All Forum Posts by: Christopher Blanco

@Kameron Smith start building a core team of Realors, Contractors and lenders. You will want to get more than one of each and don't worry if they don't work out. Keep networking and finding people that mesh with you and do business how YOU want it done. As Gunnar said, don't be afraid to make other people money to start!

I am a new investor, and one of the first things I did was hire a CPA. It cost a little bit to get setup, but now I pay $50 a month. They do all of my business (quarterly if need be) and personal taxes and I have unlimited phone support and advice. I work day to day with a staff accountant, then if I have a question they can't answer, I get an appointment with a Partner. For $600 a year, you cannot beat it. They will save about 10X that amount every year at least.  

Here is one I just looked at:

3628 Blanche Ave

Rent: $1050/month

ARV $90K

Rehab: $15K 

Purchase Price: $35K

Taxes: 3462/yr

Refi in 6Months at 5.5% at 70% ARV for 30 years: $63K

Cash Out: $7800

Insurance: $650/yr

Operating Expenses (Taxes, Ins, 10%PM, 7% vacancy, capex, repairs): $597/month

Mortgage: $358/month

Monthly Cashflow: $22

Am I looking at this wrong? 

@Gwen Fyfe some of them, yes. Others just don't provide a good BRRR opportunity. Some will cash flow at the price offered, but if I look to BRRRR them then at the new ARV and 70% loan to value the cash disappears.

Welcome @Howard Lawton!

First off, I know nothing about the Florida market, but with that said:

• There is NOTHING that makes this house pop to me. Cabinets are plain, appliances are plain, fixtures are plain. Everything looks like something I can go to Home Depot and get today and looks like every spec home I have ever seen.  
• There is BRAND NEW construction right down the street going for 20K less than yours. 
• Since nothing pops, you need to make it pop either by adding better finish materials or staging it

@Todd Douglas Those might be a little out of my reach. Trying to keep my deals as close to home as possible until I get my feet wet.

@James Wise You might be right, I am trying to make sure my seed money is protected, but maybe I am being a little too protective. 

@Account Closed I would be happy to evaluate it if you send me the details. 

@Adam McClain I am trying to approach each property without saying its a flip or rental. I evaluate it both ways. 

@Marlon Fong I hear that. I am still working on that armor. When my first offer fell through, I was mad and upset for a day, now its "on to the next". I just want to make sure I am doing what I can do. I won't stop, I want this too badly to stop!

@Sam Shueh I am using the MLS (well as much as I can, I can use my realtor's portal, but I don't have full information. I put an offer on a property the day I see it and like it. The issue is I have my schedule (full time job) and my realtor's schedule to contend with.