All Forum Posts by: Rick Stout

Hey @Kyle Badger, congrats on jumping in to the real estate investment world. It's a great time to start. Your situation is unique to a lot of different variables. risk tolerance, current equity in primary, cash on hand for overages, etc. To BRRR, I would suggest having the cash and reserves for the Down payment, then using equity in your home for the reno's. Underwriting is going to be very important in a deal like this and using your own equity, but I wouldn't recommend using your equity as a down payment, then getting money from someone else for repairs becuase you would then be 100% leveraged. Happy to connect and discuss further.

Hey @Garrett Adams, Congrats on your new role, and relocating to the Tampa MSA. St. Pete is amazing and a GREAT area to house hack. My wife and I have been doing it specifically in Pinellas (St. Pete) for almost 7 yrs. I was an investor turned Realtor to help people exactly like you, because I realized 99% of Realtors don't have a clue what actually goes into these types of deals. I say all of that to say - You are on the right path, and I couldn't be more excited for you. 

I would say starting with a small multi family (Duplex-quad) is one of the best ways to build wealth and start your real estate portfolio. Don't let these private money guys talk you out of an FHA loan, its a great product for someone getting started (It's how we started) and the 203k loan could be helpful. However based on the details you shared, it may not be needed, especially for just a roof. We could get the seller to pay for that for you. ;-)

As for adding the additional dwelling, we would need to make sure the city would allow that, most agents don't know to look for that and a lot of people get stuck buying properties they think have more potential than it actually does. Happy to connect and discuss in much more detail.

For your questions. 1. Very familiar with St. Pete, and childs park is not a place I would prefer to owner occupy with my wife and new born, I think there are a lot of better areas that will see appreciation still.
2. I have dealt plenty with the city for this, happy to discuss the processes, would be a lot to type.
3. Biggest lesson learned, the contractor selected makes ALL THE DIFFERENCE.
4. DIY is a great way to add value for cosmetics, and or to increase rents on a budget. At times it can cost you money doing things wrong or that don't add value or increase rents.

Garrett, good luck on your search, I would be happy to connect with you and see how I can help answer any questions you have or connect you with any contractors or referrals you may need.

@Amber Stout thanks for the tag - @Bryce Renicker shoot me a DM, let's connect- Happy to assist. 

@Todd Barile look up Isabelle Guarino on IG as well as her training company RAL Academy on IG. May get your questions answered from the content or DM'ing her. She is very knowledgeable with Residential assisted living. Hope that helps! 

@Gabe Nazario Meet @Jeremy Kloter with Outfast Property Management. Check their reviews on google, great company, great owner, and first class customer service. I refer all my clients to him and they are all extremely happy. 

None of the Above, bought 5 units in the last two years, all historic homes, all have appreciated up to 100% of what I paid two years ago. Time to cash out refi and deploy that capital for better returns on equity and continuing to build my portfolio. Oh, and the cashflow has increased tremendously with the current market rents. Very happy with RE investing utilizing leverage, depreciation, ability to increase NOI, etc that you can't do with other "assets."

@Sokhna Wade

Hi @LaTonya Clark, How many doors is this second investment. Are you doing yearly leases? If so, raise rent yearly, You can comp the area for what market rent is, or keep it a standard raise per year if you have a great tenant and want to keep them. Happy to dive deeper into your specific situation if you want to connect! Happy investing! :-)

-Rick

@Sunny Alexander, Planning to meet you & others then. :-) 

Interested in making this event. Thanks for putting this together,@Sunny Alexander. :-)