All Forum Posts by: Paul Pratt

I answered Sarahs question, hers was not in the right zoning. If anyone is thinking of investing here shoot me a message and I can save you the hassle, and let you know the right areas to aim for.

Thank you so much! I reached out to all of the listed contacts.

Hey All,

I currently have a client (buyer) under contract on a fixer upper. She is using financing, and we have a few issues. Insurance won't let us bind until they are remediated and the seller is not willing to help. Does anyone know any companies that will insure conditionally, based are her remediating the issues after close? Currently both agents I spoke with said they can't. So I am open to any and all suggestions. 

Thanks

The problem is pretty simple for MOST flippers who have started in the past 3 years.

You NEVER really added value... Interest rates, retirement numbers, low inventory and covid relocation caused a lot of the price increases in the past few years. Your new flooring, paint and countertops were nice touches, but didn't actually create a demand for your product. Low inventory did, and a competitive market. Now that the inventory is back up and we are shifting to a buyers market, that is why it's not working out for you the same. It's a market shift, be grateful on the times you had but numbers don't lie.

In the Florida market , no it is not all about the money. There are properties that cash flow with high insurance costs and much needed structural rehab or rental volatility.

There are also rock solid properties, not in flood zones that barely cash flow. Yet year over year rents increase, tenants are solid, low maintenance etc.

The numbers can't give the whole picture. Have a good LOCAL agent go preview the property with you or for you. They will know if the right construction materials are used, can get you projected insurance quotes up front and save you a ton of time and energy.

Hey All,

If you have been thinking of buying/or selling a condo there are a few new mandates that are going to be required from each association in regards to the Milestone Inspection and Structural Integrity Reserve Studies. I have a PDF I will gladly share with you, so that you know what to ask for before buying a condo, to make sure the building is in tact but also that the reserves will be enough to handle any upcoming repairs. Shoot me a message and I will send to you via email!

I agree this happens to me on a weekly basis now "Hey what off market deals are out there, I only want you to send me off market properties." No hello/introduction, no goals etc. 

I think books and and podcasts undermine the ability to communicate respectfully and to bring something to the table, or at least a good attitude and consideration. "Investors" read a book and want everything provided to them and treat everyone as an expendable.  

Florida especially in Volusia county. You can find homes within 10 minutes of the beach for sub 500k. Just depends if you are wanting multifamily or SFR, and your investing strategy. But either way as an investment or primary location. The Daytona Beach area has a ton of good options.

If a syndication actually yielded 18% per year. All of us would be in. The reason why we aren't is because well...

Go for it, timing the market is nearly impossible. But not being able to enter the market will only become harder when rates fall.