All Forum Posts by: Bob Razler

.....because every listing or proforma I see says they are renting below the market rate and that if I bought it, I could charge more!  :-)

Hello @Ricky B. :

You picked a great area for vacation/short term rentals.  In that scenario, you have a good target.

Some hot destinations:

Delray Beach

Fort Lauderdale

Boca Raton

Lake Worth

Pompano Beach

There are a few more but that is a start.

Bob

Hello @Ricky B. .  FLorida is great.  The further north you go from WPB the better your deals will be.  The market here in the Palm Beaches, Boca, Lauderdale and Miami is pretty high priced right now.

Orlando and JAX offer better investment opportunities IMO.  If you want to be further south Vero, Stuart, Palm City aren't bad.

I am actually looking in JAX, Cleveland and the Carolinas to get cash flowing deals.

Flips might be easier to find if you get hooked up with a good agent to find you some deals.

Regarding what to look out for:

1.  Some areas are in flood zones and will require flood insurance.

2.  In the Miami area you would prefer block construction with impact windows.  But many homes have shutters and it's not a deal killer.

3.  Location can be tricky.  Here in FL you can have trailer parks right over the wall from million dollar homes.

4.  If you are looking at a flip where the electricity has been off for a while check for mold.  We have a high humidity environment here and it doesn't take long to start in a vacant home.

Off the top of my head that is what I can think of.

Bob

Hello:

It's not all about liability.  It's also about maximizing your tax advantages.  Also, you may have a very complex setup with major tax ramifications for doing it wrong (SDIRA, Solo 401k's, etc.).  

I highly recommend watching Clint's videos on YouTube.  Not only do they lay out the rationale behind many of the structures, but it also discusses the tax ramifications.  They give you a great primer for it overall, regardless of whether you go with Anderson, your own team, or no one.

Everyone has to make their own decisions about structure, being proactive on maximizing tax advantages through structure, etc.

If your Attorney/CPA/Psychic can save you $5k a year in taxes you didn't need to pay, I think you would be foolish not to talk to a professional. 

Bob

Hello @Jorge P. .  That is great news.  I am glad it was resolved (relatively) painlessly.

Hello @Abraham Anderson !  Amazing story.  Congrats on your success!!!!  

Hello:

My biggest fear is that life has no intrinsic meaning or value.  That a single human or even the entire human species is insignificant, without purpose and unlikely to change in the totality of existence.  That each individual is an isolated being born into the universe, barred from knowing "why", yet compelled to invent meaning.

My second biggest fear is Jell-O.

After that, I worry most, like @Brad E. , that I make a mistake so big that it hinders my ability to move forward at the pace I desire toward my REI goals.

Bob

Hello @Stefon Bostick .  

Seems to me that offering your services to another wholesaler might be a good way to learn and get "free" mentoring.

I would look here on BP for some, or at your local REIA's, or start calling the wholesaler numbers you see on bandit signs, etc.

Bob

Hello @Orkeem Davis ! 

Have you considered keeping it and simply drawing the equity out through a refi?  That way you get to keep the cash flow and buy a new property.

Bob

Hello @Johnette B.  I have not seen that happen on mine.