All Forum Posts by: Robert Hamilton

It is in Tyrone Mall area.  My criteria was block home, no foundation issues, no mold, no pool, under $175k all in after repairs, expected rent over $1350/month after repairs, B- or better neighborhood, and something that on quick tour/curb appeal after improvements would be highly appealing for renter.    Is this the info you were looking for?

@Will Dixon

I appreciate it. 2020 taxes first year I plan to using tax specialist. Been handling it t now my self.

@Robert Hamilton

Got offer approved today.

If any really want details, I can share, but I will tell you I chose to go cash wisely.

Open house on first listed day, toured, made cash offer with inspection contingency only. They got 3 other cash and 3 other conventional offers, all at list price.

I added 2%, cut inspection period to 3 days after making sure inspector networked in with could do next day, and set close for 2 weeks.

Offer accepted!

If I wasn't on top of checking listings daily, cash ready to go, and had networked vendors I probably wouldn't.

There are my insights in this very busy market here in St. Petersburg, FL at this moment.

Just finished refi.  I am now a cash buyer looking for a great property to park it in.

@Guifre Mora

I'm going to do it. Just trying to decide hard money VS refi

In this crazy time, I plan to pick up a 3rd SFH (under $180k probably) to make a long term rental here in St. Petersburg, FL.

I have $50k cash on hand that I can use for purchase, other $ for a small upgrade to make property rental ready.   Almost every property that I see that would be worth picking up for what I want is going to cash buyers, or is listed by wholesalers requiring cash buyer or hard money financing buyer.

I am considering going the hard money lending route versus refinancing my primary residence to pull out cash ( I have about $200k equity so it would work).

What I see:  Hard money would be quick, not change any payments until I actually sign on a property that I want, all the risk would be on the new purchase property, I might have difficulty getting the new property refinanced off of hard money at any decent terms (both because of rentals I already have, lender fears with this market, possibly dropping values, etc), all costs related to would be able to be put under taxes under this new property.  Refinancing my primary to get the cash on hand to be a cash buyer would take longer, financing costs both short and long term would be on much more preferable rates than on an investment property, my mortgage writeoffs on taxes would be deductions on primary residence and not a much on investment property costs/income, all the risk would be on my primary home, I would be paying on the new higher mortgage while sitting on the cash no matter how long I had to wait to find new property I wanted to purchase.

What am I missing, what have I not thought of, what do you all think?

@Jovan Hardwick

I'd be up for discussing the area.

Reflective Window film

If buying to rent out and you THINK a crash is coming, you will be fine as rent is stable and your numbers should work either way to make the deal, might have been able to purchase cheaper if you were right.  If buying to flip and will take a long time to rehab, you could get caught with pants down IF you are correct.

Total refi amount?   Expecting points?  Also if you escrow taxes and insurance you have to add that in as well.