All Forum Posts by: Joel Matthews

Just bought an investment property in 32501. I considered STR’s in Pensacola, but the sheer amount of availability of bookings on Airbnb is overwhelming. I’ve gone thru several rounds of searching and even looked forward for the next 3 months on calendars and can’t seem to find enough evidence that STR’s are truly profitable there. If you can prove me otherwise I’d be very glad to hear so.

Quote from @Robert Wilson:

@Nick Coble hey man welcome to the Gulf Coast. I'm a wholesaler down here, and have been doing it for the 3-4 years now. What areas of Pensacola are you looking in? If I were you, I would focus mainly on the following zip codes for str: 32501,32502,32503,32504,32514. You can certainly do outside of that depending on what time of customer you're wanting to attract. IMO those are the zip codes that will attract vacationers. Are you looking for strs only?

0 Votes

Quote from @William Manning:

Read this post: How To: Cash out 1-4 unit Property by @Andrew Postell

It seems like what you may be looking for.

My good sir! This is the most promising information I have yet read. Hats off to you for bumping a 5 year old post to the top. I have read this post forwards and backwards, I think the solution is in here. Thank you again!!

1 Vote

Tallahassee, Florida

Quote from @Chris Seveney:

@Joel Matthews

You could also look at properties with owner financing. Another option is to Partner with a private lender or go hard money.

I see, this is good advice. Haven’t looked into owner financing, but it makes a lot of sense. My initial gut response was to find a portfolio lender and worst case scenario to settle for a hard money lender. Thank you for your input !

0 Votes

Tallahassee, Florida

Quote from @Sergey A. Petrov:

Talk to some more lenders. 6 months is very common and typical but there are some with shorter seasoning requirements

What are some alternatives? Portfolio lenders?

0 Votes

Tallahassee, Florida

I first posted to these forums about 1-2 months ago looking to get plugged into the community and meet people. Since then, my group and I have closed on our first property in Pensacola, Florida.

We bought it using BRRRR methodology, all cash at $90k. We expect to spend about $30-$35k in rehab costs. And we expect our ARV to be about $200,000.

We talked to a few lenders and they said there is a 6 month seasoning period to cash out refi. 6 months will severely kill our growth, I was expecting every 3-4 months to be able to cash out refi and purchase a new home. Any ideas on how we can circumvent the 6 month seasoning period?

0 Votes

Tallahassee, Florida

Quote from @Andrew Postell:

@Joel Matthews thanks for posting. My first investment property was in Tallahassee. I have very fond memories of that place (and lots of good friends there too).

In essence, we don't really work with realtors on the BRRRR method. This is because I'm trying to target properties that need repairs. I'm needing those repairs so I can improve the property but I'm also targeting those properties because those are the ones I can buy at a DEEP discount. If I buy off the MLS (which is what a realtor with do) then I will be paying full market value...and sometimes higher! So I need off market properties to make the BRRRR method work. Does this make sense?

Absolutely! I’m totally with you on this. Buying off the MLS like you said may warrant a much higher price. But how do you come across your investment deals? Wholesalers? Driving for dollars?

I guess the angle I was looking at was agents who are engaged with clients who BRRRR or do BRRRR themselves, may be connected to off market deals or good wholesalers. So yes I agree, I’m not looking to make friends with every real estate agent, just specific niche ones to help me find deals especially since I’m an out of state investors. And it’s interesting that you said Tallahassee, I’m looking at the Florida panhandle from Pensacola to Tallahassee.

0 Votes

Tallahassee, Florida

Hi everyone,

This is my first post in the bigger pockets community. I heavily subscribe to the BRRRR process and looking for my first BRRRR deal. In the process I'm also looking to connect with Agents who are versed in the space and build a growing symbiotic relationship.

I have built a few parameters that I am working with. I want to spend about $60k-$80k on the purchase of the property and spend about $70k on rehab. With the total cash expense being around $150k. And an ARV of around $180k-$200k.

If any investors or agents want to connect, please reach out to me! I’m happy to learn how to help you as well in your real estate journey as we grow our symbiotic relationship.

Thanks,

Joel

5 Votes

Tallahassee, Florida

Quote from @Brendan Harrison:

Looks awesome! Congratulations on your first - hopefully one of many!

I'm a real estate investment specialist in the Oklahoma City and Tulsa markets and I work with a lot of investors like yourself to help connect them to investment properties. I have a pretty extensive list of skilled contractors, property management companies etc - would love to help make the next one easier!

Do you work with out of state investors?

0 Votes

All Forum Posts by: Joel Matthews

Joel Matthews has started 15 posts and replied 29 times.

Post: Pensacola BRRRR project started

Post: Pensacola Florida Short Term Rental Vacation Home

Post: Need Creative Financing for Scaling Up

Post: Need Creative Financing for Scaling Up

Post: Need Creative Financing for Scaling Up

Post: Need Creative Financing for Scaling Up

Post: Looking to Connect with realtors/investors leveraging BRRRR

Post: Looking to Connect with realtors/investors leveraging BRRRR

Post: My First BRRRR Investment Property - Tulsa, OK