All Forum Posts by: Dane Peterson

Put some peanut butter on those traps and call it "game over" 

@David Robertson Hey David, I put an offer in on a 1/2 duplex yesterday and not too confident it will be accepted but regardless, I'd like to know if you ever moved forward with yours?

Quit...

Oh sorry, was reflecting on my banking career that ended because I decided to jump in full-time.

Anyways, back when I was at the bank I attended the pre-licensing course at night which took a little longer and made for long days but never got in the way of the JOB. After that I ended up taking the actual licensing test after quitting but they offer those classes all the time here in Florida.  I'm sure Ohio doesn't have many differences.

Networking and Learning can all be done on here and if you're a banker then you got some time to listen to Podcasts, on the drive to work and back, maybe lunch break who knows. Sounds like if you want to keep the 9-5 you'll be in Real Estate part time... I think the #1 thing you should do is figure out what you want to get your license for and then set some goals and realize you might start having some really long days. :) 

Best of luck!

Thanks for the feedback @jasonmckinley 

Just got done meeting with owner. We agreed on a price of $65k, but next I plan to present some terms and contingencies. Seems like he wants a nice size cash deposit since he's never owner financed.  

I can already see exactly what you're saying about the other-side of the property.  First thing I'd have to invest in is a fence in the back and probably a few panels of vinyl for the front as well.  Home is almost in move in condition which is nice.  I'd have to put in washer/dryer, fan, water heater and flooring in one room. So ballpark $2000 in misc.

I really keep looking at this just in the numbers.  If I can get a no interest, straight principle payment deal done with $10,000 or less down on say a straight 10year no interest deal. I'd be under $600/mo for insurance and mortgage payment.

Not even sure he'll agree to no interest, but... if he does, it seems very lucrative to have this place paid down in 10yrs without interest.  The research/number crunching continues.

Today I met with a motivated seller who is about to move out of state for work purposes.  Owns his 1/2 duplex with no mortgage.  Asking is $80,000 and would be considered retail Asking price being that it's a 1/2 duplex.  Move in condition that has been upkept, with only a Roof needing replacing in about 4yrs (which could be fun working with the other owner "sarcasm") and exterior cosmetics.  Could also use a fence in the back to divide the backyard for tenants.  

I'm trying to get the seller to offer Seller financing with only a downpayment of around 8-10% and a straight fixed payment structure until note payoff of 10years.  I want to make sure he gets the cash he needs for his move other expenses and that I cash flow from the beginning.

I should be able to quickly rent the property at $1000/mo if not more.  About 1,100sqft, 3/2 with a lot just under 9,000sqft (not bad lot size for a 1/2 duplex). 

What are your thoughts on this type of deal for a 1/2 duplex?  I don't mind the 1/2 duplex, as I'm starting out and more concerned about the paydown of the property while netting at least $300/mo in positive cash flow.  

Pros:

-Won't show as a mortgage and I can put in my LLC vs showing personally to creditors

-Property needs very minimal upfront costs to make tenant ready <$3,000

-Positive cash flow allowing to build equity and a reserve fund.  

-10yr paid off property

-Potential to buy other 1/2 of property

Cons:

-Can't control neighbors of upkeep of other 1/2

Thanks for feedback!

I've been researching reviews on Zbuyer and just want to note that @DougFerrell has had 4posts on BP throughout 4years and each one is directly related to posting the same response about Zbuyer.  My thought is that this is a competitor.

I'm not a big fan of paying for leads from companies.  I like the old fashioned method of my own research but my partner always fields these calls and then passes their info to me to vet out.  Been tough to find any good information on them.  

Sounds like your first time dealing with an eviction! Congrats. I'd try talking to the tenants before starting the eviction to see if you can't work with them... Pay for the moving truck or toss them a couple hundred dollars if they work with you to avoid the eviction. Evictions in Florida can make it really hard for them to rent their next place. Just do your research for your state and make sure you know all the details.

Morning BP,

I was just wondering if any fellow Florida investors could recommend a good CPA/Accountant in the RE field that they have personal experience using.  My ideal CPA would own Real Estate themselves.

Having difficulty in Sarasota.  Seems every firm I call says they can specialize in RE, yet their websites don't list Real Estate as a specialty.  They wall want to set appointments but I want to value my time.

Any referrals are greatly appreciated!

I'll go a little more basic. I think you could find lower than 25% down payment for a rental property as banks get more lenient. Sometimes you can find a lower down payment when its a SingleFam vs. 25% on a multi-unit. Call 5 more lenders and try going direct to a mortgage company and not a bank. The things I'd consider, would be a good enough deal that I bring no more than $10k as downpayment and <10% interest and have good starting equity. That means finding a good deal and everyone's market is different. Like the above post there are strategic ways to acquire property without over leveraging. Then close your eyes and wait for that day of appreciation and that paid-off loan 🏘 👍

Hey @Thomas Manning welcome to the BP community.  Can't stress how great this website has been.  Be sure to checkout the podcasts.

I'm up in here in the Sarasota market and went to school down in Estero.  We focus on Venice up to Bradenton areas and similar to you we focus on the full spectrum of real estate.  Have the license for those wanting a realtor (friends and family mostly) and 80% of my time is devoted to marketing efforts and getting houses under contract to wholesale, buy and hold, or fix and flip.

A great recommendation is getting out to your local REI meetings and introduce yourself.

Best of luck with everything.