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All Forum Posts by: Nick Velez

Nick Velez has started 3 posts and replied 220 times.

Post: multifamily financing for first investment property

Nick Velez
Posted
  • Lender
  • Posts 228
  • Votes 207

@David Garcia

Owner occupied versus not is going to be the biggest variable as everyone else pointed out. If you are not going to occupy the property, the question then becomes do you go with a conforming loan or DSCR. If you can qualify conventionally, there is no reason to go DSCR unless vesting in a LLC at close is worth a higher rate to you. My guess is that if you are asking about using FHA or DSCR, you are likely not in an ideal position to use a DSCR loan yet.

I would recommend that you get in touch with a local realtor and explain your goals to them. Purchasing a multifamily property in which you intend to live in is likely going to be a different set of criteria versus one that is purely intended for cash flow. If you are in the greater Tampa area, I am sure @Josh Green would be glad to help advise.

Best of luck!

Post: Looking for Realtors in Gainesville, FL

Nick Velez
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  • Posts 228
  • Votes 207

Hey Marj,

@Shawn K Hicks and @Luis Olivier are both amazing local realtors that work with investors. I would highly recommend you reach out and see what they can offer.

Post: Looking for a realtor to help with purchasing an airbnb!

Nick Velez
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  • Votes 207

@William Doyle

If you are looking in the Tampa area I would reach out to @Josh Green. He has helped several of my clients purchase STR's in the surrounding area's and is an investor himself. I don't think I know any other realtor who has more on site contacts than him!

Post: Gainesville Market - Top Local Professionals

Nick Velez
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@Will Butler

Hey Will, I am local to the Gainesville market and have several contacts you could reach out to. Feel free to message me and I will get them over to you!

Post: QOTW: How did you / are you financing your investment properties?

Nick Velez
Posted
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  • Posts 228
  • Votes 207

I am finding that DSCR rates are getting closer and closer to conventional rates!

Post: Tampa/ Hillsborough County STR restrictions

Nick Velez
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  • Posts 228
  • Votes 207

@Josh Green

Josh could likely point you in the right direction here!

Post: Looking for a Realtor in Tampa to find me an Air Bnb

Nick Velez
Posted
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  • Posts 228
  • Votes 207

@James Robert

@Josh Green Has helped several of my clients find STR's in Tampa!

Post: New property analysis

Nick Velez
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@Dayanis Acosta

I have found that Airdna in my local market underestimates the earning potential. Being a LO that works mainly with investors, a lot of the properties that I see that have a STR history, are performing better than the rental estimate. A lot of these investors have several properties and have their systems down. I am sure Airdna is not always reliable but I trust it as a decent data point for number crunching.

Post: So close to obtaining a perfect property

Nick Velez
Posted
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  • Votes 207

@Louis Louisius

It is just a 15% down conventional investment loan.  Not all banks will offer it but it is a standard loan product that we often use. Feel free to message me any specific questions!

Post: So close to obtaining a perfect property

Nick Velez
Posted
  • Lender
  • Posts 228
  • Votes 207

@Louis Louisius

You can't have the intention of renting it out long term with a second home so it sounds like that won't work for you. You can also do 15% down on single unit investment properties so that would be your next best option!