All Forum Posts by: Adrian Smude

it's possible to find off market properties and not buy with cash. My brother is a great example. He's been looking for his first home to purchase that one day will become a rental. Long story short he's under contract and is doing a FHA 203(k). The key to why he got the deal is we were the first to conteact the sellers and they honored their word to give my brother the first chance at the property. We left a note on the door and wrote a letter and mailed it. I pass this house multiple times a day and at a point I got the feeling someone was moving out. I was right, and they haven't even finished moving yet. You may say this was luck, but I believe the point is to always keep your eyes open. I wish you great success.

@Jack Gray There are many great REIAs in the area.  I always suggest people checking them all out and deciding which fits their goals the best.  I personally attend the TBREIA Brandon and South Tampa locations as well at Larry's Monday night, and the creative exchange meeting Thursday morning.

I look forward to meeting you at one of the meet ups.  

@Michael Fisher welcome to BP! This is a great place to learn. I also encourage you to attend the local REIA meet ups. There are many in our area. I look forward to meeting you soon!

let's look at other options.... Have you done the math at how much it's going to cost to fix the place up and sell it?  How much you think you'll be able to sell it for?  Minus hold time while remodel and sell?.. Now that you have that number maybe it's close to what another investor will pay for a rented property with a great tenant?  

Maybe the tenants want to buy it?

As for an answer for your question I think you need to read your lease, some leases say they can be broken with a 30 day notice....

Jason, Jonathan beat me to the great advice. As he said, I look forward to meeting you at a REIA meeting.

@Jesse Burrell as others have offered boots on the ground I will as well.  I focus in Polk County and East Hillsborough County.  Let me know if I can be any help to you.  I wish you great  success! 

@Joseph Bisaillon it looks like you're off to a great start!  I'm with others that say stay close to home.  I Live in Plant City so my perfect world is having my rentals from Brandon to Lakeland.  Right now the Brandon area has become pretty competitive so I've moved my focus to Lakeland.  For the brrrr method connecting with a wholesaler will be your best bet.  

@Christian Benitez, @Andrew Thorell has great info!  Ontop of what he said I would recommend going and sitting down with a few different lenders.  They will tell you exactly what you need.  I say different lenders because different type of banks/lenders have different rules.  Find someone that what you want to do works for and that you feel comfortible working with.  This is Free, they don't get paid until you close so go get some free knowledge and have the plan before April.  

@Jason Sallman welcome to BP.  

Some people like paying all cash for a property, I like leverage.  This depends on how you sleep at night.

Seller financing can be great if you can find the property and work a deal with the seller.  This isn't always as quick and easy as people think but can give you the best terms possible.

I wouldn't use hard money for long term holds unless you truly have a very strong plan to refi out of it fast.  Hard money is short term and expensive. 

traditional banks are going to be your cheapest rates, but most headache of a process.  (This is the main stradegy we are using).

You may want to also look into private money and the brrrr method that @Brandon Turner talks about in his super long title of a book he wrote.  It's a great read for learning different creative ideas.

@Mark Higgins I don't like condos.  I don't trust the association not to raise fees, to spend my money responsibly from the fees, to have property insurance, etc.  I've heard of people doing well with condos, they just aren't for me.  Sorry I couldn't be of more help.