But if you're buying cash, you shouldn't have an issue.

Hi @Elvis Vasquez your dilemma is all too common in Miami (like 90% of houses). Will you be purchasing with cash or financing? If cash, then it's not as big of an issue. It really depends on your acquisition plan and what you plan to do with the house. Are you planning to live in it? Are you planning to rent it out? Flip?

Hey @Joseph Campbell I have extensive knowledge of the Daytona Beach market as well as the Brevard County market that @James Stansberry mentioned.

First, I would echo that Daytona Beach is in a fairly bad place at the moment, especially if you're referring to beachside. The mainland, near the Speedway, has experienced some explosive growth due to the new One Daytona development and the Speedway expansion/renovations. However, beachside is pretty much a ghost town of what it used to be in the 80's and 90's and the tenant pool is less than desirable.

With regards to the recommendation to look in Brevard County, I would also echo that as a solid market to get into. I personally lived in/throughout Brevard for many years and the real estate market there is quite good at the moment.

Just out of curiosity, what is the interest in Daytona Beach, of all places, since you are inquiring specifically about that market?

@Account Closed you're right, I'm not in lending, nor am I a realtor. I'm an investor... a borrower myself.

I'm not implying that there are not challenges in lending and I think that a healthy conversation about it would help both sides of the coin. My issue with the original post, and some of the replies, was simply that the tone is quite condescending and paints a picture that us "borrowers" are whining idiots.

I think that if this topic can be discussed in a more productive way, both sides could potentially benefit.

@Russell Brazil not sure if this line of posting is how you became a "moderator" but you're making some pretty bold implications in your completely off-topic response. I realize that I may have hit a nerve with my post, but you're a out of line here.

Perhaps you should do your own research or consult with a Florida attorney before making comments like that. And as a "moderator" it would be more beneficial for the members of BP if you were to respond on-topic.

Why are you guys "hating" on the buyers/borrowers for going by the new Vantage 3 scoring that Credit Karma and every other "free credit monitor" service out there is now going by? When people login to one of these services that use the Vantage3 scoring system, the borrower is being told by what the media has sold as a credible company, that their score is XXX. So when these borrowers engage professional lenders and mortgage brokers, the borrower is also expecting a level of service from that "credible broker". So why the animosity towards borrowers that may not have 100% of the right knowledge of their scores? These borrowers that you're scoffing are the people that keep lenders/brokers in business...

Probably not the best marketing to blast borrowers for "being stupid" on the BP forums, if you're a lender (or moderator)... just sayin!