All Forum Posts by: Daniel Gugliotti

I fear I blew a deal because I didn’t have the confidence to pivot away from seller financing. 
A seller had a problem to solve - they needed to sell a property to move closer to family. 
My dilemma was the property needed over $100K of rehab, the seller wanted $500K plus for the property and we were miles apart of price. With interest rates of hard money and cost of insurance, my offer wasn’t good enough. 
Seller financing would have got the seller to their ultimate number but monthly payments were not an option for them. 
I let the deal die because I wasn’t seeing the path forward to solve the problem AND make the numbers work. 

I want to learn from this, can someone provide some feedback here and advise on some other avenues I could have taken (when private money isn’t necessarily an option). Happy to elaborate to answer any questions. 

Thanks, Patrick! This is super helpful!

Thanks, @Shawn McCormick! 
To answer your question, STR is the better money play to mitigate some of the risk HOA costs present. My preference is LTR, but that seems unattainable in many areas.
It’s good intel of verifying the condo is  warrantable and finding the right mix of investors to owners. What’s the best way to determine that - good old fashioned owner lookup? Or is there a more efficient way to verify that? 

Thanks again Shawn!

Hi! I am looking to invest in condos (or dare I say multi-families) in the Orlando area. I am mostly familiar with the Connecticut market where 2-4 MFH are very common and laws are generally not much different for primary homeowners than for investors. 
That said, I am exploring an opportunity in the Orlando area to invest in some condos in a great location, however, HOA costs seem prohibitive, insurance is obviously very high, and STR is usually frowned upon in Orlando, I am curious if there is a winning strategy out there folks are willing to with share?
Please feel free to share any intel you have or advice you can share! Thanks!!

Does anyone have any suggestions for mail marketing sites/services? I tried Invelo, I am just not impressed with the complexity of the "marketing" functionality. I don't always find a property I am interested in through Invelo, but it seems if I want to market to a specific owner, I need to first find the property on Invelo. Any suggestions?

Quote from @Edy Lagares:

Thanks @John Wijtenburg , I've been trying to find a partner but what you said makes a lot of sense

Hi - five years later, I’m curious how this worked out for you? Where you were back then is where I am now. Did you find a partner? If so, how/where? Did you end up leveraging a credibility packet to get there? Good luck!

I have a potentially unique, but low barrier entry opportunity in front of me, but I am struggling to put the pieces together in a way the make sense for all. 

I live in CT and I have relatives who would like to "snow bird" to Florida at some point soon. They have a house with an in-law apartment (essentially a 2-unit MFH) that needs some work. The house also happens to be right next door to a wedding hall. Seems ripe for the picking to BRRR the home. Ideally, I would STR it to either the wedding hall or seasonally, although the purpose of snow-birding is to be in CT in the summers (wedding season) and Florida for the winters. The less risky/more logical avenue seems to be to LTR one unit for more predictable cash flow and STR the other unit to create availability for my relatives when they come to visit. It's worth noting on the STR side, CT is not exactly the AirBnB capital of the world.

But my struggle is finding/pitching the value add to them? They would need cash to buy/rent seasonally in Florida, so is there a scenario where they sell the house to me, obtaining the cash they need to buy in Florida, and then rent one of the units back from me in the summers? Is that taking on too much risk? Will a bank see the same value that I do and be willing l do a DSCR loan based on LTR and STR on the same property?

Any ideas, feedback or suggestions are welcome! Fire away!

This thread is super helpful, thanks Shaydon for asking the question! I am in a similar scenario, but I also do not have a current home to sell. I am looking to so a rehab loan (which I have heard also be called a bridge loan). I was under the impression the bridge loan could be your down payment until you can close on the DSCR/conventional mortgage and then the cash refi makes the lender whole on the bridge loan. But it sounds like with the rehab loan, I am still coming up with 25-ish% as DP for this loan, correct? Thanks all!

Thanks, Jonathan! My confusion is that some advice says to work directly with the borrower’s attorney while other advice says to go straight to the borrower with inquiry/offer. 

Has anyone gone through the process buying a pre-foreclosure property in CT? Looking for laws and best practices around it but I am seeing conflicting things. Any insight would be appreciated!