All Forum Posts by: Nick Velez

If you want the best rate, I would find the cheapest online lender you can find where you are number 37 out of 70 for the month. You may need to resubmit things several times, have a hard time getting ahold of them, and there is a very high chance they blow your deal up last minute, but at least you have the opportunity to get the best rate! 

Real estate is a relationship game. Find a decently priced loan officer or two and stick with them. When I shop for new vendors, I pick who I like the most and has the best reputation, not who bids the cheapest. When I go to get more work done, I use the person that was fairly priced and met my expectations that first time, I do not shop around again for the lowest deal. When I need something done fast, I can count on them to squeeze me in.

Keep in mind that if you need the cheapest option for your deal to pencil, you probably should not be buying that deal. 

@Richa Wardhan

Hey Richa, I am located in Gainesville and have 5 properties here. Outside of my primary, they are all cash flow positive, some to the tune of 3-4k a month on a 12 month outlook. My guess is you are renting long term, turn key properties. There are so many other strategies you can implement here that would provide to be much more beneficial, if you would like to increase cash flow. Feel free to PM me and we can discuss. 

@Allie William Wilson

Hey Allie! I actually helped a fellow realtor finance a STR in Johnson city and she seems to be doing very well. I own a few in Central Florida as well. Feel free to PM me if you want me to get you connected. :)

Did you represent yourself? Purchasing a STR in a somewhat sketch area is a terrible idea and as others have mentioned, is going to open you up to potential issues.

This is why is is extremely important that you use local resources who own STR's in the area or manage them at a bare minimum. I would never let a client purchase in certain areas of my local market....

@Annie Anson

Welcome and congrats on taking the first step! Not many people dig too deep on the actual requirements so kudos to you. You definitely want to talk to a different investor friendly CPA that helps their clients with cost seg's, and can articulate exactly what you will need to do to meet the requirements. 

I also highly suggest you connect with @Josh Green as well whom not only owns STR's locally, but has a management business. Tax savings are amazing and I have utilized cost segs myself, but you also have an opportunity to make an amazing return on your money in the Tampa Bay market. There is a formula that you must follow if you want to perform, having a realtor who knows the market inside and out and practices what they preach is an absolute necessity.

@Kegan Scholl

I am partial to Florida given I live here but I have house hacked for the past 6 years and it fundamentally changed my life, you are on a great path for success. Tampa has amazing growth potential and have personally witnessed @Josh Green work miracles for his clients. If Tampa is on your radar, I HIGHLY suggest you connect with him. 

@Chris Primavera

Nothing changes if nothing changes, that is one of my favorite sayings out there. Market research is very important but nothing is more valuable than just taking action. 

No doubt buying the first property can seem very scary but ideally, you are working with a realtor and lender who owns STRs. If they can do it and be a resource for you, there is no reason you can't. 

Unless you are looking at upper tier properties, you will likely be disappointed in Gatlinburg currently due to the over saturation in that market. There are a plethora of amazing STR markets that can yield great results. Your available cash will dictate what markets you should consider getting into. Feel free to message me, I would be glad to give you my opinions on where I think a good market would be based on your financial situation.

 Feel free to shoot me a text and we can hop on a call.

Hey Anthony,

I have a few STR's in Gainesville and have lived here for about 7 years now and know several people with STR's as well. Saturation is definitely upon us but quality product continues to get booked just like other markets. I see people purchasing new STR's here and others dumping their properties or converting into LTR's.

We have a niche market due to the hospital and university which has pros and cons but my properties have continued to perform well for me.