All Forum Posts by: Jack Bobeck

@Beau Pearson Any reason why you cannot find deals in your own backyard? Why would a guy with 100 units need you? A head-scratcher. And he suggested it?

I'd look to cut your teeth closer to home. Best of luck to you! 

@Anthony Bibbins Finding a home in pre-foreclosure is pretty easy here in Florida. Most of them are looking like they need work on the outside and have high grass. The uglier they look outside, the better. You can check and see how much equity is in each from a few of the foreclosure sites. Realty Trac or foreclosures dot com all feature services that show you for 7 days properties in your area, as well as the equity in each deal. 

Many great books on working with sellers on pre-forclosures. Good luck! 

There are always 60-66% of the population renting, so there is a need for it. The Amazon effect is wiping out office parks and big box stores. If anything is going to crash, look at Commercial, but I see residential and multifamily as growing for years to come. More and more people working from home, I see this as something positive. People need to sell homes in good times of bad, life happens....

@James Wise Anyone can go online at Google and rip any company for any reason. Our society has become very sensitive to their time, since they are the "Right Now" society. Make them wait 5 minutes in a line, they rip you a new one on social media. My wife is a top agent in Jacksonville, sells homes at top dollar for her clients, but some people have such low regard to the people who help them the most. 

With every bad review, I tell people to get 10 good ones. They can get good ones from other clients. Real Estate does not always bring out the best in people. I tell people that Landlords have the BEST stories, and we do. 

@Bryce Spraggins I was crushed during the Great Recession, but I found a way out and have gotten half back with the buy and hold strategy. If you are patient, the buy and hold strategy works in good or bad times. Just make sure you have cash flow in both. Great story! 

@Cristian Aviles-Morales Get the seller to hold some of their money for a period of 3 years, while you work to get the property value to rise. This way they have some skin in the game, to stabilize tenants, if needed. The seller may have a relationship with the tenants, you may want to keep that positive. 

I had a deal presented to me yesterday for a 5-plex in Jax, the owner wanted me to put down $125,000 for a property worth $500,000 and the owner would hold the rest for a period while I worked to get the value up. These deals are everywhere out there. 

All you have to do is ask. 

What do you need from an agent? There are over 9000 in NE Florida...

Some direction would be good to refer you to others. 

@Shachar Hess See you sometime soon! 

After reading Joe and Adam Locklear's book, Joe discusses why he uses the Trust versus an LLC, it makes perfect sense. As @Rodney Williams states, you can setup a Trust on your own, it provides all the protection you need for a property. Creating an LLC for each property is expensive, the LLC is $400-500 bucks a year here in Florida. 

Lou has a good program on Trusts and Protection, his Lease Options are good too, I use the system for my properties. 

Yeah his salesmanship is a bit hokey at times, but he's a salesman. His first 20 minute exercise is to get the whole class to write down all the homes and properties you plan on owning and then coming up with a net worth, and then he drives this home, the net worth during the days of the class. I've been to a few workshops in ATL and I went on the Landlord Cruise, he was good in both and I have some of the material, not the full, as I did not need it all. 

@Noah McBride Congrats on finding an opportunity! It sounds like you are working to figure it out and see if the numbers work for you. Good job in realizing you need to set money aside for capital repairs. Hopefully a recently renovated property would have few items that need repairing. 

What does the property need that would raise the value? One of my friends here in Jax gets a sofa, table and bed for her units and charges $200 extra per month for a "furnished" apartment. Lots of people starting out have no idea the cost for items, so you might see if you can charge a bit more for some add-ons to help cover the nut you are going to take by living in one of the units. 

Ask the seller to hold 10% of the note for 12-24 months so you can add more value to the property and pay him/her 9% on their money during the term, refi the loan after you have added value, raised rents and maintain the same cap rate or higher during the process. A simple 10x20 storage unit here in Jax is over $300 per month. Find ways to keep people funneling cash back into you and have it pay your mortgage. 

Congrats on the find!