All Forum Posts by: Patrick Bavaro

New month update for those still interested: I've gotten the go ahead from the city/builder to begin lot prep and fill for construction to begin. I am still pending one final review on building codes, but the review is active on the city's permitting website and I'm hoping to see it approved in the next 1-2 weeks. While the process has taken time, I went into this with the idea it would take at least a year. Right now, I'm on that track for the most part and only have a few more months to go. Will post another update when permit is approved and building begins! Happy investing!

@Eric Morel just realized you responded but the tag didnt work. What did you end up deciding over the last few weeks?

@Aerial Atlas Welcome to BP! This community is great for networking and sharing information. I was actually in a similar position like you about 7 months ago. I live in SoFlo where the prices of homes are appreciating faster than rent rates (although these have increased nicely as well) so I started looking out of market for deals. Originally, my idea was turnkey out in the midwest however I came across a TK company here on BP that I noticed had some new builds going on in Cape Coral. I ended up moving forward with the deal in May and since then, have bought 2 additional properties (off the MLS) in other markets that are currently rented and cash flowing nicely. It was definietely a confidence booster to start my investing journey and get out of analysis paralysis.

The numbers to my deal are as followed: 

$265k all in cost 

Rents projected at $2300. PITI estimated at $1350/mo once done

Post construction appraisals for this model are estimated at $377k. 

Good luck in the journey and feel free to reach out if you're interested in learning more about Florida markets! 

I'm currently utilizing RTR right now for a new build out in Cape Coral. So far, the process has been pretty smooth and I am about to enter the building phase which is exciting. For my new wbuild, R2R put me in contact with a few of their lenders that work with this specific deal along with the builder. It's pretty straight forward. On the back end, there are some PMs in the area that have been discussed by them, but I'm not quite there yet. 

Numbers of the deal as followed: 

$266k all in cost 

Rents projected at $2300/mo right now. PITI estimated to be at around $1350.

Post Construction Appraisals that have been received are averaging $377k for this model (a slam dunk) 

I'm currently considering another new build with them, or potentially one of their existing turnkey properties in other markets. Have some work to do on a reno down here in SoFlo before then though! Good luck and feel free to reach out to connect! 
 

@Jim Windgassen I’m not sure if they’ll do It in a land trust, but I would Highly recommend looking at kin insurance. By far the best rates. I have all my rentals with them. I’ve been shopping around for a new primary residence insurance quote I’m under contract for, and for the coverage I wanted they outbeat the competition by about $1500 on average.

If you go that route with them please let me know if they do It in land trusts!! I’m in the process of moving the properties there.

Good morning BP community! 

I was wondering if anyone had any real estate CPAs they would recommend in the Broward County/Fort Lauderdale area? Any help or insight is much appreciated! 

Thank you! 

@Bhavya Shah great question. Agreed offline will be better for the finer details, I'll PM you my number but in the meantime, NCHI is charging too much IMO. I spoke with them as well and then had a talk with my REA and I'm setting up the asset protection in the future the same exact way, but for a lot less. Land trust followed by LLC beneficiary. It's a few hundred dollars compared to what they offered. Only difference is mine is in FL there's is in Nevada. My REA (real estate attorney) who is doing all this for me has done It for hundreds of clients in the past.

@Azizbek Rasulov sure, sending you a PM with It

@Michael King hi Michael, I actually used a turnkey company that I found here on BP that has the network built with the lender and the builder. For the most part, it’s pretty hands off and I’ve been very happy with the deal. Right now, I pay $100/mo in my construction loan. As the build continues that cost will increase a bit, but not tremendously. I’ll send you a message with the details if you’d like to connect or discuss

@Tola Kehinde this was an option back when I moved forward with the deal, but I’m unsure what is still available. Even at 74k out of pocket, the numbers on this deal are still extremely appetizing IMO. Sure, it’s money down now but at the end of the build with the amount of equity you have instantly, I bet you’d be able to cash out refi and get most, if not all of It back out, and still cash flow decently! Hope this helps!

@Don Tarinelli

@Patrick Foley