All Forum Posts by: Shawnette Pankey

Attractiveness. Southeast FL has more to offer than gulfside (life-wise). The trade-off is it's also much more expensive. If you're looking for a slower paced lifestyle, gulfside is the better area. The closer you get to Miami, the more you're going to pay.

1 Vote

I put rigid core vinyl plank and it looks fantastic. Don't know how well they'll hold up, yet, but I love the way it looks.

1 Vote

Originally posted by @Dan Nedvidek:

Anyone here familiar with the permits required for flips in the city of St. Pete? I have licensed contractors lined up for roof, windows and HVAC but can’t get a good answer about the need for additional permits that may be needed. Interior remodeling is cosmetic only. No layout or structural work.

I just did a complete rehab in St. Pete. If it's purely cosmetic (paint, flooring, etc.), you do not need a permit. You need one for any structural changes, water heater changes, garage doors, windows... The usual.

1 Vote

Have you tried your bank or credit union? You already have a relationship with them. I got mine through my credit union and it was hassle free. A decent rate, too.

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Originally posted by @Mike Miller:

Originally posted by @Shawnette Pankey:

I live in the Orlando area and I'm just about to close the refi on my first deal, which is in St. Pete. The Tampa /St. Pete area is a much better market. The properties in the working class neighborhoods are super cheap, in comparison to here, and the rents are higher. While I'd like to invest closer to home (St. Pete is 100 miles away), it was a no brainer. My unit is already rented and I never even advertised. In fact, she found me before the work was even complete.

Which areas in Tampa/St Pete are you focusing on? I know there is a lot of cheap homes in St Pete, but it is difficult to know what they should/could be worth without the right information.

I'm mostly looking at neighborhoods close to downtown St. Pete. They're C&D areas that are showing signs of gentrification / revitalization. You can also find houses in nicer neighborhoods for less than here, as well. I like the areas closer to downtown because the rental rates are higher.

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I'm about to close on a refi that is a 30 year fixed. I found the lender through an online mortgage broker. The terms are better than what my credit union offered.

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I can give you the name of a wholesaler in the Tampa area. I don't know if he does multifamilies, but he might be able to hook you up with some people.

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Originally posted by @Mike McCarthy:

@Lesley Resnick I just started 2 refis. Goal is to close in 30-45 days, but I’ve been warned that it might be faster, might be slower.

Good rates, but a couple points on a conventional. The appraisers and underwriters can’t keep up.

But it’s all still moving. Just need to find the right person who’s still working (and not just “working from home”)

Do you mind sharing the lender's names?

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This is an awesome concept that I wish had been available to me, back when I was a renter. I'll definitely make it an available option on my properties.

For those of you who are currently taking bi-weekly payments, how are your late charges handled?

3 Votes

All Forum Posts by: Shawnette Pankey

Shawnette Pankey has started 0 posts and replied 22 times.

Post: Florida Real Estate / East vs West Coast

Post: Opinions on LVT Flooring

Post: Saint Petersburg permitting question

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Post: One of my keys to success with my low-income tenants