All Forum Posts by: Adrian Smude

@Joel Velasquez the strawberry festival is huge and great for my local economy.  As for the real estate market we aren't as hot as Tampa Brandon or Lakeland but the city has helped put things in place for growth.  

Let me know if you make it to my area and we can grab coffee or a shortcake. 

@Joel Velasquez Yes Sir!  Winter Strawberry Capital of the World!!!  

@Joel Velasquez welcome to BP! 

@Jennifer Cintron How fast West are you looking to invest?  I focus in Polk County.

@John Thedford I'd love to be connected with your friend that rehabs and flips in the Lakeland area.  

@Richard Ellis Lakeland is a great buy and hold city.  You need to decide what type of area you want to be in because Lakeland has WAR zones!  I am a buy and hold and a wholesaler in Polk county with more focus on the Lakeland area.  Feel free to contact me/use me as a resource. 

@Jon S. deals are getting harder to find and thinner deals for flips, BUT there are still deals.  Speed is becoming more important. If you decide to look East of i75 or into Polk county feel free to reach out to me.  

@Christopher Brainard @Mike Wood the reason for the seller holding a second mortgage of 20k and moving it to another property is to allow me to pull all my cash (and maybe more) out of this deal within 6 months. Yes it hurts cash flow but makes CCR amazing. The property will still cash flow after the refi and the second mortgage. The property that the second mortgage will be moved to has more than enough cash flow to handle this little note.

@Cyrus Kouandjio Welcome to BP.  I think you should be asking the question "What are my long term goals"  most people want rentals for long term goals because it's the way to build true wealth and not have a day job.  If this is what should be able to quickly buy 9 homes with traditional banks using that cash for down payments.  

I'm not saying not to wholesale or fix and flip, but these are day jobs.  With the amount of capital you are starting with you can do those later when you need to build more capital to buy more.  

I'm in Plant City but focus East of I75 in Hillsborough County into Polk county.  Feel free to reach out to me for those areas.  

I'm looking to get a second, third, etc set of eyes on this deal.  I do not have any numbers on terms because I've done all that math and that cash flow works.  This will be the third loan in my wife's name.  Does anyone see any potential issues with this deal?

Purchase price: $105,000

down payment to bank: $21,000

Seller 2nd mortgage: $20,000

$105,000

- $21,000

= $84,000

-$20,000

= $64,000

Total Bank financing $64,000

Seller 2nd mortgage is moved to a different house.*  Now total debt on home is $64,000

After 6 months of seasoning Erin does a Cash Out Refi.

Assuming the home is still worth $110,000. 20%LTV is $88,000

$88,000

-$64,000

=$24,000 Cash out  

* This property will be purchased by my wife, the mortgage will be moved to a property in my name only.