All Forum Posts by: Rob Jones

Hey BP,

I've got a complete outlier in my portfolio that I'm looking to entertain offers on.  My wife and I purchased this beautiful town home when we were living in Fort Myers, FL two years ago.  We purchased this as our primary residence and, about a week prior to closing, I accepted my current position in Seattle.  Since Fort Myers was such a hot market we decided to go ahead and close on the property.  We lived in it for about a month then moved to Seattle and turned it into a rental.  I had the place rented about a week after I listed it.   It is currently tenanted at $1650/month to two really great individuals.  Current lease end date is December 31st 2018.  They take awesome care of the place, have very healthy incomes(hospital employees), and plan to stay there for a long time.  The reason why I'd like to sell is because of the fact that I never go to Florida.  All of my rentals are in North Carolina so this is a complete outlier for me.  

A little facts about the property and area:

1) The area is a gated community called Sail Harbour at Healthpark.  It is walking distance to Healthpark Fort Myers and extremely close to a lot of amenities.  It's also an appx. 30 minutes drive to Sanibel Island.

2) The home was basically brand new when we bought it.  The previous owner lived in Boston and used it as a vacation home(NOT a vacation rental).  He said he and his wife would live there for 2-3 months per year.  Since the house wasn't used too often, we experienced some issues last year based on the increased use.  All of those issues were fixed and I have documentation to prove it.  This will be a foolproof investment for the new owner.

3) Fort Myers is a rapidly growing area and incomes are growing to match.  The company I work for has our largest campus in Fort Myers and is breaking ground on two new buildings this year.  They plan to hire 1100 more employees with an avg salary of close to $60k per year(https://www.news-press.com/story/news/2017/06/26/g...) 

4) Out of the 10 hottest real estate markets to watch in 2017, Cape Coral/Fort Myers was number 2 on Forbes' list(https://www.forbes.com/sites/trulia/2017/01/04/10-...)

I'm more than happy to provide any and all information to QUALIFIED parties.  Please do not waste my time by "kicking the tires".  If you are needing more information to make an educated decision I'm more than happy to provide you with the info you need but please keep in mind that I work a full time job and am not interested in anyone who has not or will not have the money to purchase this home.  I will not entertain any sort of wholesaling and am not interested in seller financing.  The qualified buyer must have their own financing either through a bank or personal funds.

Awesome job @Tim Nicholas!   Looks like some great numbers that will inhibit long term cash flow.  Congrats!

Great story Joel!  What a tremendous accomplishment at such a young age.  Keep up the great work!

@Nick Graham I'm from Greenville and own a number of single family and town-homes in the area.  I live in Seattle, WA now but I still invest in Greenville.  Feel free to PM me with questions, concerns, requests, etc.

Great rehab and congrats on your very first deal!  The more you do, the easier they get!

Very inspiring story.  Congratulations! 

Steve S. It depends on your current market and competition. Are there other living options for these individuals? If so, a bidding war may cause them to look for another place to live. The ultimate goal is to have your property rented. You're asking a price that is attractive for the tenant and also provides you with the return you need. I'd say pick the tenant that you feel will give you the least amount of trouble.

Nancy Bachety To answer your questions 1) Yes I am definitely still buying in the area and 2) I am not wanting to sell anything at the moment. I'd be more than happy to consult with you on the areas to stay in and out of and market rents for certain properties. I lived in Greenville for over 20 years and my family and in-laws still live there to this day.

@Nancy Bachety

Are you wanting something that is already tenant occupied and has property management in place?  Or would you want a vacant property and manage the property yourself?

@Nancy Bachety

What kind of numbers are important to you? I.e- ROI, CoC, IRR? Is this a long term rental or something you would like to sell at some point?