All Forum Posts by: Patrick Bavaro

@Greg Orlowski happy to connect if you’d like, just shoot me a message

@Greg Orlowski I'd be happy to! All in with closing was around $273k. Required 10% down before closing costs. Currently in my first draw and pay about $100 a month. By the last draw It will be around $700-$800/mo until It converts to fixed mortgage with PITI

@David Luna I don’t have multiple with them yet, just the one, and overall have been very happy. I plan to do more, just need more capital! I have some other projects going on. @Trevor Fleck would be a great resource for this question as I think he has 7 with them!

@Tammy Lewis not sure about Spartan, but you may want to checkout RentToRetirement. @Zach Lemaster is their CEO and is pretty active here on the forums. I’m currently in a new build project with them in Cape Coral building a 4/3. Total all in cost was around $266k, rents are estimated at around $2300/mo and post construction appraisals are coming back at $377k on average for this particular model. Would highly recommend Zach and his team

@Thomas Weiss ah! Completely understand. It’s actually pretty nice. It’s all done in draws. So you get a construction loan and then during certain phases of the build, money is released to the builder and you will pay interest only on that specific portion of the money drawn. For example, my construction loan was for $240k. My first draw was for $36k for permitting. I only paid about $100/mo until we went to the next draw once permitting was complete which was for another $50k or so. The monthly payment increased to about $250/mo and so on. It’s def manageable like that! Hope this helps.

@Gopichand N. I mention It because I get the opportunity to network with others who are investing in the area. You’d be amazed at how many people I’ve spoken to that have provided me with opportunity for the future! Anyways, there are definitely delays. The biggest is in regards to permitting, but there’s not much to do about that. The city is just slammed with new permit applications and only has a handful of city planners to review the apps. Once you submit to permitting you’re looking at about 90-120 days before it’s approved. As far as building goes, I haven’t experienced delays yet or heard of anyone that has, but it’s certainly possible. I think the benefit to this route with a turnkey provider is that the builder is working off volume and has a constant flow of materials on order months in advance. Hope this helps!

@Danushka Abeyasekera I think it’s a great investment market! Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is $265k. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $360k-$410k depending on location of the property. So, I find myself in a position to sell and make a quick $100k return potentially, or keep It and rent for the cash flow and future appreciation growth. Not a bad position to be in! I’d be happy to connect to share experiences. Good luck!

@Thomas Weiss why's that? The beauty of a new build is that in theory, you should have very little to no capex maintenance for at least the first few years. I think they also attract higher quality tenants to select from. What's the main concern?

@Laura Hildreth not in Tamps, but just south in Cape Coral. Currently working with rent to retirement (found on BP) for a new build 4/3 construction. All in cost was about $265k. Rents are estimated to be $2300/mo and post construction appraisals are averaging $377k for this model. I’ll take $100k instant equity!! Happy to share my experience. Feel free to reach out and good luck!

@Trent Torzewski like the others, I'd HIGHLY encourage Cape Coral. I'm currently building a new build through a turnkey company I met through BP. Total all in cost was around $265k. Post construction appraisals for this particular model are in the $377k range on average. STR estimate for this home (no pool, but thinking about It) is $4500/mo. LTR is $2300/mo. Def good deals and time to buy in Cape Coral. Happy to connect about my experience in the market. Good luck!