All Forum Posts by: David Shoultz

I'm in..  It's been way too long since I've came by, looking forward to it!  

@David Bateman I've tried to connect with you to send you a message a few times..  I'm also in the same area Delray Beach / Boca / Boynton Beach and am always in need of wholesale deals.  

My wife and I are starting a new Flip TV show and I'm coming up short on deals all of the time around here.  Please shoot me a message private or connect so we can coordinate future deals.  

@Timothy Tooker Thanks, and that was basically my thoughts as well.  We have a 'holding company' which we buy the properties with and Flip.  I have my GC Company Beachfront Builders, where I work at a Cost Plus, so I make money.   

I like the idea of the reduced commission for my wife / realtor but our plan was to use the money leftover in the holding company (ie; after all expenses the profit made) to pay off the interest rates, etc. Can I contact you more about this?  

@Jeff B. Thanks and I totally Agree!  'Hollywood' sent me a contract saying they wanted 10% of all future additional profits of my Building Company..  I told them forget it and they took it out.  I also just asked them to sign us up for a required 3 flips this year and the possibility of doing more so I don't get into a corner..  so you and I were thinking along the same lines.  

I do however want to and am able to do the flips..  we've shown profits on every flip and I have a few crews I can use..  I just obviously need to get the funding in place through an investor.  Obviously I have to sell, as it's a part of the show so the turn around time would be pretty quick and i'd need a flexible situation so I can pay when we sell, no early termination fees, etc.  

Thank you both for your thoughts / time.  

Hey everyone!  I haven't been as active as I would have liked to be in BP but have been busying Flipping homes here in South Florida.  Somehow we got the attention of of a Production Company and my wife and I were just given a contract for a new Flip TV Show on a well known network (can't say much more than that at this point).  

We were asked to buy (ourselves) 10 flips this year and honestly where I'm located, for single family homes, it is just impossible to think I'd be able to buy, remodel and hold until we can sell each property.  That is almost one per month and I just don't have the funds.  

We are looking right now to buy one or two single family homes in our area, we start shooting in Jan 2017.  I'm looking for basically equity partners and not sure how to go about finding them. I have used Hard Money in the past but if the flip takes a few months longer than anticipated, the monthly cost of that loan kills our profits.  

I am a General Contractor, my wife a real estate agent for Douglas Elliman and we have been doing successful flips here in Delray Beach, FL for the past few years.  If anyone can help me figure out a way, or advise as to how I can search for equity partners in my area, I would greatly appreciate it! 

Thanks!  

After listing the house a few weeks ago, we have some great reviews and interested parties but no offers. The market has been pretty slow, however I have had numerous requests to rent. I even had an NFL player's agent call saying he can guarantee rent by the NFL while he is in treatment and wants to sign a lease. I am now considering to keep the home and rent it, and I believe this is referred to as the BRRR approach, however it was not planned for this and I am afraid I put too much into the property to rent it.

A couple of concerns I have.

1. I went above and beyond in this flip and spent a lot more than I planned, over 100K.  I feel I made it 'too nice' to rent.  

2. I need to get cash out from the money I've invested.

3. I only started my Business just a year ago and don't qualify for general refinance options from the big banks.  

Facts:

1. I owe roughly $275,000

2. Listed for sale currently at $475,000

3. I need to pull out $100,000 

4. I will sign a lease for $3,000 per month.  

5. 4 BD / 2 BTH

6. HUGE LOT, Mange Trees, Avocado Trees, Lime Trees, 1 block to boat launch, a few blocks from beach and downtown Delray Beach, FL 

I owe roughly $275,000 and the home is listed currently for $475,000.  I again would like to pull out probably 100K as that is close to what we put in but we should still be far below market value on the home and I could have a lease lined up next week.  I just can't get approved by Wells Fargo or any conventional re-finance companies.  I was calculating a mortgage for $375,000 plus escrow at about $2300 per month so I should be cashflow positive.  

I should also note, the property is owned currently by a company I own, and wanted to re-fiance and keep it under that company as a rental property.  

I'll try to be there this time!  Last time we went we had a blast, thanks @Jon Huber See you soon! 

@Cheyenne Davis You'll want to reach out to FL sinkhole company.  I'm a contractor but if it were mine, I'd still call a professional that deals with filling sinkholes.  

Where is the property located?  

I missed the past few but will plan on make this one!  

See you guys there! 
Dave 

I'll try to be there Jon!  Last time was a great meeting!  

See you guys again soon.  

Hey Kathleen, 
My wife @Ivana Andreatini is a real estate agent here in Delray and I'm a Contractor..  Together we flip homes in the area and would love to help you find a place or a project.  We live downtown and love Delray!!  

Let me know if we can be of any service to you, best of luck! 
David