All Forum Posts by: Gregory Emmer

@Terry K Bellamy Agree more with @Jeff Mobley than the others, though everyone has valid points. You need to enter into a JV, or some sort of partnership...one where you have a skill that can be utilized, even if it's something like time expended searching for properties. There are two types of investors; ones with the property but not enough money and vice versa. Use your assets in conjunction with skills or tools another person possesses and work on a deal or two. If financing is ever an issue, just know that there are several sources out there that finance to investors with poor/no credit.

A@Pavlos Kasselouris I think the first item you have to reconcile is whether or not your partner is dead weight...sorry to be so blunt.  This individual is clearly holding you back, to the point where you have to re-think your business mode.  At the end of the day, it's all about how much risk you want to take.  If you want to be more risk-adverse, then I would find another partner altogether.  There are plenty of cash-rich individuals out there clamoring to get into the real estate business, they just don't have the knowledge.  But you do.  Find these people online at BP, local investment club meetings, etc...That, or go off on your own which you said was an option....bias opinion upcoming: hard-money is not bad if you utilize it properly.  Staying in a hard money loan any longer than a year is not the intention of hard money.  However, if it ensures that you can close on a property, and that property, even with the higher holding costs, will be profitable in the long run, then it pays to go with Option B.  Only you will be able to do this financial analysis on a case-by-case basis.  One final thought-always cover your downside, and think worst-case.  As they say, the upside takes care of itself.  Good luck!

@Carol DonaldsonHi Carol, I have never worked with them personally, however, I know they do work with a lot of investors in Central FL.

Gregory, Roman, & Associates...www.orlandotaxfirm.com.

Speak to Eric Roman.  Good luck!

A@Justin Jocewicz@Nadjalisse Rodriguez Hey guys, there's one tonight in PB county...Tropical REIA run by Linda Willis at the Courtyard Marriott in Boynton Beach. It usually gets a good 25-35 people, sometimes in the 50s. It's the 3rd Thursday of every month. The guys from DREIA run a Broward meeting on and/off that's also today at the Westin just east of Cypress Creek Rd. The two must-attend meetings are definitely the regular DREIA meetings (3rd Wed) and the BREIA meetings (1st Wed). Stay consistent in going to them so you can maximize your rolodex. Hopefully see you guys there, we'll have a table with our big Yellow sign front and center.

@Griffin Ashey I think some initial questions you should be asking yourself, in no particular order:

-Buy and Hold, or Fix and Flip

-SFH, Multi-Units, or Condos

-How far will my current funds take me, and what do I want my holding costs to be.

I think as you embark on this new endeavor, you always want to have some cash reserves in place.  It legitimizes your operation, and also shows any future lender that you mean business when you put your own money at stake and can slap a bank statement right in front of them.  However now, if you are a little light in the wallet, I'd concentrate on the fix and flip properties.  Buy and Sell a few, with the partnership and expertise of your contractor colleague.  Utilize private money or even hard money if you have to, just make sure the numbers work.  Don't get scared by higher rates, especially if you can't get financing anywhere else, and if enables you to buy what could be a profitable deal.  Just make sure you calculate your holding costs/repair costs accurately, and make sure it makes financial sense.  Once you have a bit of a nest egg, then you can venture into buy and holds for some long-term income, or you if you've developed a taste for the quick profit, you can continue to do the fix and flips.  Good luck, it's an exciting time to be in real estate!

This does almost seem too good to be true.  Not really a hard-money deal here, but rather, private money, at least at those rates!  Be very clear on the prepayment language, some lenders have it as a tiered prepayment (5% Year 1, 4% Year 2, etc...).  Also, are there any reserves, specific insurance provisions, escrows, etc...Also I'd look into what the default provisions are.  If there's even a minor slip-up from you, you breathe the wrong way, etc...will he just go in ant take the property with zero remorse.  You have to judge his character as a lender.  Ask about his track record too, maybe some past deals so make sure this offer isn't an outlier...

I agree with Lucas to check out all the city and county investment clubs.  Palm Beach also has one on the 4th Wednesday of every month at night.  Weston REIN is a solid group of industry professionals that meet on the 4th Wednesday for a lunch meeting.

On top of these great suggestions, I would also contact the municipality that issued the violation.  Sometimes it's the county, sometimes it's the city.  Speak to someone in code enforcement and/or the lien dept and see if they can give you an idea of what violations exist and what the accrued lien amount is.  Be very wary of homes that have per diem fines, because that's a situation where you will most certainly have to mitigate the final fine amount and even go in front of a magistrate to get it lowered.  I would say the only scenario to purchase this property and/or try to wholesale, whether through the mortgage holder or the owner, it is if there is significant equity for the headache that will ensue.

@Adrian GonzalezHi Adrian.  I think every opinion is issue-specific.  The real estate market, especially down here, is a very complex industry with many sub-sets.  Once you set specific goals on what you want to do within the Condo or Investment sector (i.e. wholesale, fix and flip, buy and hold, etc...), there will be a plethora of people here on BP to help...good luck!

Hi @Gabriel Barros nice to see you on the forums.  Hopefully see you around town at local networking meetings as usual!