All Forum Posts by: Brandon M.

I am an agent mainly working with investors in the area and an investor myself, I would be glad to speak with you further to see if I can be of assistance. I have worked with plenty of out of area investors from Bigger Pockets before. Send me a PM

Sunita Maharaj shameless plug much?

Looking for some Tallahassee investors, I have a friend looking to sell a few of his investment properties and giving me the chance to find someone off-market since he knows it is not my area of expertise. (in full disclosure I am a licensed FL real estate agent, just not in that area). I am still in the process of gathering information but if you are interested please PM me and I will give more information when I know the entire deal. 

1st property- near E Orange Ave and Blair Stone Rd, 2/1.5 townhome. Worth $80k, needs about $2500 in repairs. Rents for $850-900. 

2nd property- off E Park Ave west of Capital Circle. 3/1.5 townhome, worth $185k needs $7500 in repairs. 

3rd property- same complex as 2nd property, 2/2, worth closer to $100k, needs in repairs. 

Chetan P. There really isn't anything I would say is different about a short sale vs a regular retail sale in terms of inspection. You still want an inspector to inspect every single aspect of the condition of the property. You could assume that if the owner has stopped paying their mortgage enough to cause a short sale then they might have stopped taking care of the property, but that will still be discovered by the inspector during the inspection.

@Chris Martin - Thanks for the post, I did actually go through with it. After going back and forth I got the owners to accept $120k purchase price with seller financing. $40k down, $80k financed. 30 year amortization, 3 year balloon, 7.5% interest, $1000 monthly payment. I knew I would need to carry some of the mortgage payment out of pocket until I could get the cash flow up. Fast forward almost 3 years later and it was the best decision I have made. The property now has 42 units total (a few of the units had 2 doors so I divided 1 big unit to make 2 smaller ones). I constantly stay between 85-100% occupied. I did have to do some maintenance/repairs, including $20k for a brand new shingle roof. The previous roof was leaking and causing damage to the drywall ceilings, which was causing a few tenants to move out. I have averaged about $2500 monthly gross rents for the last 2+ years with just a little bit of work/effort. I went to a bank last year to do a cash-out refinance to pay off the previous sellers. The bank had the property appraised at $220k, and that number was actually lower than true value simply because the appraiser couldn't find any other comps very close at all so he went very conservative. True market value if I tried to sell it would likely be $275-300k. So the bank loaned me $150k at the same $1000 monthly payment, so I paid off the sellers and pocketed the rest of the money. 

Long story short now I own the property with zero of my own money in the deal (and actually more money in my pocket) and I still cash flow the property about $900-1200/month after all expenses.  This was one BRRRRRRRRR method that turned out very well and likely will be one of the best investments I ever made. 

Hope this didn't come off as bragging, was not meant that way at all, just sharing a success story of stepping out boldly when you find a property that is truly a deal. 

I am glad to share any more details or answer any questions. Hope this helps! 

@Joel McGinley - yes it is. After pitching it to so many people I realized it was a better deal than I thought so I ended up just keeping it. Long story short I did a cash out refinance on it, pulled out my $100k investment plus $25k free cash with a $125k refi loan, the property appraised for $160k. So now I cash flow it about $600/month with ZERO of my own money in it anymore. BRRRRRRRRRRR. 

I am actually glad I didn't end up selling it. 

Kellen Driscol Dani Beit-Or I have an agent I use for all of my buy and holds as well as any buyers I help as an agent. Mason is always easy to work with and knowledgeable and I have referred him to others on here who have had the same experience. Send me a PM and I will send you his info.

Why can't they sell until August? Do they just need to live in it until then? If so then can you do an earlier closing along with a leaseback to allow them to rent back the house until August when they need to move, you could even keep the rent payment at the same rate as their mortgage payment to make it easy and painless for them. Plus the seller would get their money before August that way. Just a thought, but only if the reason they can't close until August is because they don't want to move out until then.

Kellen Driscol I will talk to my insurance guy and see what he can do for you. Can you send me a PM with the specific address so I can run it by him?

James Wise I am an investor friendly agent based in Clearwater but have done 6-8 deals in New Port Richey over the past few months. Most of those deals have been with other Bigger Pockets members that are out of state. I would be open to speaking with you more about what you are looking to do and what I can do to help. Send me a PM and we can talk more.