All Forum Posts by: Ivy Sanmiguel

Looking to connect with agents and property managers in Cape Coral, FL.

Talk about the possibility of purchasing 1-2 rental properties and looking to start building a good relationship.

Send me a DM. Let’s chat.

Best

@Lexi Teifke thank you for your reply. I plan to sell the development project fully permitted and approved by the city. I’m not using a lender, however I do have a GC in the team.

As far as competing properties, there’s a few developments being built around in the area because the zoning recently changed. High demand for housing so it has very good potential as a buy and hold.

Starting a development project in a 3,660 sq. ft. Lot.

Project is located in Hollywood, FL.

Zoning is low density multi fam:

Max. 3 stories , 10 units.

Any advice on where to go next?

Or what questions to ask in the city, zoning department?

Thank you @Jay Hinrichs for sharing this. It's a shame that - especially as new investors - we all have to be exposed to these attempts of scams. 

It also makes it harder to trust good people that want to actually form honest and positive business relationships. Sometimes they seem to good to be true. 

I still believe that in their core every successful investor is a good person who wants the best for their closest ones, help people, and give back to others passing on their expertise in some sort of way.

Investment Info:

Single-family residence fix & flip investment in Hollywood.

Purchase price: $88,000

Contributors:
Anjlia Holiday

Project: Complete demolition of 2/1 SFR.
Expanding to 1,200 sq ft. and making it a 3/2.
Expected completion of the project by: Apr 2019.

What made you interested in investing in this type of deal?

We saw an opportunity to take advantage of a big lot in and up and coming area in Hollywood, FL. It's a great location, schools, parks, highways and beach nearby. Lots of families are moving into the area and many houses are being rehabbed too.
We found a solution to build a NEW bigger house being cost efficient and add value to the property.

How did you find this deal and how did you negotiate it?

Through a wholesaler. Analyzed the numbers and came back with a reasonable counter offer that worked for all parties.
We put it under contract and we were able to walk the property with our GC.

How did you finance this deal?

Cash and a private loan to be paid with interest at the end of the project.

How did you add value to the deal?

By demolishing an unlivable 2/1 747 sq ft. SFR
Turning it into a NEW 3/2 1,200 sq ft. SFR

Lessons learned? Challenges?

Still learning lessons along the way. The main ones has been patience.
Deals are offered to one on a daily basis but that doesn't mean they all work. It's a numbers game and there is no emotional attachment to any project; they are business. We had a house under contract and we had to walk away during inspection period. We've walked many houses, placed many offers and contracts and we finally closed one that works for us.
Also learning about PUBLIC services like FPL, Water, permits, etc..

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I partnered in a Joint Venture with Thomas & Holiday Holdings who gave me access to their team and provided their knowledge and experience in Real Estate to make this happen.
As a 1st time investor I believe it's very important to be humble enough to realize that it's best to team up and learn from other experienced investors. Then pass it on.

New in REI in SoFlo.

Looking forward to the next event and join the community!

I’m currently looking for a property to rehab and sell and I’m on the look for a professional contractor on my team to get the ball rolling as I close on a deal. The goal is to grow the business and stay busy on simultaneous projects. Any recommendations?? Thanks!

@Ivan Terrero Hello, I'm mostly looking around Broward County and north. We're connected now, I'll PM you. Thanks!

@Lisa Miller Hi Lisa. Excellent, thank you. Sent you a connect request so you can send me some info on PM. 

@Jon Huber Sounds great! Unfortunately I'll be out of town until the 14th on business, but count me in on the next one for sure.

Thanks for the  invite.