All Forum Posts by: Tchaka Owen

My thought is that a lot of people are going to look to jump in, so if you're there already....great. If not, make your move stat. My mid-year, the best deals will be gone (if they aren't already). 

Hey Dave,

While there isn't one answer, here's what I feel should apply:

1. This differs. Many will lend a percentage (usually 80-90%) of purchase price and often 100% of renovation costs. Again, this isn't a rule.

2. That's your call. If you are marketing to real estate agents, then factor in their fee. Either you pay or you mention that they must tack their fees on top. If the latter, make sure there's enough room such that the end user will still want to buy the property.

3. This is also subjective. If you're providing a turnkey property, 10%-20% can work. If a rehab, no. Put yourself in the shoes of a rehabber of the specific property you want to wholesale. Considering ARV, repairs, closing costs and profit, what is the most you can pay? Then put your wholesaler hat back on......and subtract your fee. That's the price at which you sell.

Hope this helps.

 This is difficult to answer because of a lack of details. Are you asking what one would pay retail? Investor price? What's the condition of the home? Size? Etc. The only thing I can state for certain is that I'd likely pay a little less for it than others in the neighborhood because Catalina is the primary way in so you'll have more traffic at the intersection of Koloa than in other parts of the neighborhood. 

 I saw your home - you kept it in great shape! A buyer I was working with made an offer, then disappeared. Glad you got it sold. 

Hi Lauren,

The insurance company I have used in Florida for a number of projects in the past should be able to help you. If that doesn't work, I may have another contact. Ps - I'm right across the river from Cocoa. 

Tchaka

 My in-laws are near Tampa, we live here........my wife loves that! :-)

@Bob Bissman - it's more than just a shortage of such properties in Brevard, it's also a factor of there never having been many multi-families in this area. Brevard is not a dense county so there hasn't been a need for such multi-units. The county is over 70 miles tall with a population of just over 600k. Contrast that to Broward county which is roughly similar in size with over 3 times the population. That's the reason you find so many more duplexes, triplexes and quads down there (as well as in Miami-Dade). If house-hacking a multi is critical, you might be better off going to the Tampa area. Hillbororough, Pasco et all might have more of what you seek. Good luck!

Hi Norma,

I may be able to help you. Let's have a quick chat and go over what you're looking for and see if I can assist you in finding what you seek.

Tchaka

 How are you calculating cash flows for these 2 properties? You'd have to be collecting close to $5k/mo. each. That seems high for Columbus. Are they multi-units?