All Forum Posts by: Jim Hiler

@Jeremy Kleier Due to the difficulty in finding multifamily property in my area I'm considering the same thing. I'm trying put a plan together to locate lots that are zoned for multifamily and then figure out how many units can be built on the lots. 

I'm figuring that the cost to build plus the cost of the land is about same as things are selling for now. $150 / SF +/-.

Let me know if you decide to go ahead with it.

@Nicole A. - Thanks for the input...

I agree the max offer should be in the $145,000 range...and you're also correct that the seller most likely wouldn't accept because there are 10 people willing to pay more...

However even if I paid $145,000 put in $65,000 in rehab costs I'm all in at $200,000. If I REFI at $200,000 to get my money back my cashflow is horrible. The lower purchase price helps me REFI more money out of the deal and increase my COC return but doesn't affect the cash flow after REFI.... If I'm understanding this correctly.

That's why I think it must be the price to rent to ratio just isn't great in my area...

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I can't get my BRRRR analysis to work although when I run the standard rental property calculator I get decent cash flow. Is the cost to rent ratio just too high? What am I missing here?

According to the agent this property will not qualify for standard financing so it will need to be purchase with cash or hard money. 

Thoughts? 

@Carl Fischer Delray is great. We moved down from NY about 6 years ago to get out of all NYC rat race and the cold. My struggle now is finding deals because of how popular the area has become!

At some point I would like to discuss my plan to open a Coverdall ESA and check book IRA. I assume I may be too late to open a coverdall ESA prior to the 2017 deadline of April 2017.

Nice Work.

@Shawn Lowery. Great Job. Nice proforma / spread sheet...

Thank you @Daniel Dietz.  Thank you @Carl Fischer. Thank you @George Blower.

@George Blower Thanks. I assume they have a long standing good reputation?

I am looking to open a Coverdall ESA which is similar to a SDIRA for educational purposes. Do typical SDIRA companies also offer Coverdall ESA accounts? I eventually do plan to open a Self Directed 401K as well so ideally I would choose a company that offered both.

Are there any nuances with the Coverdall that I should be aware of?

P.S. Anyone have experience with Mark Kholer and Mat Sorenson?  They offer numerous accounting, tax, legal, estate planning etc. advice through their different companies and educational platforms. I've watched some of Mark's seminars online and he is very informative and has great insight.

https://markjkohler.com

https://sdirahandbook.com/

@Lori Hunter I just found this post and was wondering if you ever went ahead and started renting your home as a STR? I am also located in Delray Beach and in search of property that I can use for a STR. Curious as to how your experience has been, the seasonality, the rules, regulations, local fees, hotel taxes etc.

Hopefully you made the leap and have been successful.