All Forum Posts by: Account Closed

if you decide to go forwad .. I would certainly look for a boots on the ground type of person .. one who will look out for your best interests .. whether you buy a property or not .. there are a few companies or people i might recommend here in Central Florida if you send a request .. I actually work with out of state investors but, I am really focused on flips right now and my plate is full .. when looking for that boots on the ground person , make sure they are familer with technology also .. with all the latest tech advances you can use them to your advantage .. ie.. video updates , pictures loaded on google drive , taking pics of receipts and sending right after a purchase, Facetime ( you can walk the property like your there ) .. certain apps allow you to see spredsheets and edit in real time .. there are a bunch more .. 

I wish you the very best ..

God Speed, 

Michael Short 

@Nick C. Im sure if your checking out Tampa you have seen or maybe your dealing with NetWorth realty there .. @Zach Welner and @Account Closed might be able to show you a lot better deals .. I have not had the pleasure of doing business with then as of yet .. but i have seen some properties they had listed and their numbers were very close to being as accurate as i have seem from Wholsalers ..they dont really do turnkey that often but they can help facilitate any rehab thats needed .. Im sure if I was closer I would have already done a few deals with them .. or if I was investing with my own money instead of partnering with other investors.. anyway .. just my thoughts .. 

I wish you the very best ..

God Speed, 

Michael Short 

Run , don't walk ... run away from that deal .. Its to risky in my opinion .. even if you had everything in writing .. If your good at handling remodels and project managing you can find investment partners that will fund you 100% and you can get 40-50% of the profits .. if your not sure how to or have no experiance doing rehabs ..then do you really want to invest your time and money and still have no control over that property ? .. if you partnered with another investor you could at least have a equity stake in the property that is free and clear ... I realize it is difficult to get started if you have never done this before .. and I applaud you on geting resourceful but .. this deal can go bad in so many ways .. divorce lawyers .. bank repossession.. and just desperate people involved.. somebody might be the nicest person in the world but put them through a divorce or a stressful situation that involves a highly emotional state of mind .. and , you can almost see them change in front of your eyes ...  find a grand slam of a flip and you can find the funding .. they are out there .. you just have to be patient and keep looking everyday .. 

just my two cents ...

I wish you the very best ...

God Speed, 

Michael Short 

P.s. @Mike Cumbie is on the right track if you decide to go forward .. I would only do it if you could put a lien on the property .. but even then it doesn't sound like there would be much meat left on the bone ... there are so many costs that people don't think about  ..plus what do you do if the owner decides to sell at a reduced price so he can sell fast ... i mean is his priority to sell his house or to make money .. what about the wife .. can she force the sale ? ..         

best to attend any local Reia meetings .. best place tinfind a mentor .. 

Keep at it and dont sweat it to much .. its scary to start by yourself .. but look at what you have already done .. being a landlord in my mind is much harder than flips .. i guess its the Devil you know situation ..I know Flips so doing buy and holds is a bit intimidating .. until you learn what to look for .. which I have done  .. Im not ready for buy and holds but I work with investors who are .. Just be sure to know the market your interested in investing in .. once you can reconize good properties from the bad one's and learn your estimating ..if you can walk into a property and estimate what it will cost to rehab it to be more marketable and maximize your profits.. then your ready .. all the construction stuff you can learn as you go .. really .. yes, it is helpful but not 100% nessesary .. just know how to manage people .. that the next biggest thing .. not man handle but manage .. its a skill that you can learn .. then your on your way .. but right .. make the right decisions and dont over or under rehab the property.. and manage the Gc's , subs , workers to get the project done on time and hopefully under budget .. and remember.. stick with it .. dont give up on your dreams .. you can do it l. I know you can ..

I wish you the very best ..

God Speed, 

Michael Short   

i have seen a lot of good deals around Daytona and Deltona .. not to far from Palm Bay .. 

Wishing you the best ...

God Speed, 

Micharl Short 

im niot sure it would be vacant in the winter .. is Jax nit super busy in the winter of is it to far north .. Im in central florida and i kniw we get super busy in the winter ..how about looking into a short term executive rental .. there are a lot of new jobs on and coming to Jax .. companies will pay to house their executives in rentals .. Im pretty sure they are putting in new ports ..i heard a dollar amount was in the billions to build them  .. 

I wish you the best ..

God Speed, 

Michael Short 

pm me .. 

just wanted to add .. in Florida you can not just claim to be workers comp exempt in the construction .. one must pay $50 and apply online to be exempt .. you can be a sole proprietor ..but you still need to file .. just wanted to let you know because most people think just because they are a sole proprietor they can automatically claim exempt .. 

God Speed, 

Michael Short  

@Jason Pinkerton i have been doing this for a bit and i can tell you that even though i have not had the pleasure of dealing with @Zach Welner I have seen some properties his company gets and evaluates before selling .. their numbers on rehab are the closest i have seen from any wholesaler and their properties are priced with enough meet on the bones to make money .. they will even help you with lining up contractors and subs from the pool of workers they have done business with before ..If i was closer to Tampa  .. Im sure we would be doing a lot of business together .. they are set up to help a newbie ..without a doubt i would go talk with them if i were you .. 

Wishing you the very best ..

God Speed, 

Michael Short  

I guess the real question is can you afford it ? .. does the current rent and occupancy cover that cost as well as make you , your partners and family profit ? .. if so then consider it .. if there is no other way deal the deal to go through , then consider it .. after all its not about if he is asking to much but , do the numbers work ? .. after you hold it for a while and refi it, that fee should go away .. make sure there is no guarantee that it stays for so many years ..You could aways try to approach him with the numbers and ask him to reduce it to 1-1.5 % .. thats the first thing i would do once i figured out if the numbers even work .. 

I wish you and your project the very best ..

God Speed, 

Michael Short