All Forum Posts by: Nick Velez

@Adam Misseldine

Hey Adam,

Great to meet you! I am local to Gainesville and own 5 properties here that consist of STRs and LTR's. Gainesville offers a lot of opportunities still but cash flow will be limited if you try to stick a turn key property up for rent in any market. If you are willing to get creative such as rent by the room or STR's, you will have plenty of options to choose from. Feel free to PM me if you want to discuss further!

Florida as a whole is not one market, each area is different and is driven by a different set of economic factors. I have clients still competing with multiple offers on well priced properties in areas such as Clearwater and St.Pete. In my local market of Gainesville, we are approaching busy season and I have plenty of clients submitting offers on properties. 

Invest in local markets that are continuing to grow and flourish! 

@Alex Mcfarlane

Congrats on starting the investing journey, it is a very rewarding one. I highly suggest connecting with a local real estate expert who ALSO invests in your area, such as @Josh Green.

An agent who knows the market is an invaluable asset as you start this endeavor. Best of luck!

@Yair Zarmon

You will find that most desirable markets will be "saturated", there is no hidden gem like we all wish there would be! The key is finding a market where a superior property will stand out against most of the competition, which is do able in most locations. 

I work in a lot of markets and I am a huge fan on the clearwater area, mainly because I have seen many clients execute to a high degree in that area and have great success. The main reason for that is the local STR expert, @Josh Green!

@Seth Donnelley

Kudos to you for taking the first step! House hacking is an amazing strategy when utilized correctly, and can set you up for future success. My first house hack involved me living in an enclosed patio while renting out all of the 3 rooms of a townhouse which was extreme, but I would not have the portfolio I do today if I did not take that first step! 

@Ken Almira

The market you pick will really depend on your long term goals and the strategy you decide to implement. You will find that people are successful in every market you mentioned but depending on your cash position, a successful rental in one location or the other might not be as ideal for you. 

Out of the markets you mentioned, I am extremely bullish on Tampa and surrounding areas. If you are considering looking in that location, I HIGHLY suggest you connect with a local expert like @Josh Green

@Jonathan Snider

Fannie and Freddie do have LLPA's and the lower the down payment, the higher the cost. There are alternative programs out there with reduced cost, but you are typically looking at 20% down. 

We have an investor running a special next month on 10% down second homes where the cost is 3-4 points cheaper than it would be, on a normal Fannie/Freddie loan. 

@Jonathan Blanco

You have received a few good replies so far. For the most part, most lenders are going to be relatively close in cost assuming we are talking about a straight forward loan product, we all borrower from the same pool of money to make these loans. 

If you are going to continue buying, you really want a lifelong mortgage advisor in your corner who will help structure loans in your best interest. We get paid the same whether you take a higher rate or buy down, but there are absolutely times when it makes more sense to do it one way or another. This is critical because depending on your future goals and what we think the market is going to do, we can structure everything to keep more money in your pocket for the next deal. 

If you are in the Tampa area and plan on purchasing there, I highly suggest you connect with @Josh Green. Financing is important but your realtor will absolutely be the determining factor whether you purchase correctly or not. 

Best of luck!

@Kris L.

I would connect with @Josh Green, I would not be surprised if he dealt with a transaction in your neighborhood and he is a local expert on all fronts.

@Tyler Magee

Hey Tyler, with you being in Tampa and have 150k to play with, the possibilities are endless! There are so many strategies you can deploy depending on your goals going forward. 

The Tampa Bay area can really be the best of both worlds in terms of appreciation and cash flow, as long as you execute correctly. I will add that you definitely do not need to be near your investments, but it makes things a lot easier when you first start off. 

I HIGHLY suggest you connect with a local expert such as @Josh Green. He is regarded as the STR expert in the area but he has used every strategy in the book, and should be able to point you in the right direction based on your goals!