All Forum Posts by: Mohammed Nasser

The difference between mid-term rentals and long-term rentals is . . . nothing. Same laws. Same lease. Same policies and procedures. A medium-term rental is really a long-term rental leased on a monthly basis.

The market you're looking for are temporary/seasonal employees that want a furnished long-term rental for more than 30 days and less than a year. Think hospitals with traveling nurses, large companies with interns or transitional workers, etc.

I would recommend doing a thorough market study from someone like John Burns to determine if MTR is even something that is viable. Of course, this study may cost $10,000 but it is cheaper than buying a property thinking you can use it as a MTR and then lose your shirt. 

 Hey Mohammad, 

Were you looking into DSCR financing or would you like to buy this property with a conventional loan? There are several options when it comes to investment property financing. Happy to connect

@Mohammed Nasser

When looking for excellent mortgage officers make sure they have local knowledge/experience. Local mortgage loan officers are invested themselves in the community and their reputation is everything. Make sure you ask them:

• Will you be my main contact throughout the process, or will someone else take over when it goes to underwriting? How will we keep in touch?
• Which steps will take place online and which will occur in person (such as appraisal and closing)?
• How long of an interest rate lock do you recommend? If the closing doesn’t take place before that date through no fault of my own, will I have to pay for an extension? (this is very important because rate are changing rapidly)

Look for agents that align with your interest. Interview a few and see what is a good fit for your buy and hold aspirations. The agent you choose should be an investor themselves because they are going to have the rolodex of plumbers, drywall crews, lawn guys, etc. that are reputable and low cost. Have they had the difficult conversations with a property manager and held them accountable? How many rentals have they owned? How do they decide if a property will be more profitable as a short term rental vs long term rental?

You’ve chosen a great area! Good luck. Please reach out if you have any questions.

Hi Mohammed, @Katherine Blazer might be a great resource for you!

@Mohammed Nasser happy to provide any guidance that I can. @Nicole Shaw, is in the area and can provide you with assistance in what you're looking to do! I hope this recommendation helps. 

@Mohammed Nasser

You're going to want the best in the business! @nick velez with the one brokerage (David Greene's brokerage)

Don't forget about the other two key people in your core 4. Property management, and contractor/handyman. These will become key once you close on a property. 

I recently completed my first out of state deal this summer. I had great luck with the agent finder on here. I did invertor a few to make sure it was a good fit. 

Good luck on your search. 

Hi Mohammed, 

I see you already contacted our office via the Agent Finder tool. I look forward to connecting!

As far as a local lender in the Tampa Bay area, I highly recommend my friend and colleague Tracie Mayo with Savvy Mortgage. I'll PM you more info. (We are not an affiliated business and there is no financial incentive. I just know they'll take great care of you).