All Forum Posts by: Bobby Valcin

Hello all, I’m hoping someone might be able to help me figure the best course of action with my current scenario. I moved to Miami with my wife and daughter for a year in order to save money and purchase a duplex in Palm Beach County around this time. Our initial goal was to move back up here by purchasing a duplex, live in one side and rent out the other side (house hack) I have been in contact with a couple of guys that I know who are wholesalers, however, I’ve never felt like they’ve tried very hard to be honest (I could be wrong). We started looking at single family homes as a plan B and have now discovered that we’re coming up short by a few thousand dollars on a 200k home, with 5% down and paying closing costs. My wife and I both have credit score over 700. We are pre-approved for 200k with a mortgage broker. After doing some reflecting I realized that I may be backing out off plan A without exploring other options. I currently have a rental property with about 90k in equity. With that said, at this point I think I need two things to accomplish our goal of purchasing a duplex/multi family: 1) find some good wholesalers in the Palm Beach county area 2) figure out the best way to use the equity in the rental property to fund the purchase of a duplex, or even a really good deal on a single family house. (Traditional banks don’t seem very interested in doing HELOC’s). I’ve resorted to just looking on the MLS at this point. If anyone can help with 1 or 2 please let me know. Also, if you feel there are other things to consider that I may be missing, or an issue with my reasoning, please let me know and share your thoughts. We wanted to move before our new born arrives in early May, but that isn’t looking likely at this point.

I recently attended a free seminar on real estate investing where the gentleman who was hosting essentially stated that he operates better with clearly outlined steps and activities. When he said that it really resonated with me because I am feeling more and more like that is the case for me. I'm asking myself if this is true for me, or if there is something else I'm missing, an example may be helpful. As someone who is trying to do wholesaling I know that I need to find motivated seller, calculate ARV, find cash buyers, etc., but I feel like I really need more detailed step by step guidance (do this, then do the next thing, then do the next thing) without having to look through so many blogs, books, articles, etc. I love BP, but I have a hard time filtering through the vast amount of information, and taking more action steps. Am I making any sense?

@Gary Alford I certainly don't plan on doing it often too often. Maybe once or twice a week for about a half an hour or so. I will also be doing it in the areas around where I live so the amount of gas that I use shouldn't be too significant. 

One thing I'm realizing from all of these responses is that I need to do as much as I can on the internet in the comfort of my own home BEFORE I start spending any significant amounts of money. You all have been very helpful thus far.

@Belinda D. That law wouldn't apply to someone knocking on your door though. I would have to actually be threatening someones life for that law to apply. 

@Nicholas Miller That is a great use of $10, and you are correct. Creativity pays off. I have great difficulty making the effort to come up with ideas on my own. I feel like I don't have time to even think in this season of my life, but that is an excuse. I am able to recognize good ideas like yours though.

@Chris C. Thanks.

I know a lot of investors talk about knowing what kind of property you want to invest in with specificity, but does that matter as much if I am only wholesaling? In my thinking with wholesaling a deal is a deal, if I am not ultimately the end buyer, so whether it's a single family home, or a duplex isn't it just a matter of how the numbers are calculated? I am very open to correction if I am way out in left field on this one.

@Chris C. Is that a list that is available at a county office?

@Manny Cirino I agree with you as far as driving for dollars is concerned. I would probably still try to incorporate that into my strategy as well, but it may be better for me to focus more time on some of those lists. That is assuming the lists aren't too outdated.

@Bill Gulley Thanks for all the advice. I think you are right. The county offices can be great resource. Does if vary by county whether or not some of those things are available online? The reason why I ask is I am at work during regular business hours, so it would be difficult to go there with any kind of regularity.

Well it looks like the deal isn't going to happen. The seller is a one third owner of a property with family members that want nothing to do with him. He is trying to get rid of his interest in the property for about 10k, but the catch is there is no telling what the other owners will be willing to do. The property is owned free and clear. I called three different investors, but none of them could find a workable solution. They all wanted some kind of agreement in place. This is basically high risk, but potentially high reward.