All Forum Posts by: Danny Day

After reading Rich Weese posts on here, I've got to assume that investing in vacation hot spots (such as Cancun) can give real estate investors a lot of extra value in a deal.

I'm interested in purchasing waterfront homes on either lakes or rivers in the Texas area, as well as condos in Mexico or Costa Rica.

Can anyone chime in who has been involved in this type of investing?

I would think you would want to set up seprate LLCs for each property and buy within the LLC. Reading from Rich's post, you can visit the properties to make sure they are in good condition and take a deduction for your visits.

Is there a time frame that these type of properties must be rented out / leased out for them to qualify? Can anyone provide more information on this?

Looking for ideas on the subject,

Danny

My biggest suggestion is advertise legitimate deals. I'm on about 10 buyers list and about 9 of them don't bring me quality deals. If you find the deal, the buyers will come.

Does your HML require a survey? And will they accept the existing survey if so?

REOs are getting multiple offers on each deal. They are selling around 100% to 105% of list price, sometimes higher in specific parts of town. Resale sales are also getting multiple offers as well. Most areas I research are under 5 months of inventory, and many are at 3 months of inventory. We have shifted into a sellers market and I'm ready for this summer to heat up.

Dustin, how long has your property been vacant? Have you had any other applicants? How long do you think it would take to find another tenant?

Keep in mind with a band this might mean having people over, parties, etc. Noise could just be your 1st issue. If noise is an issue, the police will handle. Do you have specific hours written in on the addendum?

Danny

Good point, I'm adding them in mine as well from now on. Seem very cheap and a nice add on. Was afraid I would find some buyers who did not enjoy it. Going to give it a try.

Yes, as Michael said I have a corporate card as well a buyer card. I bought 1,000 of each off Vista print. I need to hand them out more often.

Are you guys doing mosaic on lower end flips (ARV below $120k?)

Steve, are you talking about a buying agent or listing agent? Many times they are not the same. Some agents specailize in selling while others work with buyers.. and some take what they can get.

If you're looking to purchase, I would find an agent who has worked with investment real estate before, and does not mind submitting offers / pulling comps for you. Typically these deals will be low end / low commission for your agent so you will want to keep him on your good side by letting him know (and following through) by sending him refferrals for other people in real estate.

For selling, I would find the local expert and have them list. If they know the neighborhood, have the most listings, etc. find them. Also be sure to request a copy of their marketing plan, and see how they plan to sell your house faster than the rest. A good agent will have this in detail. A bad agent will throw it on the MLS and wait for a buyer to walk through your door. You're looking for a pro-active agent who will find the buyer for you. Another good thing to look for is an agent who pays for professional photos, marketing materials, flyers, etc. If they are investing their money in your property, they have more skin in the game.

Hope this helps, good luck

Danny

Great info in here. Thanks!