All Forum Posts by: Chad Shultz

The contracts I use are simple and easy to understand, unlike most NAR documents. I tell people to speak with their attorney to verify everything is legit. I disclose that I am licensed and that covers it. Many times, in my state, investors purchase in a Land Trust, which I also use, but otherwise, nothing out of the ordinary.

Kameron,

When I buy properties for my own purposes, I rarely use a NAR style contract. I have an "investor contract" I use, prepared by an attorney I work closely with. In my state, you can literally write a contract on a napkin, if you like. To disclose I am an agent, I literally put a check in a box that explains my status.

As to your other question:  "Fair market value" is a perception.  As an investor, you want to buy homes below retail.  Typically, this means you are going after properties that are not perfect and turn key.  What a property needs to be retail ready is different for many people and the property current condition plays a big part.  Additionally, the sellers all have different reasons for selling.  If you can solve their problem, when many other cannot or will not, you are paying a fair market value.

The investment process is all about added value.  You buy homes in distress that most end users will not purchase and you add value by renovating the property, etc.

Hello @Manny Del Val. Congrats on your Daytona property. I just helped another investor close on a duplex, which is ready to be turned into a tri-plex. Talk about value add and cash flow. It is flowing $2800/mo as a duplex and his monthly payment will be about $1500 PITI. By finishing out the third space, he'll add another $1k/mo easily with no more overhead. His cash-on-cash is "off the hook". I love these kinds of deals. If you are in the area, or want to chat on the phone, just let me know. I have an investor background, so you are not just getting a typical agent. We can chat anytime.

When doing my flips, I usually paint different gray shades with accent walls having a color in the similar gray spectrum.  Something like a muted light gray all around, then a blue-gray or stone color as an accent in the master and other key areas of the home.  Usually buyers love it.

Thomas:  you may want to look into wholesale opportunities in your area. If you really want to make money with real estate without doing hands on renovation, wholesale will be easier than tax deeds and liens. I have bought and sold in both areas. For a tax deed/lien, you will shell out money up front, then own a property, need to get it ready and then sell it. In a wholesale, you find a property, likely have little to no money out of pocket, then assign it to someone for a fee.  There is much less risk and you usually have a time to get out of your contact if you cannot sell the contract. 

Get involved with your local REIA and connect with people who are actively doing these things to see how they work and how you can benefit.

@Mike Shulman

One of the groups is hosted by CFRI.  You can find the info on their calendar at CFRI.net, (Central Florida Real Estate Investors).  They meet once per month and the calendar is accessible by anyone.  Another group is hosted by Chris Miller in the Daytona area, once per month.  I am not able to post his information on this forum, so you would need to message me directly for me to send it, if you want it.  You should be able to find him on Facebook, by searching Chris Miller Daytona or NuWaveProperties.

There are quite a few rules about STR in the Ormond and Daytona areas. As long as you follow them, you'll be good and the money will flow. However, you are fooling yourself if you think you will just STR any beach property. We have two STR focus groups in the area, which I recommend you get involved with, before you pull the plug on a property. STR is not allowed in Volusia County, so just be cautious.

Hello Ben,

I am a local Real Estate Agent with Investor knowledge and connections to many meetings. The local REIA group is CFRI.net and the have several chapters in the area, plus focus groups, etc. I'm out doing things at the moment, but if you want more info, let me know and I'll get with you later today.

Danielle,

I agree with what Kevin has to say. Most likely, you have an operation REIA near you. This is usually the best resource to start with. You can find like minded individuals who are wholesaling in your area and connect with them. Networking and learning locally is a great resource. After you get headed in the right direction, you can start pulling in other resources, most of which you can find through your local REIA. Use BP to help fill in the learning gaps.

So true, so true. For about $175/yr you can get everything from folks at your local REIA, plus discounts at big stores that more than cover your yearly membership. Nobody needs to fall for the "system" approach. Case and point: https://www.expressnews.com/bu...