All Forum Posts by: Daria B.

I have lived in Gainesville since 2003. Began investigating MFR a couple of years ago and put offers on a few but nothing accepted.

Some investors have had good success at acquiring but I have not really seen any that I would pay for either for the location (bad bad crime) or the price. (Ex: Phoenix is a terrible location in my opinion. It's a small pocket area surrounded by other apartments.)

There were a couple being sold ( 2 1-4 units back to back of one another) from one long time owner in an area that actually wasn't that bad - near UF and other apartments and MFR. For me, the problem was foundation issue on one set of units and great deferred maintenance on both. There seemed to be one HVAC replaced since it was built back in the 80's. Asking to much.

Reach out to a few realtors and have a discussion with them on your criteria. Doing the neighborhood search is a great idea for crime. 

Gainesville is experiencing a ton of growth in building - although there is a high student population here with UF and Samata Fe, I don't see just how they will not have high vacancy rates.

Not sure what I can help with but let me know. I know a few agents that work with investors. And yes, they also understand the mindset not just doing sales.

Good Luck....

the newly formatted emails don't work when using the links.

The emails titled "Discussion Alert" link that is the topic and the "View Most Recent Discussion" does not work. This is the link with white letters and green background. Tapping on these links don't open the page in the web site. Nothing happens.

The emails tiled, "Topic Alert" work when I tap on the "View Topic" link that is the white letters and blue background.

Please fix "Discussion Alert" emails.

@Dave Van Horn

@Scott Carson

Tried to tag you guys but it did not work in the thread.

@Jeff L.

I am a Note investor, began last year with an experienced JV partner. I consider myself semi passive. What I mean by that is, the JV takes care of all the moving parts (lots to do so I won't list here) and I'm learning as we go through this and I pick my Notes that I want to buy. This is of course with some help from my partner. You will find a lot of people do this until they go on their own, if they want to.

I have a good understanding of what I am buying and what my buying criteria is for the Note. I attend monthly REI meetings devoted to Notes and a once a month Mastermind for more Notes discussion and networking.

For those who journey down this path that are active, they do a whole lot of research on a Note(s) and also have a servicing company when they buy to manage the payments, contact with the boworrer(s), a company to hold all the documents (Collateral file) like assignments, note, etc. So this means they need to vet the servicing and document companies but, I won't say more important but just as, all the research going into buying the Note. 

I feel I'm leaving out information to explain this to but because it's so much it would likely do you better justice to have a conversation with one of these guys.

@Dave Van Horn and @Scott Carson.

I just attended my first NoteCamp that Scott Carson does since I felt I had learned enough on my own for the past year to branch out and get some more education and meet other advanced Note-ers :-)

@Saul A.

Welcome to the group.

Everyone is different and to ask someone else if you should quit your job, well really only you can determine if that's the best fit for you. There are a lot of "if's" and these are my opinion from experience and what I have seen others do, whether it worked or not for them.

If you have a job, granted you want to be in RE, why quit. Do you have a plan to acquire property without a job? 

If you quit, you are no longer saving what you are able to save now, while living with your parents and not having any other life bills.

If you quit, and get another non 7-4 timeframe of work, will the next job be enough to fuel your RE, $ave, and live off of?

If you quit, you won't be able to apply for any conventional lending let alone getting lending without sufficient W2 or established properties for which non-traditional lending will use.

If you quit, and many are so inclined to do, get a RE license to fuel your RE endeavors such as learning the business while immersed in helping and learning from other investors who utlize agents. As you mentioned, you can get your RE license but do it while you are working and then branch out.

If you move, yes, there could be opportunities not available where you are - just do a little homework before you just pick up and leave. Do a little research of the area you are interested in and have a plan of what you will do so you continue to have momentum.

Many people buy without having to move to an area - another "if" you just want to get into a different market (Orlando is surely larger and probably has more opportunities) to be "in" the area to meet with other investors from the larger REIs. That's a good way to be able to drive around and see for yourself what areas of interest there may be for you.

A lot of people are investors with good W2 that help fuel their RE business and are so inclined to quit "after" they feel they have established themselves and no longer need the W2.

Others are laid off from company wide layoffs and have to get another W2 because their RE is not enough to live off of.

The house hacking idea is one I would have personally done had I known about it when I was in my 20's. I was able to do it and never heard of it until I got older - and it's not something I want to do now. :-)

I believe there is a large REI in Ocala called ?? MCREI for the Marion County RE. I have never been to it but I have heard from several other investors how good a group it is and it's not just members that live in that area. There are some people from Gainesville that attend. Perhaps reach out to that group, it could be an eye opener and get you networking with others.

Good luck to you.....

 What is the risk of doing this? I don't have an example but somehow not paying the loan (although a small enough amount since it's a DP) on the primary, or either of the rental properties.

 That is an awesome arrangement. You were fortunate - congrats and thanks for sharing this story. It is another structure that I can say I now know about and could present to my local bank.

@Devin Haertling 

I think I got it. With all the other contributors, thanks, and @Steven Bishop explanation, you are using the equity in the acquiring property. With this, does your primary property have to be paid if the lender is taking a lien against the equity you are using for the down payment? Or, do they, or are willing to be in 2nd lien position if you have a 1st in place? That does sound like an awesome deal!

1-Good experience so far. JV is up front and very informative about all aspects from beginning through continued relationship. (Currently investing JV with Notes.)

2-Yes

3-Happened when I wasn't looking for it to happen. I had been reading up and asking the "how do you..." questions not realizing I was already in-line with establishing his JV relationship. So, my point is don't force it or fret over trying to figure it all out in one day. I believe it happened when it needed to for me. Continue networking, be honest with yourself on what you are looking for and want to do.

@Mazen Al Ashkar Hi - I see you attended the NoteCamp this last week. I did as well and am now looking at the playback. 

It was a great experience to learn how many diverse methods were used to get into Notes. A lot of great information and really good presenters. 

I was fortunate to meet someone already in the business and have been able to JV with - began last year. Good experiences so far.

I would add that for those who want to but have yet to do - what worked for me was the JV who I had gotten to know through my local REI. I began getting educated through the REI and my own reading. Nothing different than what I've done to learn other facets of the RE business.

One thing that comes to mind that I've only seen one company speak on is buying back the Note if something goes wrong in the process. I think it's important to find out if the deal doesn't work for legitimate reasons, will they buy it back, how long is that going to take, and do they have the authority to do so. What is the process to get a realistic view of the timeframe.This may be what stops people from moving forward as the unknown.

I agree with the "BIG" statement you made. I think it's something every individual has to determine for themselves.

Thanks