All Forum Posts by: Johnny Diamantas

PM me pics please

Historic frame bungalow in East Ybor, east of the connector. This property is zoned Industrial and current usage is classified as Single Family Residence with the county. The house was previously used as an office by the previous owner. 

Projected rent rate is $1,100/mo. There is huge potential here as a buy and hold rental or to redevelop into office space. Since there are no similar comps in this area, we've priced this based on a single family scenario with a 10 cap ARV but there may be significant equity achievable by converting this to commercial.

ARV = $99,000

Rehab = $25,000

Price = $62,000

Gross Rent = $13,200

NOI = $9,900

Rent Info: https://www.rentometer.com/results/y2REg1L_Yd4

More Pics: https://drive.google.com/drive/folders/0B2PXMAb4PRzhSDEtTFFhOUUtUU0?usp=sharing

Call Johnny now at (813) 812-4180

Welcome & good luck!

I wouldn't worry about it. If you're buying it right, you should already have equity in it already so tack on an extra ~40% principal monthly to your payment and you should achieve 20% equity within 3-6 years. At that point you simply ask your bank to remove the PMI.

I'm looking to network with an experienced commercial realtor who can help me determine the highest and best use of a property I'm buying in Ybor City. Specifically, if you have any advice on converting single family houses into commercial properties, that would be much appreciated. If it makes sense, I'll list the property with you.

I use an LLC with S Corp election (2553). Consult a CPA* for this to make sure it's right for you. Make sure who you chose is a qualified CPA, not just a tax preparer. GL!

Congrats on your first deal!

Hello All, I live in Florida. I just went under contract to purchase an investment property (sfh) in Georgia. The property will be held in a single member Florida LLC with S Corp election. Is anybody here familiar with Georgia's corporate and personal income tax structure?

Jorge, If you haven't gotten a deal yet, your marketing or negotiation tactics need adjustment. Send me a pm if you'd like to go over what you're doing together on the phone.

Thanks Joel!