All Forum Posts by: Mya Toohey

@Khaled Morad @Michael Plante

The last loan that my investor processed was at 5 points.  He was a new investor and a very tight deal.  I used 10 because it was easier but still got the point across that there are added fees to get the loan that can eat away at your bottom line.  I just wanted anyone reading this to be prepared.  I would rather them get a better deal and be excited than have a false hope of a deal to realize it all comes crashing down because of the fees and interest payments.   

@Jon Silva

Hey Jon, I am a Realtor and investor in Tampa Florida. I sent you a personal message as well...But, I have been a part of over 50 Hard Money loan transactions. You really can't use, or really recommend to use Hard Money on a long term hold. The terms are typically 1 year. You would use it to purchase and renovate then refi out ASAP. The cost of using Hard Money is considerably higher than a conventional loan. You pay interest only payment for the duration of the loan. Most require that you keep the loan a minimum of 90 days but usually don't have any prepayment penalties after their specific time frame. You pay points right off the bat, along with closing costs. Here is an example: they will loan up to 70% to ARV. ARV is $100,000. So they will lend you $70,000 for your deal. So, your purchase price and renovations have to be less than 70% of the ARV or $70,000. Then they will fund 80% of the purchase price. So, if the purchase price of the house is $50,000 you will have to bring the $10,000 down payment plus their fee, let's say 10 points of the loan value, so an additional $7,000 plus closing costs to the table. Then you pay interest only payments at 10% so $700 a month just to carry the loan. This can eat away at your profits. This is what I have seen personally. Once you become a more seasoned investor, they will up your ARV percentage. You also, have to show tax returns, pay stubs, credit reports and have a deal that fits their criteria to even get the loan.

Hi guys!  

I am a Realtor and investor here in Tampa, Florida.  

If you haven't moved to Florida yet, I would be happy to give you any advice that you need about Florida.  All the Best!  Mya

@Greg Todrank

So are you asking about future purchases? Waiving the inspections does make a stronger offer. I'm in Tampa Florida and I see it a lot, we get beat out by those kinds of offers. If you can do a thorough walk before you make the offer...then why not. It really depends on what the offer is. Are you paying cash? If you finance, at least in Florida, the insurance companies want to see your four point inspections so you can get discounted rates. If the deal is so good that you can afford surprises...then, do it. It really depends on your level of knowledge and knowing what to look for.

@Evangelos Mavros

Hi Evangelos, I am a Realtor here in the Tampa area. I work in Clearwater and New Port Richey. It really depends on your strategy. Do you want to be able to do AirBNB? Do you want long term renters? Are you wanting turn key or BRRRR?

The dock fees are $1085 a month.  We are a very special case though.  We are the only AirBNB at this marina.  

@Jeffrey Vanicky

I am a Realtor and investor here in the Tampa Florida area.  

We put our property in Land Trusts. Our LLC is the Trustee and we are the beneficiaries.

Land trusts can provide asset protection benefits by providing you with privacy of ownership for real property. Each piece of real estate can be placed into separate land trusts. If a lawsuit is associated with one piece of real estate, other properties titled to different trusts are not automatically encumbered.

Structurally, land trusts are similar to other types of revocable living trusts. There are three parties involved:

• The grantor or settlor, who creates the trust and transfers property ownership to it.
• The trustee, who manages the trust according to the specific wishes of the grantor or settler.
• The beneficiary, who stands to benefit in some way from the terms of the land trust.

As the grantor or settlor, you would decide which real estate assets should be transferred to a land trust and what terms the trustee must follow in managing those assets. For example, if the trust includes a rental property then the trustee’s duties may include collecting rent payments, overseeing upkeep and maintenance and finding new tenants when the property is vacated.

The beneficiary is the person who benefits from the assets in the trust. So going back to the example of a rental property held in a land trust, the beneficiary may receive some or all of the rental income, depending on the terms laid out by the grantor.

As the grantor of a land trust, you can change its terms at any time. For instance, you can remove real estate assets from the trust or add them as you acquire new property; designate a new trustee or successor trustee if you’re unhappy with the current one; or give new instructions for how assets in the trust are to be managed on behalf of your named beneficiaries. If you end up selling all of the assets held in a land trust, you can terminate the trust altogether.

I hope that helps!  Best of luck!  

@Red Johnston

Hey Red, I am a Realtor and investor from the Tampa, Florida area. I would look into doing STR's. Being in the Orlando area, you have a great market for them. I have an investor friend that makes 3k a month with theirs. Where else can you make 3k a month on one property? Worse that can happen is that you turn your STR into LTR if it doesn't work out. You really can't lose. The best way to get a property though is to use the BRRRR method. Find one that needs a little love and do the improvements and either long term rent and refi or get it set up for short term rental and refi. Either way you can cash out refi and do it all over again. Best of luck!

@Kris L. @Carley Naramore

I am a Realtor and investor here in the Tampa area.  I live and work in Pinellas County.  I would love to connect and see how I can help you learn about the market.  

@Jarrett Chouinard

Congrats Jarrett!  I am a Realtor and investor here in the Tampa, Florida area.  As and investor yourself, you probably don't want to have to do Real Estate full time as your job.  The reason is, if you work retail you will be showing high end real estate to buyers and listing properties for sale.  It's a 60 hour a week job with no weekends or holidays off.  You also won't want to sell to investors due to the fact that you will want the best deals out there.  As an investor it's great to be able to negotiate your own sales, I wouldn't quit the day job until you have enough investments to supply your income.  You can become a full time real estate investor.  They are two different things.  You can still help friends and family with real estate but unless you really want to do customer service...that's all real estate is, customer service in big houses and fancy cars...lol...I love what I do!!!!  If you really like your job and are paid well, then I would stay doing that until you can retire with your investments.  Its really hard to become a top selling agent, its starting your whole life over with a new career starting from the ground up.  You can be great!  You get to be your own boss...You can make it whatever you want.  Best of Luck!!!!!