All Forum Posts by: Colin G Murphy

Hi @Donal Kearney

It´s great that you´re setting goals. Make sure you work backwards (in detail) from the end point so you know what you need to do each week/quarter/year to get to your 20 rentals. Feel free to get in touch anytime - always happy to help other Irish people investing in Florida. 

Afternoon all

Ok, so I´m pretty sure we have all had our frustrations with insurance companies over the years... 

The product we currently have for insuring vacant properties while we renovate them is great, but the company we have been using is getting PAINFULLY slow at responding to quotes for standard landlord policies. 

If anybody can recommend a great insurance broker who is active in the Pasco / Tampa markets, I would really appreciate it.

Hi @Scott A.

You can definitely make it work in Pasco County. It´s great that you´ve been studying for many months, but make sure you´re including a lot of face to face time with experienced investors. Go to REIA meetings ASAP if you´ve haven´t been doing so. Offering to bird dog, put up signs, paint etc. is also a great way to "learn on the job" without risking your precious capital.

In other words, find a way to get stuck into the nitty gritty of sourcing, rehabbing and selling deals before taking the plunge with your own cash/debt and you are much more likely to make those margins from the first deal onwards.

Hi @Don Ireland

In an ideal world you would have a proof of funds to buy the property, even if your intention was to wholesale it before closing. However, if you are just starting out and don´t have liquid cash or a track record, then you should just be honest with him and say what your intentions are, but frame it in a way so that he knows you have a very clear idea plan for finding him a buyer.

If he is skeptical and reluctant to sign you could always offer to increase your earnest money deposit and/or reduce your inspection period. At least then he´ll see that you are serious about finding a buyer within a fixed amount of time before forfeiting your EMD.

Cash for keys would certainly be the most straight forward option @Joel Bowman, so you´ve nothing to lose by trying that before taking the legal route. I´m sure there are plenty of posts here on BP with tips on approaching tenants with this strategy.  

Hi @Wayne Hinton

It will be easy to find the owner name and owner postal address for specific properties, so you can certainly send them a postcard/yellowletter. There is no easy way to find their phone number or email address unless you talk to the neighbors (which I would recommend). 

Hi @Samir Abrahani

I´m no contract expert, but as long as your buyer isn´t one of those people who is terrified of detailed documents, then I´d recommend you just download a FARBAR contract and get a competent title agent to handle the closing process.

Getting a lawyer to do one costs money and cobbling together your own would be extremely risky if somebody decides to challenge it in court. 

FARBAR clauses that I pay particular attention to would include:

- Suggest a conveniently located title company for both parties (2a)

- Make sure everybody is very clear on the closing date (4)

- Decide whether you want to be able to assign it or not (7)

- Decide whether it is a cash or finance contingent contract (8)

- Decide whether the buyer or seller is paying majority of closing costs (9c)

- Give yourself a decent inspection period (12a)

Aside from that, just make sure they initial every page and sign where indicated and if there are no agents/brokers involved, then make sure that section at very bottom of FARBAR is left blank.

Love your attitude @Thomas Shultz - I´m sure there are plenty of investors who would be happy to work with you.

Hi @Chad G.

I live on the other side of the Atlantic in Sunny Spain and have been investing in Tampa Florida for many years. I used to travel back and forth constantly, but do so much less now. 

In brief answer to your questions

Local lawyers: I have used a few but try to avoid them! I have used RocketLawyer.com quite a few times to draw up private agreements.

Local business: Yes I have local Florida companies & bank accounts

Local Accountant: Yes I use a CPA based out of Titusville, but I´m sure your local NYC accountant can file taxes for any Florida based income. 

To be honest, the above are necessary to have in place, but they are just processes and they aren´t complicated. The tricky part is finding local  (investor friendly) agents, sourcing partners (wholesalers etc), contractors and property managers. There isn´t much in the way of short cuts there - if you want to do it right you need to spend time on the ground networking with fellow professionals and checking out all your references. To convince the good ones to work with you, you will need a very clear idea of your own goals, finances and time lines. 

Very best of luck - you can definitely succeed in building a portfolio in Lehigh Valley from a base in NYC.

Hi @Ellie T.

Lot´s of useful tips posted here so I don´t have much to add. If you do your homework, take action and persist you can make it work. I live on the other side of the Atlantic in Spain and have been investing in Florida for years. 

For the record - you will make some mistakes, probably a lot of them. There is no way of avoiding that, just keep moving forward and stay focused on your goals. BP is an amazing resource, but at the end of the day real estate is a business where you will learn most of the important lessons by actually getting stuck in and buying something.  

Good luck!