All Forum Posts by: Joesph Holloway

Definitely fell in my lap, came up in a conversation with someone who just moved to Florida from New Jersey.

Trying to find comps in the area but the houses can vary greatly in Belmar, and the values are very high. 

Hey guys,

Been taking it steady with investing, buying a property every few years and learning as much as I am able. Recently I have been presented with an opportunity to buy a house three blocks from the shore in Belmar New Jersey. The lady is interested in seller financing and the house a 5 bed 5 bath that is split up into four different units. Majority of the homes in the area are being sold as "single family", and this type of multi family house seems to be going out of style.

What im thinking about doing is offering her seller financing, wait for the leases to end on the tenants and then renovate and sell. But Im not sure where to start since this is a out of state investment. 

Or maybe I should wholesale it?

Anyone done any out of state flips?

@Darius Falahkhir It appears you are going through with the deal. I wish you luck, time is money! 

A lot of variables, being cautious I would pass. However, listening to podcasts, many of the big players now have started out on a rehab that took 100k plus, made no money but learned alot through the process - education is golden. Try and use the 70 percent rule with your flips, it may help.

The first house is with a VA loan that was in foreclosure about 3 years ago, was able to buy it at a good price with the market being so low. Now Orlando is a seller's market with lower inventory, but the house appreciated about 30-40k because of it. The cash flow is good because I rent out each room which allows for a higher profit margin on a 4/2/2. I would only get about 150 bucks cash flow renting to a family.

A JV is appealing, right now I am just focusing on the next big move. Will talk to my partner about our options.

I am in the exact same boat as you. Currently, I am about to close on a duplex that I capped out with my VA loan. My first house I rent rooms out and I am getting about 400-500 dollars (after capex, utilities, maintenance ect) in cash flow and one of the units in the duplex will pay for the majority of the mortgage (if rented out I should cash flow $200 a month, along the lines of the $100 dollar a door rule), the duplex is where I will be living for the next couple years.

About a year ago I refinanced the first house with an IRRRL to 3.25 percent APR, and will be looking to keep this house for a long time as it cash flows nicely. Am looking to do a combination of Turo/Air bnb with the master bedroom soon to see if I can maximize the profits.

Next step that I am focusing on, which you might want to do as well, is working on doing a BRRR with private financing. VA loans allows us to get into the property with very little, not sure why there would be a reason to get out of the loan.

I would love to invest in Daytona and Deltona, but they are pretty far from my job in Melbourne.

Still available?

Buying Multifamily Property

Location: 30 minute radius of Palm Bay Florida

Price Range: 144,000 - 229,000

Financing: VA Loan (I must be able to live in property for a year). Creative financing, Owner financing

Just landed a new job in the Melbourne Area and will need to move within the next three months. Currently I am traveling from Orlando to Melbourne everyday.