All Forum Posts by: Patrick Bavaro

@Buddy Holmes I really appreciate the extra level of insight! Believe me, I’ve been thinking about that possibility as well and may consider It. It’s a good position to be in either way, which I am very happy about. Was a bit daunting at first starting a new build, but overall I would do It again… if I had more capital! Case in point lol. Thank you again. Merry Christmas!

@Simone Smith It can be slow starting out, and that’s OK! The snowball affect will eventually happen. I saved for over a year and a half for my first property, and then another 8 months for the 2nd. 3rd came 6 months after that so the time windows are getting smaller and smaller. Once you start building some equity through appreciation and pay down you can use that equity to fund other/more deals. There are also ways to get into a property with less than the standard 20-25%.

As an example, Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be Anel to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!

@Buddy Holmes it’s in the cards for sure as a great option! If I don’t refi and keep as is, that provides a ratio pretty close to 1% as well. Thanks Buddy!

Hi all! Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be able to do a cash out refi, still cash flow decently and take all my equity out to do it again. Anyone else seeing this in new builds in other markets? Would love to connect. Good luck!

@Dana Gordon agree with @Zach Kidd. I think that there are better deals to be had. Have you considered looking outside your market? Here in FTL prices are crazy and I know they are the same by you. I’ve started to look elsewhere in Ocala and Cape Coral. Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be able to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!

@Joseph Phillip I can’t speak to DFW specifically, but a new build rental in this market is a great opportunity I think. Really just depends on what your costs will be. Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be able to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!

@Shoshana Shulman haven’t worked with Norada, but do with another turnkey company doing new builds in Cape Coral. Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be Anel to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!

@Griffin Boonsompornkul sure! There’s a few builders out there, but I managed the deal directly through a turnkey company. They use a few builders, each with a different model and each have pros and cons. Most are pros, only negative is timeline for permitting process but It is what It is! Demand is the problem, but it’s also a great thing for appreciation and rent increases. Send me a DM and I’ll shoot you a text if you’d like to jump on a call to discuss in detail any questions you might have. Happy to swap stories/experiences.

@James Gillice I have done It and the answer I’d give is It depends. When I signed my second home

Rider, I did It through a construction to perm loan on the front end, meaning I signed all closing documents before the build even started and when it’s done It will just convert to a permanent mortgage without having to refi. The second home rider states “1 year from effective date”. So I signed in July, property will be complete around July of next year. I spoke with my REA and he said I would be in the clear according to the verbiage on the rider.

Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be Anel to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!

@Giovanni DiBlasio where are you looking to invest for the next one? NJ? OOS? I don’t invest in NJ but know it’s a tough and expensive market, just like here in SoFlo so I’ve started purchasing elsewhere.

Currently I’m building a 4/3 new build in Cape Coral FL. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. If I play my cards right I will be Anel to do a cash out refi, still cash flow decently and take all my equity out to do it again. I’d be happy to connect to share experiences. Good luck!