All Forum Posts by: Trevor Fleck

@Zacharee Carmack not a bad option for your first property. Which turnkey companies are you considering and what markets? Also, I've seen a lot of active duty military members purchase properties in each area they live, rent it out to fellow military members when they are deployed or stationed elsewhere, and repeat. 

@Ryan Garant right now I see two strategic plays in Cape Coral if you get connected with the right developer who can produce a quality product timely and at a decent price (hint, there aren't many): 

1. Build to rent. I can build a brand new 4/2, 1750 sq ft home on a canal lot for around $285k all in including the cost of the lot. These are renting for anywhere between $2,300-$2,500/month as rental prices have soared in Cape Coral and supply is limited.

2. Build to sell (i.e., flip). Here the play is to build a slightly larger home around $1950 sq ft with finishes that are a bit more higher end for a quick resale. All in around $325k and after sale prices around $450-$460k. 

Admittedly, in both cases a decent amount of liquidity or creative financing will be necessary. Happy to talk about options I've explored if you're interested. Just send me a PM. 

I've focused more on the former for a nice combination of cash flow and instant built-in equity when complete. Looking on Airdna.co it looks like the Cape Coral area sees roughly 71% occupancy at an average of $214/night so the short-term vacation rental is there. Personally - if I were to go that route I'd build a 3/2 with a pool. The cost of a pool is steep at roughly $70k but if you put yourself in the mindset of an Airbnb guest, I think having a pool (and a hot tub) is both a nice perk and opens up the hot summers for rentals as well. 

@Sarp Ka are you wanting to self-manage or what is driving your desire to focus on Miami for cash flow? You'll find several markets in Florida that have a good combination of cash flow and appreciation potential if you're willing to expand your focus a bit. 

Hi @Sharath Chandra Pilli welcome to BiggerPockets. We were all "newbie" investors at one point or another. I personally have received some great advice from savvy investors so happy to pay it forward. I'm in the Raleigh area which has become a bit too hot for good cash flow so I'm in the same predicament. 

I've invested in Huntsville, Little Rock, Fayetteville (NC), Cleveland, and Cape Coral. Of those, right now I'm most bullish on Cape Coral. 

You can check out Zillow or Redfin, but often the best deals are found off-market. If you have the bandwidth to identify a market and establish good contacts, you might be able to work with a wholesaler. For myself, I'm just too busy these days with little kids so I've chosen to work with a turnkey company - Rent to Retirement - and have been very happy. Message me offline if I can answer any further questions and good luck!

Hi @Joseph Solicito I agree with everything @Peter Davis mentioned. You may want to reach out to the folks at Rent to Retirement. They've used their volume to negotiate some great rates with 3 different builders in the area

Awesome. Thanks for the quick response @Dan DiFilippo

Does anyone have recommendations on reputable property managers in Fayetteville, NC? The one I'm using now has required a ton of hand holding. Honestly just looking for one that does what they say they will do when they say they will do it. 

Thanks @Joshua Durrin. Did the property manager charge for overseeing the cosmetic rehab by chance? Agree that @John White has a great reputation for knowing the market well. Who do you use for your Self-Directed Solo-401k and do you need a "checkbook" Self-Directed Solo-401k to avoid nickle and dime fees every time you need to send money for xyz repair or bill - or just hoping income each month will cover most bills so you'll not be sending money OUT very often? 

I've heard a few conversations about non-recourse loans within a Self-Directed Solo-401k or SDIRA. Who was your lender and what rate did they charge? Thanks for sharing so much information about this deal! It really helps the rest of us looking to invest in the greater Huntsville market. 

Nice work @Joshua Durrin. What were you able to get it rented for? How much did rehab end up costing? 

Nice work @Caleb Bryant. Did you all rehab yourselves?