All Forum Posts by: Stetson Miller

@Mike Balcom Have you looked into Sanibel Captiva? This is the bank that we most frequently use with our investors.

Hi @Allan Turcios, I'm a local investor and Realtor in Fort Myers as well, would be happy to connect!

Hi @Luis Pineda! I am a local in the Fort Myers/Naples area, would be happy to talk more about finding you a rental property down here outside of Naples to keep that price down, just shoot me a PM!

@Aram Minasyan and that's not a bad strategy to have! But again, having the cash on hand sounds great, but right now you're looking at next to impossible odds on selling your current property at full retail value. The minute your property sells at the prices that you were mentioning earlier, it means that the market is coming back up and you've likely missed out on those opportunities that you had at the bottom of the market. It really is a catch 22, but luckily, you're in a spot that there's really no bad outcomes. Good luck!

@Aram Minasyan If you have a good stock investment or another property picked out, like a quadraplex, that you are confident can net you a higher rent income, combined with the ease of management closer to home, then it sounds like you may have already made your mind up. On the other hand, I would be happy to talk more about management if that's something that you're having trouble with, just send me a PM!

Hi @Aram Minasyan

Your decision to sell the property or not will all depend on your long term strategy. You're obviously making great profit on it now, so what is your reasoning for wanting to change that? If this was originally a long term hold deal, then I say you've achieved what most strive for and now have a cash flowing property to help contribute to your financial freedom.

On the other hand, if you have a clear second option that will allow you to either purchase an even better deal, or invest the money elsewhere for a guaranteed higher ROI, then you have the other obvious answer.

I will advise that if you do decide to sell it, timing the market is not something that many people are able to do successfully, as you still stand a lot to lose and not much more to gain. If we hit a peak in the market, it will be too late to sell your property for peak prices, and likely too late to sell it for higher than if you were to list now as well. If you have another property you're looking to purchase, it's also important to remember that you will be purchasing in the same market that you just sold in. Selling at top dollar in a seller's market will mean you will also pay at top dollar for your new property too, and vice versa.

Once the virus scare passes and interest rates come back down, which is being widely predicted, many buyers are going to flood back into the market that had previously been holding off, lending towards late spring to early summer being a great time to sell. Good luck and keep us updated on any future deals!

@Shawn Walters Looking at it from a different perspective, are they likely to come after the property right when that 120 limit runs out? Not likely. However, if $20,000 is put into the property, you can be 100% sure that you'll never see that money again if the IRS purchases the house back.

Your best and safest bet in this situation is to pay the lien right away to ensure you'll receive your initial rehab investment back. Just assuming your goal is a long term rental hold, ensure you keep the property at least long enough to cover your losses of $33,000 starting negative equity. In my experience, most investors would stay away from a property with an IRS lien unless the sale still made sense with the lien factored into the purchase price. 

@Account Closed The biggest thing to keep in mind is that you make your money when you purchase the property. Perform your due diligence, calculate potential cash flow and ROI, and if it doesn't meet your buying criteria, walk away from the deal. Don't get too hung up on wanting to purchase a multi-family property in the area, as others have already stated that the inventory is low, but existent. Above anything else, DON'T make the purchase, especially on a more expensive multi-family property, based on emotional attachment to the area or the property!

@Connor Banks Couldn't agree more, it's always sad for me to see people so surprised at things like emailing back the same day or actually showing up for showing appointments. It doesn't take much to be one of the best in this area, but you will certainly be rewarded if you work hard at doing that!

@Connor Banks looking forward to meeting some time! I'm also an agent in the Fort Myers area. This was something I also considered when looking for a brokerage, and why I ultimately didn't want to be a part of a big name brand.

On one hand, if you brand yourself apart from anything to do with Keller Williams, you're going to potentially be missing clients that are looking only to work with agents from a trusted brokerage. If they don't see those select few big name brokerages visibly in your branding and advertisements, they'll move on to the next agent they find, and there's plenty of them!

On the other hand, there's the people who don't want to work with a big name brokerage, whether that be due to a bad experience in the past or any other reason. However, the largest category of people that you're going to come into contact with are just looking for a genuine person who can answer their questions quickly and efficiently, and follow through on what is promised. This is where branding yourself and your mission statement comes into play, ensuring that you're name is the first that comes to mind when looking for an agent they can trust. Many people are going to be looking to that rather than falling into some lead generator to be passed off to the next unsavvy agent who isn't willing to work hard for their clients. Just my thoughts!