All Forum Posts by: Mike Meyer

@William Coet Just a thought if they are not U.S. citizens they are most likely sponsored to be here and work here. If they are being sponsored you may be able to be paid in full for the rental plus damages from the sponsor. Id recommend talking with at attorney.

Sorry for the late reply wanted to see how this property played out. We are just about finished with due diligence on a property that is a real 7.5 cap year 1 all concrete building. In order to get the return we did move our sights up to Tampa.

I appreciate it! Thank You!

Just to condense that we control an insurance company that we have to loan out in order to not pay taxes. The ideal loan amount is 2.5. This way we avoid taxes on insurance income. We can control the interest and downpayment to migitate risk. Then if the property cannot support itself we have another property that can. If you know of any properties in Naples that would be great as well. We were planning on flying down tomorrow to look at some properties in Fort Myers and Cape Coral. But we would much prefer to be in Naples.

We have several exit plans. Original plan is 30% down and to finance the remaining 70% through a reinsurance company that we own. We also may tie in a shopping center we own free and clear which could cover the multifamily dcr at around 2.2 if we went with a full 4 million asking with no income from the multifamily (if things ever got that bad). The reason we are looking in that price range is two fold. First have no experience with multifamily so just want to start with one building. Second depending upon structure the building must generate at least 100,000 include debt pay down, interest (income to us), and cash flow if any.

Sent him a jingle thank you!

Anyone have any advice on a first rental property in Fort Myers. Looking for an A or B area with concrete/block construction. Priced between 800,000 to 4 million. Can anyone describe some good areas in Fort Myers to achieve these goals?

No problem keeping it rented annually. But the property would never work as a cash flowing property with a mortgage.

I have only looked at 3 purchases recently. The market is very strong towards downtown Naples and on the water buying around 3% cap or less for the properties I looked at. It might be a little softer as you go further out or maybe I just looked at 3 really expensive properties. I am also new to the multi family scene so maybe this is normal for Florida.

I am actually located a little to the west of Aurora in a town called Hinsdale. But I also lives in Naples hence the interest in investing down there (the weather is way nicer). Currently have a SFR down there renting for about 18k per month in season but more interested in the multifamily area. Still figuring out how this website works how would I send a PM?