All Forum Posts by: Colin G Murphy

Hi @Pilar Jin

In Pasco County (north Tampa) I am seeing 3-4 bed single family homes renting for $950-$1150 per month based on turnkey prices of $85,000 - $100,000. Send me a PM if you would like more details.

Sorry to hear your story @Michael Williams

I have also been on the receiving end of dubious ARV estimates from realtors. It happens all the time and in the vast majority of cases, it is a simple case of an agent providing an overly optimistic opinion.

You can kick up a ruckus as per @Michael Woodward´s suggestions if you are convinced they purposely took you for a ride. Very difficult to prove, but you can certainly cause some damage to their reputation if you wish. Either way, this is going to be an expensive lesson. 

Try not to feel too bad about it though. Anybody who has been in this game for a while will have deals where they lost a lot of money. Just keep moving forward. 

Welcome to BP @Vince Salvo and very best of luck buddy!

Hi @Toula McGinley

Welcome to the site and best of luck on your real estate journey. 

I would echo some of the comments above: get active on the site and make use of the incredible tools it has for both novice and professional investors. Forget about spending money on gurus and weekend courses. Go to some local REIA meetings and network as often as you possibly can. Start thinking about what YOU can offer to a mentor in exchange for their help. Can you bird dog, paint a house, install dry wall, compile lists of FSBO leads?

Finally, start contributing to the forums (even if it´s just to thank someone for a great answer) and update your profile with a picture and some background information on you and your goals. There are a lot of these "can I have a mentor please" posts and the majority get ignored because the people asking aren´t being proactive. 

Hi @La T.

You definitely need to consult with a qualified attorney. Do not take advice from a property manager on issues such as trusts and LLCs. 

If you want some general information on series LLCs, then check out this document by Scott Smith (and/or listen to podcast 109). 

Here is an insurance company clients of mine have used for investment properties. Feel free to email and request a quote.

Steve Tripi, Sifford-Stine Insurance

214 South Main St, Clover SC 29710

T 803.222.9468

F 803.222.7616

[email protected]

I have used this law firm in NC on multiple transactions over the past three years. 

Lisa A. Page, Attorney At Law
L. A. Page Law Firm, PLLC
11535 Carmel Commons Blvd., Suite 204, Charlotte, NC 28226

T: 704-927-5070
F: 704-927-5079
[email protected]
http://lapagelaw.com/ 

Best of luck and don

I would agree @Scott Wagoner

Wholesaling in most of the big metro areas in Florida is very difficult right now, especially for people starting out. You´d be better off looking for niches in smaller areas. We work in New Port Richey and other areas of Pasco for example. 

Also, because there is so much demand right now, it´s difficult for wholesalers to make a profit - I have been offered product by them, but their asking prices are generally far more than I´m willing to pay. 

Still, there are always deals out there for people who do their homework and persevere.

Hi @Adaryll Gandy Jr

Welcome to BP - you are in the right place to continue your real estate education, but more importantly, to build up the contacts and confidence to take action and jump in! 

Now that you seem to have a solid grasp of the basics, it´s time to start a business plan (wholesaler, buy & hold, flipper etc.) and figure out some specific goals.

Goal example: Secure a 3 bed single family home before October 2015 in the xyz neighborhood. Built after 1950, priced at $70,000 - $90,000 at 20% below market value with a gross rent of $1,000 per month. To achieve that I need to send 300 yellow letters in August and 300 in September. I will receive 30 phone calls and arrange 10 site visits and bid on 5 properties and get an offer accepted on 1 property. You get the picture :-) 

Good luck buddy!  

Hi @Carlos Cartaya

A bad property manager can ruin a great investment and a great property manager can turn a very mediocre one into a cash cow. 

Amongst other things, your management company should be responsible for:

Liaising with your tenant

Ensuring they pay on time

Organizing any repairs necessary

Communicating with you on a regular basis

Paying you the balance of your rent

Providing monthly statements

Placing new tenants.

A professional who manages your portfolio and your tenants well over a number of years is worth his or her weight in gold. The majority of property managers charge additional fees for placing a new tenant or renewing the lease of an existing tenant, so you should make yourself aware of these and input them into your calculations.

Your property manager is your eyes and ears on the ground so it is very important that you develop a good working relationship with them. They work for you so do not be afraid to ask questions and seek advice, but be polite and respectful.

Make sure your management company has a track record of keeping both tenants and landlords happy. Make sure they know the areas you are looking at. Request references from other investors and ask for a copy of their license.

Good luck! 

Unless the seller signed a contract with a penalty clause (highly unlikely) there isn´t much you can do @Michael L.

If you want to buy the property you just need to wait a few weeks. If you think you can put your funds to better use between now and Jul 28th, you can always cancel. 

Hi @Jim Tiernan

Real estate is booming in Ireland at the moment, or rather it is in Dublin, which enjoyed some of the fastest property appreciation in the western world in 2014. 

Ireland is a three tier market, with huge amounts of corporate/hedge fund cash pushing yields down and prices up in the Dublin market (first tier), some decent deals available in Cork & Galway if you have excellent local knowledge and partners (second tier) and no signs of recovery and tiny sales transactions in rural areas and tertiary cities (Leitrim, Limerick etc). 

It is extremely difficult for an overseas resident (regardless of nationality) to get a mortgage for a rental property in Ireland. Several clients of mine have tried and failed. Even an Irish resident would struggle to get more than 65% LTV. There are 30 year mortgages, but with variable interest rates.

You would have to file an Irish tax return on any income and profit earned from an Irish property. You would also have to declare this income in your US tax returns, although you would get a credit for the tax already paid as per the double taxation treaties. 

Here is a link with further info: https://www.daft.ie/report/ronan-lyons-2015q1-sale