All Forum Posts by: Bob Stevens

Hello all. I am from TN and the real estate here has gotten too pricey to produce the returns I am looking for. We are shifting our focus to NE OH and are looking to build a strong and ethical team for successful BRRRRs. Any advice or referrals would be greatly appreciated. And if I can be of any value to someone looking in TN, please let me know.

Quote from @Bob Stevens:

Quote from @George Munoz:

Details

The Chill and Real Estate Meetups is the ultimate destination for those looking to expand their network and knowledge in a relaxed and inclusive setting.
Our meetups focus on real estate and provide a platform for attendees to connect with like-minded individuals.
We gather as a community of real estate enthusiasts, supporting local businesses by dining and socializing at restaurants and bars, all while discussing the industry with openness and freedom.
Come, learn about how to create or start generational wealth with Real Estate and hang out with like minded people!
IG Follow...
HOST:
@chillandrealestate
@georgemunoz1

Special Guests:
@Hectoralejandrod
@goldkey.enterprises

This Month We will Focus on :

• Scaling your Flipping business.
• How to buy from wholesalers.
• How to negotiate.
• Things to look for on an inspection. 
• Finding your partner.

LOCATION: 125 N Riverside Dr, Pompano Beach, FL 33062 (Sand Harbor Hotel)
No pitch, no hidden agenda Just Chill and REAL ESTATE...
Happy hour from 7-9pm and open restaurant.

 I will be there, can you send reminders ?

 via this app no, but try here and see if there is an option : https://www.meetup.com/chill-and-real-estate/events/30348454...

or here :  https://www.mixily.com/event/6672440420467154667

Hi all.   I want to buy a triplex in my area.   Please help!   I want to occupy one of the units so I can get an owner-occupied loan and only have to put down 3.5%.   However, the seller's agent expressed 'All tenants want to stay'.   How could I get one of them to agree to sign an agreement to vacate the property?   Many investors are looking at the property so I was going to offer full price with $10,000 deposit.

Rent situation:

Unit 1 -- Current:  $800/mo Projected $1200/mo (this is the one i want) - month to month

Unit 2 -- Current:  $900/mo Projected $1000/mo - lease expires Jan 2025

Unit 3 -- Current:  $800/mo Projected $1200/mo - lease expires Jan 2025

Any ideas?   Please help!

Details

The Chill and Real Estate Meetups is the ultimate destination for those looking to expand their network and knowledge in a relaxed and inclusive setting.
Our meetups focus on real estate and provide a platform for attendees to connect with like-minded individuals.
We gather as a community of real estate enthusiasts, supporting local businesses by dining and socializing at restaurants and bars, all while discussing the industry with openness and freedom.
Come, learn about how to create or start generational wealth with Real Estate and hang out with like minded people!
IG Follow...
HOST:
@chillandrealestate
@georgemunoz1

Special Guests:
@Hectoralejandrod
@goldkey.enterprises

This Month We will Focus on :

• Scaling your Flipping business.
• How to buy from wholesalers.
• How to negotiate.
• Things to look for on an inspection. 
• Finding your partner.

LOCATION: 125 N Riverside Dr, Pompano Beach, FL 33062 (Sand Harbor Hotel)
No pitch, no hidden agenda Just Chill and REAL ESTATE...
Happy hour from 7-9pm and open restaurant.

Quote from @Bob Stevens:

Simple answer, get 10- 15k NET coming in, just do the math. If you need more than that, well get rid of the stupid toys LOL ,

Maybe I am over thinking it but basically gross rent now is 7K. Out is state properties so expenses are:

10% property management
15% cap ex (lower cost of living area)
10% repairs / maintenance 
5% vacancy

40% expenses / 60% profit

Quote from @Ned Carey:

@Bryan Melendez what do you mean by 

     "My goal is to submit a couple of landlord applications" ?

That is generally not how the process of renting to section 8 works. 

Hey Ned.
While researching on becoming a S8 Landlord, I saw you have to submit an application to each state you desire to become a S8 landlord in? 

Am I mistaken?

I may have worded it wrong

Then possibly get hit with a $100k special assessment while you have it? I think Ill pass. 

If you haven't heard, there's a big wave of opportunity that's presenting itself in Florida right now. Is anyone looking to get into some of these condos and flip them?

Quote from @Bob Stevens:

Quote from @Sam Booth:

So I have been investing in real estate in the south since 2021 and now have 5 properties. How do you know how many properties you need to retire? It's hard for me to know how much cap ex and repairs will be in the future as the price of those things goes up. I have a spreadsheet of the rough timeline for when roofs and cap ex items will need to be done. Any help appreciated! Here's kinda what I have: (I usually really front load properties with alot of repairs and painting so that it pushes alot off into the future)

+ Gross rent

- property management 10%

- vacancy rate 5%

- cap ex savings (250/ month?)

- maintenance and repairs (50/month?)

- taxes

= Profit

 impossible for anyone to answer, it's up to you how much you need/want per month. I swear it's like BP is turning into FB, sadly  

Good luck 

I just thought with all the more advanced investors it would be either a parentage or spreadsheet and way to account for inflation of cap ex items