All Forum Posts by: Austin Peck

I would recommend David Walker. Used him in the past and was satisfied. It helps that him and I are both from Texas.

PM me if you want his details! 

Very nice Justin! What was your experience in finding the second private lender? Any balloon payment/call on the note? 

Hi Brian, I am interested in following your progress. It seems like you have a good head on your shoulders!

I'm on a similar path down in north Fort Lauderdale area. We should connect sometime!

Best of luck! 

His post mentioned nothing of trading rent for work; it may be wise to actually read the post in the future to avoid the spreading of misinformation and derailing the thread. Plus then you might actually be able to contribute to Greg's issue. 

Hi Greg, I don't think you're understanding that you can still do business with this individual after giving him a "denial" with reasoning being "I, (as a professional landlord) prefer not to rent to friends or family in order to maintain ongoing relationships." I think you are overcomplicating this issue, when in reality it's just a short conversation you could pick up the phone and be done in 2 minutes. There aren't any hard feelings, and there's no reason why you shouldn't be able to continue hiring him for work in the future.

Although by the sounds of his work ethic and your frustration, it may be worth your time to start seeking out other contractors. Best of luck! Hope you find the clarity you are seeking.

@Jordan Butts I live in Ft Lauderdale and also manage a condo that I own.

Send me a message, would love to connect and might have a recommendation for you! Whether you use AirBnb or another service like vrbo, you're going to incur those management fees being an out of state owner. You want to make sure you have enough net profit to justify the short term rental strategy over long term tenancy when you aren't there to watch over the process of your property management.

Best of luck in your endeavors! 

Hi @John Tyler, I'm in your area (Ft Lauderdale).

Let's connect sometime. 

I don't understand your maintenance being $725 and Vacancy being $35.

Can you expand on your thoughts here and how you're arriving at these numbers? Gross rents are appealing for this purchase price.

Hi @Deepak Walia,

Please please please don't forget about your other expenses! Vacancy, repairs, Capital expenses reserve, and insurance!

However beyond that, as Anthony has suggested taking the leveraged approach nets you a better return and you're able to theoretically purchase multiple properties that all appreciate individually thus duplicating the benefits beyond just owning one home. 

Best of luck in your endeavors!

Hi Samantha, 

You could look for similarly sized properties online to see what they sold for. As Dustin has mentioned, 23k/unit is pretty good. If I were you, I would do a complete financial analysis and see how much cash flow you could expect to generate even with a debt service (mortgage payment). It appears to be >5k/month net with 12-13k in gross rents, minus expenses, vacancies, and future debt service. 

I'd want to get more in depth than that and factor in EVERYTHING, and a higher property management reserve because 300-400/mo may suffice now, but eventually you'll have a full building and will be charged 8-12% of gross rents for management. In the end, purchase price is subjective in real estate. If you're cash flowing at a "great" rate, you could theoretically "overpay" on any given property. It also matters what types of terms you negotiate. Do you know if the current owner is willing to owner finance any portion of the sale? What are his/her motivations for selling? Knowing these answers can provide you leverage and give more opportunities for creative deal making. Good luck!

Austin