All Forum Posts by: Brad Seidel

Hello everyone, I wanted to get my brother in law in contact with someone who knows the area. He wants a single family or multi family with decent size lot in 76574 with the ability to turn a cash flowing house hack! Please let me know if you can help so I can get him in contact with you. 

My brother in law is trying to find a way into his first home that he wants to live in and cash flow. However his situation is a tad un-ortodox.

Positives:

• Has 83k saved
• This will be his first home
• Makes around 110k per year pre- “business related deductions”
• Has worked with the same company for the last five years
• Knows he wants to invest in Taylor, Texas (76574)
• Is ready to get into a house as soon as possible

Negatives:

• He is a 1099 employee
• His tax situation has his income reported as 40k~
• Knows little or nothing on how to secure finances
• Does Not have great knowledge about the area

Has anyone been able to figure out the best way to secure finances as a 1099?

@Stuart Grazier great to hear from you! As you know I’m a huge fan of your company. And would love to speak with you more off-line. 

Are some problems not mitigated with purchasing land that previously had a home (at least some utilities and some foundation) 

I had planned on 60k for those factors. With a home that is slightly raised much of the plumbing is cheaper than stick built due to ease of access. But looks like I’ll need to adjust with 90-100k additional. 

Are you all still working Milwaukee only? 

Very interesting. The cons you mentioned were some to the reasons to have a modular built. (Created inside) So says the modular companies. 

Hello, After diving into modular home builds I see very little downside other than potential timeline sliding longer than anyone wants. 

Is anyone out there purchasing land then placing modular multi family homes on them? I’d love to hear more from you!

I am currently looking into Toledo Ohio, and Colorado Springs,CO. I am about to sell two of my current duplexes to fund these and with the avg age of multifamily homes in the 60-70s and typically in really poor shape these modulars seem like a good idea for a buy and hold. 

As an owner of a multi family unit utilizing long term rent in key west already, this is new territory. It’s 629,000 3 bed, 2.5 bath on the water. I calculated 41,000 annual expenses. And the same unit 3 doors down sold a few months back for 715,000.  I believe the market currently would allow me to make a profit and cash flow but I worry that the second the economy comes down, lavish vacation rentals are the first to go.

There is a deal in Key West that only works with the property as a vacation rental. The numbers do not work out for long term rent. The home is raised which will save on flood insurance and has one of the lower HOA's I've seen in the area. Does anybody have anyKnowledge on the topic of vacation rentals is it too far into the hospitality business and no longer in the real state realm???

Hey there Roy,

 I put on the UF Veterans Real estate meet-ups. We have had a good showing although small in numbers. (5-6 people)   I  am familiar with Gainesville and hopefully can help with some questions! I come up once a month for my Masters from Key West so If you're in the area and rather meet up in person I'm able.

419--297--0069

Tinderella,

Where in Key West was this property? New Town, Old Town can make a decent difference. I just rented out my 1/1 for 2150 and had over 30 applicants in under a week so 2250 would be safe! Lets talk more later!

Xavier,

I am active duty as well currently house hacking in Key West with my wife. We just moved in down here in Sept, but this investment has definitely the best thing I've done financially to date. I am constantly looking for other deals around. I recently started reading on foreclosures and short sales. Let me know if you're still interested in doing more!   419---297---0069