All Forum Posts by: Stetson Miller

@Justin Loutfy Desoto Holdings is one of the largest in Southwest Florida and actively send out deals daily. Otherwise, I would recommend checking out the Network tab on BiggerPockets to connect with other smaller and local wholesalers

@Olia Kalinina Congratulations on the successful purchase, sounds like a big win!

@John Underwood That's been the transition that all of my clients have made that started with the platform, but it was my understanding that they would have happily continued with Evolve had they not had the time to take over full management responsibilities

@John Underwood I haven't personally used the platform, but have had several clients who have at least started with it and have been happy. Like I said it takes a lot of the startup guesswork out of the equation that many people struggle with, but you're not having to commit to a full time manager

@Carlos Ptriawan You're absolutely correct, but I think it's unlikely that someone setting up their first STR is also going to be adept in hiring and managing VA's. Is Evolve the perfect option for everyone? Not at all, but it's a great tool for someone starting out

@Justin Rademacher I'm surprised it hasn't been mentioned yet, but I would look into management services like Evolve. Through them, you'll have access to local property managers as needed to handle things like initial setup, or continued management if that's what you end up wanting

@Jonathan Joyce Regarding your question about the Naples condos, I would advise specifically AGAINST that route. Condo associations here are notorious for outrageous pricing and control. With that being said, I do believe there are still some local favorable market such as Cape Coral and Lehigh Acres, depending on what your budget and desired strategy are

Hi Terry,

Specifically in Southwest FL, multifamily in Lehigh Acres right now is presenting some of the best cash flow opportunities. From a growth perspective, prices have dipped slightly in this area but are largely expected to return to peak levels and continue growing throughout the coming year

Hi @Shahid Iqbal,

I would be happy to connect you with a few builders that are local to this area that are well-versed in building new construction for out-of-state clients. This is still a strategy that I would recommend, particularly in the Cape Coral/Lehigh Acres markets. There are a number of financing options ranging from standard new construction loans, to non-QM loans. However, if you're able to qualify, a conventional new construction loan would likely make the most sense

Like I mentioned above, these companies have extensive experience in working with out-of-state clients who are looking for more of a hands off approach, so it is very possible to be successful with the strategy you've described

@Justin Kelly Would recommend Kevin Jursinski 

http://www.kfjlaw.com/

@Brian Langstrom You stated lost rent will be about $5,000 from the two months of rehab, but at the new market rates after the rehab has been completed, how long would it take you to recoup that amount? Assuming it would be at least a year, have you considered whether or not you would like to continue in this partnership for that much longer? It's unlikely that she would be willing to cut ties before that lost rent is recovered, in addition to her capital investment for the rehabbing, so you're setting a definite minimum time period for the partnership to continue

My thoughts are similar with those above, sell the property now and split proceeds to end the partnership. Great pros to that are listed above, and you've stated a huge one yourself:

-The market could potentially drop tomorrow. It's highly unlikely, but by definition, the property is now a liability since it's not currently producing income. The longer you hold that liability, the more you're opening yourself up to price volatility

-Now is a great time to market directly to house hackers. Several of my most recent duplex listings have been sold to house hackers often willing to pay above market pricing due to the subsidized cost. Couple that with the housing shortage due to hurricane damage we have in this area and the skyrocketing cost of housing, and there couldn't be a better time to list a vacant duplex

-If you have equity in the property as it sits, and you're creditworthy while she isn't, now is also a great time to start a new investment with your equity from the sale and move on without the added difficulties

Managing a property yourself is already hard. Dealing with vacancies is a very normal part of that role, and you can reasonably expect more hiccups like this in the future. But, in a situation like you're experiencing with your partner, all small hiccups are going to snowball just like this one has